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Caller: Bain Built My Company

BEGIN TRANSCRIPT

RUSH: George in Big Piney, Wyoming.  Great to have you on the EIB Network.  Hello.

CALLER:  Hi, Rush.  How are you?

RUSH:  I'm fine, sir.  How are you?

CALLER:  Good.  I'm glad you took my call here.

RUSH:  Thank you very much.  I am, too.

CALLER:  I'm a former Silicon Valley entrepreneur.  And I want to say something in defense of venture capitalists.

RUSH:  Wait a minute, now.  You're former Silicon Valley entrepreneur.  What did you do?

CALLER:  I built two companies in the -- well, the Internet's built on the companies I built.  Local area and the wide area network.

RUSH:  Really?  Well, that's cool.  You're retired now?

CALLER:  I'm retired now, but you can look me up in the --

RUSH:  I'll find you, George, I know how to do it.

CALLER:  On the Internet.

RUSH:  I think I know. I got it.

CALLER:  But anyway, I've heard everybody bad-mouthing Romney and Bain.  I borrowed money from Bain to build my first company.

RUSH:  You borrowed money from Bain to build your first business?

CALLER:  All I could borrow was $1.2 million, and I took it public in '88, was named Turnaround Entrepreneur of the Year.  Fifty-two million had been spent on this company, and it failed and I came in and took it over and took it in a different direction.

RUSH:  Wait a minute.  I want to follow this. Fifty-two million had been spent and it failed.

CALLER:  And it failed.

RUSH:  Bain came in and you borrowed $1.2 million.

CALLER:  That's all I could get.

RUSH:  Bain put in 1.2, basically.

CALLER:  Bain gave me 400.

RUSH:  Bain gave you 400.

CALLER:  TD gave me 400, and Kleiner Perkins gave me 400.

RUSH:  Four-hundred-thousand.

CALLER:  Four-hundred-thousand.

RUSH:  Right.

CALLER:  We took it from zero to about $250 million, went public in 1988.

RUSH:  How many jobs you create, George?

CALLER:  At that time we had about 210 the day we went public.  Obviously we got acquired so it continued to grow.  The second one, the second company I built, I also built with venture capital.  And we got nearly a billion dollars for that company.  I took it public in 1993, I think.  Anyway, that was the local interconnect for the Internet on a local basis.

RUSH:  Well, whatever.

CALLER:  The venture guys jumped right in there and, you know, they lose a lot of money.  The first company lost $25 million before they gave up and I was able to talk 'em into lending me some more money. 

RUSH:  So how does all this talk about Bain make you feel?

CALLER:  Well, I wished I had a 78% hitting average.  I mean it's fabulously successful.  I mean they created millions of jobs, because it cascades.  You have a first layer of jobs and then they lay off that work on others and others and others.  Obama has no concept whatsoever what he's even talking about.

RUSH:  Well, I know, that's what Romney says, too.  Romney says Obama just really doesn't know what he's talking about.

CALLER:  He's a rank amateur.

RUSH:  Well, he thinks he knows what he's talking about, but I think it's more deceitful than that. 

CALLER:  Well, that's possible.  Rush, I could sit here and do the numbers, and I can tell you, for every day you go down, it takes you two days to come back, financially.

RUSH:  Yeah.

CALLER:  And we're gonna have a depression whether we like it or not, I don't care who's president.  You can't get there from here the way we spend.  We're supporting the world.

RUSH:  Well, we have been, I know.  So you see no way of avoiding a depression?

CALLER:  I don't.  The numbers aren't there.  People are out of work who are not paying taxes.  The GDP has gone to hell. 

RUSH:  I know.  Eighty-eight million American adults are not working, but they're eating, George.

CALLER:  Yeah, food stamps.

RUSH:  Well, that and other things, too. 

CALLER:  I defy anybody that has any economic sense whatsoever to point to me how we're gonna get out of this hole. 

RUSH:  They're not.  George, everybody's trying to kick this down the road.  Everybody is trying to kick this down the road so that when it blows up, they're dead or otherwise not around.

END TRANSCRIPT

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