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<\/p>\nRUSH: George in Big Piney, Wyoming. Great to have you on the EIB Network. Hello.<\/p>\n
CALLER: Hi, Rush. How are you?<\/p>\n
RUSH: I\u2019m fine, sir. How are you?<\/p>\n
CALLER: Good. I\u2019m glad you took my call here.<\/p>\n
RUSH: Thank you very much. I am, too.<\/p>\n
CALLER: I\u2019m a former Silicon Valley entrepreneur. And I want to say something in defense of venture capitalists.<\/p>\n
RUSH: Wait a minute, now. You\u2019re former Silicon Valley entrepreneur. What did you do?<\/p>\n
<\/p>\n
CALLER: I built two companies in the — well, the Internet\u2019s built on the companies I built. Local area and the wide area network.<\/p>\n
RUSH: Really? Well, that\u2019s cool. You\u2019re retired now?<\/p>\n
CALLER: I\u2019m retired now, but you can look me up in the —<\/p>\n
RUSH: I\u2019ll find you, George, I know how to do it.<\/p>\n
CALLER: On the Internet.<\/p>\n
RUSH: I think I know. I got it.<\/p>\n
CALLER: But anyway, I\u2019ve heard everybody bad-mouthing Romney and Bain. I borrowed money from Bain to build my first company.<\/p>\n
RUSH: You borrowed money from Bain to build your first business?<\/p>\n
CALLER: All I could borrow was $1.2 million, and I took it public in \u201988, 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.<\/p>\n
RUSH: Wait a minute. I want to follow this. Fifty-two million had been spent and it failed.<\/p>\n
CALLER: And it failed.<\/p>\n
RUSH: Bain came in and you borrowed $1.2 million.<\/p>\n
CALLER: That\u2019s all I could get.<\/p>\n
RUSH: Bain put in 1.2, basically.<\/p>\n
CALLER: Bain gave me 400.<\/p>\n
RUSH: Bain gave you 400.<\/p>\n
CALLER: TD gave me 400, and Kleiner Perkins gave me 400.<\/p>\n
RUSH: Four-hundred-thousand.<\/p>\n
CALLER: Four-hundred-thousand.<\/p>\n
RUSH: Right.<\/p>\n
CALLER: We took it from zero to about $250 million, went public in 1988.<\/p>\n
RUSH: How many jobs you create, George?<\/p>\n
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.<\/p>\n
RUSH: Well, whatever.<\/p>\n
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 \u2019em into lending me some more money. <\/p>\n
RUSH: So how does all this talk about Bain make you feel?<\/p>\n
CALLER: Well, I wished I had a 78% hitting average. I mean it\u2019s 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\u2019s even talking about.<\/p>\n
RUSH: Well, I know, that\u2019s what Romney says, too. Romney says Obama just really doesn\u2019t know what he\u2019s talking about.<\/p>\n
CALLER: He\u2019s a rank amateur.<\/p>\n
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<\/a>RUSH: Well, he thinks he knows what he\u2019s talking about, but I think it\u2019s more deceitful than that. <\/p>\n