'This Week' Transcript: Mayor Rahm Emanuel and Sen. Kelly Ayotte

EMANUEL: But it's not just -- George -- George, you say point to it. He signed it. He said chairman. He said CEO, sole shareholder, president. You can't -- as president of the United States you can't have a sign on your desk that says, "Gone fishing." You can't put that on that desk. It's basically the buck stops there.

You can't say to the SEC, "I was the CEO, chairman and president, but I'm not responsible. I'm not accountable." That's what he likes you to think. But then he says, "I am -- the reason I should be president is Bain Capital."

Well, let's look at it. And then when you look at it, it's not the record presented. And those are the policies that led to jobs going overseas rather than manufacturing jobs. And when he was...

STEPHANOPOULOS: Do you really...

EMANUEL: And he has already said -- and he told people, manufacturing is not part of our future. Five hundred thousand jobs have been created in the manufacturing sector in the last three years. It is part of our future. And if you're going to build and make sure the 21st century is again the American century, you can't take an entire sector of the economy...

STEPHANOPOULOS: But do you really believe...

EMANUEL: ... and wipe it clean, like he wanted to do with the auto industry. What's that?

STEPHANOPOULOS: Do you really believe, as Stephanie Cutter suggested just the other day, that Mitt Romney might have committed a felony when he signed those SEC reports?

EMANUEL: I think there's -- well, first of all, Stephanie cited the law, and it's very clear. Either the filing with the SEC is accurate and his personal financial disclosure is not honest, or that's honest and the SEC isn't, but both can't be accurate. Both cannot be accurate depicting a time where he said he was doing one thing or another. It's just not possible.

STEPHANOPOULOS: He says it was just a formality...


STEPHANOPOULOS: ... and he was untangling his -- during the time he was untangling his involvement with Bain.

EMANUEL: He has -- George, he has made Bain Capital his calling card for the presidency. And when you look at it, it doesn't measure up to what he claims. And, number two, on both of those filings, one is accurate and one isn't, and they both have consequences when one is not accurate. And that is what she stated.

And the second thing is, give it up about Stephanie. Don't worry about that. What are you going to do when the Chinese leader says something to you or Putin says something to you? Going to whine it away (ph)? You cannot do that.

And as Mitt Romney said once to his own Republican colleagues, stop whining. I give him his own advice. Stop whining. Defend -- if you want to claim Bain Capital as your calling card to the White House, then defend what happened to Bain Capital and what happened to those jobs that went overseas, those jobs that were actually cut and eliminated, the companies that went into bankruptcy.

And the very companies at Bain that went into bankruptcy while Bain was still getting paid, same philosophy that led to him advocating that the auto industry go bankrupt. The president of the United States said, no, we're going to defend Chrysler, we're going to defend G.M., and today America's auto industry is thriving, not in bankruptcy, as Mitt Romney had recommended.

STEPHANOPOULOS: The campaign has also been pushing...

EMANUEL: And that is -- and that is the facts.

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