Mitt Romney talks about why he lost the presidential election on a conference call with high level donors claiming that President Obama gave 'gifts' to certain demographic groups like Hispanics and young people. 

"What the president's campaign did was focus on certain members of his base coalition, give them extraordinary financial gifts from the government, and then work very aggressively to turn them out to vote, and that strategy worked. It's a proven political strategy, which is give a bunch of money to a group and, guess what, they'll vote for you. ... Immigration we can solve, but the giving away free stuff is a hard thing to compete with."

Parts of the audio from ABC News....