Let me summarize this NRO article by Deroy Murdock: Democratic (specifically, Barack Obama’s) rhetoric about Bain Capital has not particularly stopped Democratic-aligned organizations from investing with it. This includes groups like government employee pension funds ($1.56 billion since 2008), universities ($at least 425 million between 1998-2008), ‘center-left foundations and cultural establishments’… and my personal favorite: the California State Teachers’ Retirement System (CSTRS), which has invested $1.25 billion with Bain Capital. And I want to highlight what CSTRS told the Boston Globe about why:
A spokesman for the system, Ricardo Duran, says in an e-mail that its fiduciary duty to 856,000 members and their families is paramount. “With that as a backdrop,” he says, “the scrutiny generated by a heated election year matters less than the performance the portfolio generates to the fund.” And private equity, Duran says, has been the best-performing asset class in the system’s portfolio over the past 24 years.
The Story So Far: two days ago, the Obama administration – using the fig-leaf/cutout of Super PAC Priorities USA – accused Mitt Romney of being a murderer because a company that Romney used to own closed down a steel mill (several years after Romney left that company) and that meant that the wife of the husband who lost his job at that steel mill (one Joe Soptic) didn’t have any insurance after the wife left her job several years after the layoff and several years after all of that the wife was diagnosed with cancer and then died. As Erick notes in the link above: if that’s an acceptable logic chain that legitimately leads one to a charge of murder, then (to give just one example) this administration murdered US Border Agent Brian Terry and Eric Holder needs to give himself up right now.
But wait! It gets even more convoluted. You see, the Media is balking – absolutely balking– at taking this line of attack seriously, and the Obama administration has already done its best to distance itself from the Priorities USA ad, to the point where Obama for America (OfA) spokesman Stephanie Cutter denied that they had any knowledge of Soptic’s story.
So… who’s that voice at the end of this conference call, Stephanie? Your evil twin?
This Bain thing is getting weird. And by weird I mean “self-immolating for Democrats.”
Point: [Atlanta Mayor Kasim] Reed said on NBC’s Sunday political broadcast he was alarmed by the internal Democratic skirmish over whether or not President Barack Obama should attack his GOP rival’s business career, likening the prospect of campaigning without the volley to fighting “with one hand behind his back.” “[F]or Democrats to be having a conversation about whether this is fair game,” Reed said in yesterday’s “Meet the Press” roundtable, “is unacceptable.”
Counter-point: …Reed neither disclosed nor explained why, if he thought Bain Capital was so horrible, he hired two high-level employees–former Chief Operating Officer (COO) Peter Aman and current Deputy Chief Operating Officer Hans Utz–immediately after the two had been working at Bain. Aman, a Partner at Bain & Company, took a two-year leave of absence from Bain, in order to work as COO, which is essentially a Deputy Mayor position, under Mayor Reed, from the beginning of 2010 to the end of 2011.
Or at least stabbing it in the kidney a few times. Jen Rubin has it right: when you are a spokesman for a candidate and your TV appearance is being sent around by the Other Side’s spokesmen, you had a bad TV appearance.
…how to explain the history of Bain Capital? Mr. Romney started the business in 1984. The company has since bought and sold many businesses and executed thousands of financing transactions.
If Bain’s standard operating procedure were to hand the next owner of one of its companies a ticking bankruptcy package, how is Bain still finding buyers nearly three decades later? And who would agree to lend money to a company backed by Bain? Wouldn’t word have gotten around by, say, 1987 that Bain’s portfolio companies weren’t creditworthy?