Conservative
Type 40
A Democrat's Defense of Romney, Bain, and Private Equity | Inc.com
I am a card-carrying Democrat and supporter of President Obama. I will vote for him again in November.
But the attacks against Mitt Romney's record at Bain Capitalby both his Republican brethren and Democratsand the demonization of the private equity industry are really starting to annoy me. I won't vote for him for president based on his policies and the policies of the party he represents, but I believe Mitt Romney's business track record at Bain Capital, and the private equity industry as a whole, is deserving of a full-throated defense.
First, Bain Capital is a great firm. I have co-invested with them and some of my closest friends are managing directors there. You will not find a smarter, higher-integrity, harder-working group of professionals.
Second, the work of private equity is a healthy part of our capitalist system. Damning private equity as a market force is absurd in a free market economy.
But the fact that Bain Capital has amassed over $60 billion in investor capital, and the fact that there are over 2,300 private equity firms managing $2.4 trillion, suggests that this is a massive force in our global economy that attracts the best talent, capital and companies for a good reason.
So let's stop this name-calling nonsense (is Warren Buffett a corporate raider?) and instead focus on the important policy issues surrounding the economy, health care, foreign affairs, and social policies.