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January 13, 2012

Fact: Bain 'Did Not' Advise Obama on the Auto Bailout

Topics: Political News and commentaries

Via Daniel Foster, comes some facts that the Obama campaign and the 'Occupy Republicans' like Gingrich and Perry don't want you to hear: Bain Capital DID NOT advise Obama on the auto bailout ... and neither Bain nor Mitt Romney is a "corporate raider."

A notable correction from CNBC:
A previous story incorrectly reported that Mitt Romney's former firm, Bain & Co., was part of a team of consulting companies that advised President Barack Obama on a decision to shutter car dealerships during the auto bailout.

Bain & Co. said it has no connection to the "Bain Consulting" firm referenced in government documents.

Although, Romney did receive cover from a somewhat unusual source -- Steve Rattner, administrator of the Obama auto bailout, writing an op-ed for Politico:
I'm all in favor of piling on Mitt Romney for any number of reasons: his come-lately embrace of hard right conservatism, his periodic malapropisms ("I like being able to fire people") and above all, the nonchalance with which he displays a dazzling shortage of principles by incessantly flip-flopping on issues, sometimes the same day.

But these latest salvos being fired at his service as the founder and head of Bain Capital go too far. Having spent nearly three decades on Wall Street, when it comes to Bain Capital, I feel equipped -- some might say too equipped -- to parse fact from fiction. (Full disclosure: In the post-Romney era, I worked with Bain Capital on several projects.)

Most important, Bain Capital is not now, nor has it ever been, some kind of Gordon Gekko-like, fire-breathing corporate raider that slashed and burned companies, immolating jobs wherever they appear in its path.

Wall Street has its share of the "vulture capitalists" that Texas Gov. Rick Perry enjoyed mocking in South Carolina earlier this week. But Romney was almost the furthest thing from Larry the Liquidator.

Posted by Hyscience at January 13, 2012 11:15 AM



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