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Neal Barton's POV

What's so bad about Bain?

POV

POSTED: Tuesday, September 4, 2012 - 6:55pm

UPDATED: Thursday, September 6, 2012 - 1:32pm

This from the gleaner.com.

As Democrats convene in Charlotte, N.C., they likely will double down on their claim that Bain Capital is really the Bain crime family.

They will accuse Republican nominee Mitt Romney and Bain's other "greedy" co-founders of stealing their winnings, evading taxes and lighting cigars with $100 bills on their yachts.

But Democrats will ignore this inconvenient truth: Bain's private-equity executives have enriched dozens of organizations and millions of individuals in the Democratic base - including some who scream most loudly for President Barack Obama's re-election.

Government-worker pension funds are the chief beneficiaries of Bain's economic stewardship. New York-based Preqin uses public documents, news accounts and Freedom of Information requests to track private-equity holdings. Since 2000, Preqin reports, the following funds have entrusted some $1.56 billion to Bain:

Illinois Municipal Retirement Fund ($2.2 million)

Indiana Public Retirement System ($39.3 million)

Iowa Public Employees' Retirement System ($177.1 million)

Los Angeles Fire and Police Pension System ($19.5 million)

Maryland State Retirement and Pension System ($117.5 million)

Public Employees' Retirement System of Nevada ($20.3 million)

State Teachers Retirement System of Ohio ($767.3 million)

Pennsylvania State Employees' Retirement System ($231.5 million)

Employees' Retirement System of Rhode Island ($25 million)

San Diego County Employees Retirement Association ($23.5 million)

Teacher Retirement System of Texas ($122.5 million)

Tennessee Consolidated Retirement System ($15 million)

There is more...

Purdue University ($15.9 million)

University of California ($225.7 million)

University of Michigan ($130 million)

University of Virginia ($20 million)

University of Washington ($33 million)

Why on Earth would government-union leaders, university presidents and foundation chiefs let a company with Bain Capital's reputation oversee their precious assets?

Because their reputation in business is-- to quote Bill Clinton -- stellar.

That's my point of view, what's yours?

You can email me at pov@ketknbc.com or Facebook me at KETK Neal Barton.

Comments News Comments

Corporate fascism is the merger of government and business. A wise combination one might believe until they realize that it is a combination which creates monopolies, establishes laws not beneficial to consumers, and shuts the door to innovation. No difference between Romney and Obama when both support government involvement in priate sector. Bain uses legislation to kill competetors (making them easy game for take-over) Obama uses government the same. Who better to hold pension then lawmakers?

A Sunday AP story headline NY state AG investigates Bain for possible tax fraud. (not exact quote but nearly) The story basically said the AG was investigating some co.s which included post Romney Bain for tax fraud using long term capital investments to lessen taxes. Who's dumb enough to think this is NOT politically motivated. They're creating something to attack Romney with. It won't matter nothing will be found or that it was post Romney. It will be portrayed as absolute guilt be Romney.

If I have to hear how the son of a states' governor is a self made businessman I'm gonna get sick and throw-up on myself. In Chicago the Mob threw dynamite through your front window if you didn't buy their insurance, at Bain they throw a law onto the books that shuts you down.

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