What's so bad about Bain?
POSTED: Tuesday, September 4, 2012 - 5:55pm
UPDATED: Thursday, September 6, 2012 - 12:32pm
tyler, tx — 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?