Sam Fisher
Banned
DEROY MURDOCK: Bain Capital supports start-ups, rescues distressed companies
AS Democrats convene Monday in Charlotte, N.C., they likely will double down on their claim that Bain Capital is really the Bain crime ******.
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)
These pension funds aggregate the savings of millions of unionized teachers, social workers, public-health personnel and first responders. Many of them would be startled to learn that their nest eggs, or even their pensions, are incubated by the company that Romney launched and the financiers he hired.
Leading universities have profited from Bain’s expertise. According to Infrastructure Investor, Bain Capital Ventures Fund I, launched in 2001, managed wealth for “endowments and foundations such as Columbia, Princeton and Yale universities.” The Wall Street Journal’s James Freeman noted July 18 that Harvard “has also invested with Bain.”
--- Thus, Michelle and Barack Obama’s undergraduate campuses (Princeton and Columbia, respectively) and the university where they earned their law degrees (Harvard) all have enjoyed Bain Capital’s financial prowess.
--- Major, center-left foundations and cultural establishments also have seen their prospects brighten, thanks to Bain Capital. According to the aforementioned sources, such Bain clients have included the Charles Stewart Mott Foundation, the Doris Duke Foundation, the Metropolitan Museum of Art, the Ford Foundation, the Heinz Endowments and the Oprah Winfrey Foundation.
--- Why on Earth would government-union leaders, university presidents and foundation chiefs let a company with Bain Capital’s reputation oversee their precious assets?
“The scrutiny generated by a heated election year matters less than the performance the portfolio generates to the fund,” California State Teachers’ Retirement System spokesman Ricardo Duran said in the Boston Globe Aug. 12.
CalSTRS has pumped some $1.25 billion into Bain.
Since 1988, Duran says, private-equity companies like Bain have outperformed every other asset class to which CalSTRS has allocated the cash of its 856,360 largely unionized members.
So, what really is Bain’s reputation? Is it a gang of corporate buccaneers who plundered their ill-gotten gains by outsourcing, euthanizing feeble portfolio companies and giving cancer to the spouses of those whom they fired?
If so, union bosses, government retirees, liberal foundations and elite universities thrive on the wages of Bain’s economic Darwinism.
Published: Saturday, September 01, 2012
http://nhregister.com/articles/2012/09/01/opinion/doc50427dcd1ceee011450253.txt?viewmode=fullstory
AS Democrats convene Monday in Charlotte, N.C., they likely will double down on their claim that Bain Capital is really the Bain crime ******.
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)
These pension funds aggregate the savings of millions of unionized teachers, social workers, public-health personnel and first responders. Many of them would be startled to learn that their nest eggs, or even their pensions, are incubated by the company that Romney launched and the financiers he hired.
Leading universities have profited from Bain’s expertise. According to Infrastructure Investor, Bain Capital Ventures Fund I, launched in 2001, managed wealth for “endowments and foundations such as Columbia, Princeton and Yale universities.” The Wall Street Journal’s James Freeman noted July 18 that Harvard “has also invested with Bain.”
--- Thus, Michelle and Barack Obama’s undergraduate campuses (Princeton and Columbia, respectively) and the university where they earned their law degrees (Harvard) all have enjoyed Bain Capital’s financial prowess.
--- Major, center-left foundations and cultural establishments also have seen their prospects brighten, thanks to Bain Capital. According to the aforementioned sources, such Bain clients have included the Charles Stewart Mott Foundation, the Doris Duke Foundation, the Metropolitan Museum of Art, the Ford Foundation, the Heinz Endowments and the Oprah Winfrey Foundation.
--- Why on Earth would government-union leaders, university presidents and foundation chiefs let a company with Bain Capital’s reputation oversee their precious assets?
“The scrutiny generated by a heated election year matters less than the performance the portfolio generates to the fund,” California State Teachers’ Retirement System spokesman Ricardo Duran said in the Boston Globe Aug. 12.
CalSTRS has pumped some $1.25 billion into Bain.
Since 1988, Duran says, private-equity companies like Bain have outperformed every other asset class to which CalSTRS has allocated the cash of its 856,360 largely unionized members.
So, what really is Bain’s reputation? Is it a gang of corporate buccaneers who plundered their ill-gotten gains by outsourcing, euthanizing feeble portfolio companies and giving cancer to the spouses of those whom they fired?
If so, union bosses, government retirees, liberal foundations and elite universities thrive on the wages of Bain’s economic Darwinism.
Published: Saturday, September 01, 2012
http://nhregister.com/articles/2012/09/01/opinion/doc50427dcd1ceee011450253.txt?viewmode=fullstory
, but are we really going to pretend that a guy who spells Bain Capital as Bain Capit
