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May 21, 2012

Pension funds, unions invest in companies like Bain Capital.

Visiting Toronto and speaking at a Private Equity conference, David Rubinstein of Carlyle Private Equity spoke about how private equity is under attack. David worked for Carter so should be on Obama's side,  but he did stand up for the Private Equity industry saying it did a great deal for companies that would have not got further or gone under. As a Canadian, the American election campaign is hard to take when private equity is slammed to make political gains. Cory Booker spoke up for private equity and said a common theme - Unions have their pension invested in private equity funds and rely on them for retirement. If Private Equity was so evil, do not invest your money in it. It's a free world, for now... Here is Booker's brilliant response:
Cory Booker on campaign ads attacking Romney over his tenure at Bain Capital. Booker responded:As far as that stuff, I have to just say from a very personal level, I’m not about to sit here and indict private equity. To me, it’s just this–we’re getting to a ridiculous point in America, especially that I know. I live in a state where pension funds, unions and other people are investing in companies like Bain Capital. If you look at the totality of Bain Capital’s record, it ain’t–they’ve done a lot to support businesses, to grow businesses, And this, to me, I’m very uncomfortable with.This kind of stuff is nauseating to me on both sides. It’s nauseating to the American public. Enough is enough. Stop attacking private equity, stop attacking Jeremiah Wright. This stuff has got to stop because what it does is it undermines, to me, what this country should be focused on. It’s a distraction from the real issues. It’s either going to be a small campaign about this crap or it’s going to be a big campaign, in my opinion, about the issues that the American public cares about.
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