Bain Capital thanks investors for support
Few private equity companies have found themselves in the line of fire during a presidential election quite like Bain Capital.
It may be tempting to sneer at the Obama campaign for making Mitt Romney's private equity record a big issue, but the most vitriolic attacks were leveled at him by fellow Republicans during the ugly battle for the nomination. Some memorable lines include Newt Gingrich calling his line of work "immoral" and Rick Perry noting the difference between "a vulture capitalist and a venture capitalist."
During the general election, outside Super PACs piled on with gusto, but the firm has survived, pretty much unscathed. The Boston Globe notes that the firm has sent a letter to investors, thanking them for their support.
"The political hyperbole and distortion that accompanies modern politics, while disappointing, did not change our longstanding, differentiated approach to investing for growth,'' the letter said.
Bain's executives said they knew when Romney joined the race that his business record would become an issue. Members of the firm made a conscious decision "not to engage in debates with either campaign,'' they said. They chose to correct the record at times but refused "to be drawn into the give-and-take of the political season."
While some partners at the firm supported the president, the firm as a whole remained a firm supporter of Romney in the election.
"All of us congratulate each candidate for a hard-fought campaign,'' the letter said.
- here's the article