Private equity big wigs silent amid political maelstrom

One private equity industry executive tells Deal Book that, “I think it’s a pretty honorable industry, and I don’t know why people aren’t stepping up and defending the careers that define their lives. That’s a sad thing. What do they fear it will cost them?”

The race for the Republican presidential nomination has thrust the career of Mitt Romney, one of the co-founders of Bain Capital, into the spotlight. It's one that has proven harsh, as fellow Republicans have gone after him with a vengeance.

Critics of Romney have essentially argued that his activity was tainted by greed and a spotty record on actual job creation. At least one has called it an immoral business model. These are all old arguments, to be sure. So perhaps the industry has learned to simply hunker down and let the controversy fade. These attacks will not likely abate, even after the Republican nominee is settled upon. The Democrats will likely pick up on it, and in these anti-Wall Street times, it may have legs as an argument.

So perhaps the industry ought to at least think about some sort of campaign to make clear the old criticism may not apply to all. We may see various trade groups get involved at some point fairly soon.

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