A Defense of Private Equity, and of Romney's Years at Bain

Thursday, May 24, 2012

As the race for the presidency heats up, President Obama's reelection team continues to attack Mitt Romney's career at Bain Capital, while questioning private equity's role in the American economy. In a speech at Keene State College yesterday, Vice President Joe Biden said that Romney's work at Bain "no more qualifies him to be President than being a plumber."

Earlier in the week, at the NATO Summit in Chicago, President Obama told reporters, "When you’re President – as opposed to the head of a private equity firm – then your job is not simply to maximize profits. Your job is to figure out how everybody in the country has a fair shot."

Edward Conard, former managing director at Bain Capital and author of "Unintended Consequences: Why Everything You've Been Told about the Economy is Wrong," worked with Mitt Romney throughout the Republican candidate's years in private equity. Conard explains why he believes Romney's experience in private equity will prove essential should the Republican candidate take the White House this fall.


Edward Conard

Produced by:

Jillian Weinberger

Comments [4]


It is becoming increasingly difficult for the media to ignore reality.
Romney's successful governing background in a liberal state and business experience in turning floundering enterprises around including the winter Olympics make him the right person at the the right time for The White House. Obama's record of economic failure and offering no serious plan for the future except poor excuses and cynically pernicious diversions make him the last thing this nation needs.

The more the media flails in defending the President's record the less credible and respected they are seen by the public.

May. 24 2012 10:48 AM
joe davis

Skepticism regarding whether Romeny's business experience in any way would help him as president is manifestly absurd particularly when coming from the Obama camp. First, Romney was a governor which has traditionally been seen as the closest thing a person come to getting a sense of the presidency. Obama was a novice senator with no executive experience or private sector experience. What he did have was experience in community organizing, sitting on boards and teaching law. And talking. Lots of talking. This paucity of experience in anything one might reasonably expect a president might need to draw upon is really whats astonishing and if you think Obama has been a good president despite it makes rather a different point, namely that NO experience is required. (would LBJ have been so politically clumsy with the health care bill? That 'original sin' still haunts Obama's presidency and to the extent it has proven to be a fiasco is rooted in a lack of experience coupled with an abundance of arrogance)

May. 24 2012 10:00 AM

What a thorough whitewashing of Romney's record. Why are we to believe this guy who is 1.) selling his book and 2.) a former bigwig at Bain Capital who worked "shoulder to shoulder" with Mitt?

May. 24 2012 09:35 AM

An expert on to defend Romney is diverted to spend half the time talking about something else and then has his motivations questioned about his support for Romney.

No matter how successful Bain was it must have a perfect record with private money but an administration spending five trillion of public money without a serious budget plan for the future is worthy of another four years?

A very undercooked "grilling".

May. 24 2012 09:27 AM

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