That's from the article below, which I found HERE. And a spokesman for the CALIFORNIA State Teachers' Retirement System said that? Don't you think that's a bit hypocritical? The Left is willing to chalk off all their insults to Romney's involvement with Bain as a 'heated election year' because he and his union members are MAKING MONEY? Wait, I thought they didn't LIKE being rich?
Here's the whole article:
Democrats convened in Charlotte, NC, will double down on their claim that Bain Capital is really the Bain crime family. 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 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 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)
* The 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 funds aggregate the savings of millions of unionized teachers, social workers, public-health personnel and first responders. Many would be startled to learn that their nest eggs are incubated by the company that Romney launched and the financiers he hired.
Leading universities have also 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.”
According to BuyOuts magazine and S&P Capital IQ, Bain’s other college clients have included Cornell, Emory, the Massachusetts Institute of Technology, Notre Dame and the University of Pittsburgh. Preqin reports that the following schools have placed at least $424.6 million with Bain Capital between 1998 and 2008:
* Purdue University ($15.9 million)
* University of California ($225.7 million)
* University of Michigan ($130 million)
* University of Virginia ($20 million)
* University of Washington ($33 million)
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 Bain 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 Aug. 12 Boston Globe. 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.
Is Bain really a gang of corporate buccaneers who plunder 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.
If, however, these institutions relish the yields that Bain Capital generates by supporting start-ups and rescuing distressed companies, 80 percent of which have prospered, then this money is honest — and Team Obama isn’t. (end of article)
But will Americans hear any of this or will they only hear ROMNEY IS A GREEDY CAPITALIST WHO STARTED BAIN AND SCREWED EVERYONE IT EVER CAME INTO CONTACT WITH? Isn't being a leftist a grand thing? Just say what you want.......do what you want, and only Conservative papers will report. WOW
GEEEEEEEEEEEEEEEEEEEEEEZ!
32 comments:
What's their rate of return?
When you adjust for the money that gets skimmed by the likes of Romney they would have been just as well off parking the dough in a no load index fund.
As it is they they are paying a bundle in expenses like the average American sucker.
Oh, make sure you differentiate between Bain & Company and Bain Capital.
Republican money evil
Democrat money good and pure.
Envy is a very ugly sin.
Ducky always find a way to justify the hypocrisy. The left is full of it.
I'm sure Ducky puts money in the stock market and brags when he has a good return.
The he bitches against capitalism.
Little people have small or no principles.
Of course they are hypocrites. They know it and don't feel the least bit of shame over it.
"During the 14 years Romney headed Bain Capital, the firm's average annual internal rate of return on realized investments was a staggering 113 percent. At that growth rate, a hypothetical $1,000 investment would grow to $39.6 million before fees.
Well duckman, still going to put your money in the no-load index fund?
Ducky, thanks so much. You make an excellent point for the business acumen of Romney, acumen that Americans once respected in fellow Americans (before the left told our kids success is bad);
Yes, Bain & Co started to struggle after Romney'd left and he came back and "Although in the role for just one year before returning to Bain Capital, Romney's work had three profound impacts on the firm. First, ownership was officially shifted from the owners to the firm's 70 general partners. Second, transparency in the firm's finances increased dramatically (e.g. partners were able to know each other's salaries[13]). Third, Bill Bain relinquished ownership in the firm that carried his name.
Within a year, Bain bounced back to profitability without major partner defections,[13] and the groundwork was laid for a period of steady growth."
Typical Romney.
Of course, the article dealt with Bain Capital, so there's no need for that differentiation you called for, but I appreciated the chance to dig into Bain & Co. and find out again just how good ROmney was at saving businesses and setting them on profitable paths again.
Thanks!
SHortly after Romney left, Bain & CO hired an Israeli woman to take over...good job. (I thought Romney hated women!?)
They are completely different entities, Bain & CO and Bain Capital.
Bain Capital is the group lefties invest in (see my post) but slam publicly to make it look like they don't want money :-)
CnC...envy is truly an ugly win
FB.......No principles is exactly why I published this article. Exposure, transparency like Romney put back in Bain and CO before he left them (after putting them on the profit track again..for themselves and the many people affected by it)
ConsOn Fire...."shame"? they've taught THAT out of our kids, too. SO, shame is now an emotion no kid should 'have to feel'...it's part of the LEft's agenda which is bringing our kids down so badly.
I love the Bain & Company approach to consulting...
Another consulting approach that Bain & Co. pioneered was aligning its incentives with its clients' performance by accepting equity in lieu of fixed fees. An estimated 10% of Bain's revenue is derived from this equity participation or "success fees".
Obama should hire them turn around our country's GDP... for a 1% fee.
Oh wait, the American people can just hire him directly for a paltry $400k/year. Never mind.
Z,
Great find!
Linked at my site and at THE ASTUTE BLOGGERS
Thersites mentioned the 113$% rate of return.
No quacking from Duck now?
FrogBurger said: Ducky puts money in the stock market and brags when he has a good return.
The he bitches against capitalism.
The Left's name is hypocrisy!
Excellent find, Z!
So Ducky, I guess if you were running Bain you wouldn't "skim," you'd do it all for free, right?
Thersites! Brilliant "Oh wait, the American people can just hire him directly for a paltry $400k/year. Never mind."
We should make this into a TV ad and sell it to the RNC...after all 99% of the news venues seem to be doing their news reports as if they were stumping for Obama. Think they're not getting paid somehow for THAT? :-)
Glad you were happy to read this info, AOW and SF..........
Obama has invested $450k himself in Bain
The hypocricy of the LEFT knows no bounds. It's as if they are somehow perpetually trapped in pre adolescence: whining, demanding from others, shuning responsibility for their own actions and all of the rest of the traits to be expected from prepubescents.
Anyway thanks Z. I've copied this and sent it to many, including some Democrats that I'm aquainted with.
Ducky, you don't have a clue. You need to stick to subjects you might understand, but you have no understanding of business, finance, or investments.
Your verbal meanderings along these lines never make sense, and you don't even know how embarrassing that is.
Of course, this makes sense given your Marxist dogma you seem to spout all the time. Get a life, or get an education. Right now, you don't have either.
Ducky, you don't have a clue. You need to stick to subjects you might understand, but you have no understanding of business, finance, or investments.
I always knew he was a communist …
"I always knew he was a communist "
And therefore welcoming of the DNC platform that omitted God and substituted it with..."GOV". Dems and commies...Gov-ernment, is their god.
Finally it's out in the open:
"America's cultural divide is now almost absolute; the Democratic Party, which once embraced Catholics and Jews, cannot conceal its contempt for religion."
Yea, but as debbie-whackymen says 'They aren't running for president." which means it's OK, or if they're Democrat and running for President, it doesn't matter either.
Seriously, how do so many people find themselves in support of such POS's. And what is your life if it's gotta be that way?
Romney supporters sign their checks on the front, obama supporters sign them on the back.
"The young radicals of 1968 have become the old radicals who now control the Democrat Party. They put on a convention this week characterized by incompetence, radicalism, and race.
The “Ride for Justice” bus from “No Papers, No Fear” rolled into Charlotte to keep the fiasco humming.
This outfit is an illegal alien pressure group. Yes, in 2012, we now have open and well-funded organizations representing people committing crimes.
In fact, the bus was full of illegal aliens openly touting their illegal status! Naturally, they were welcomed with open arms by the DNC because they are supporting President Obama’s lawless immigration policies.
Local authorities arrested ten of them outside the convention for state crimes and turned them over to federal authorities, who then promptly released them."
Libs and other loons...comments welcome.
The Dems would lie about their own mother to get re-elected. OOOPS One of them already did that didn't he. I won't have to repeat the story since most of you know of whom I am speaking.
The young radicals of 1968 have become the old radicals who now control the Democrat Party
That generate screwed us over with their culture of hedonism and free sex.
Pathetic people in power.
I just saw a list of new talk shows debuting this Fall..
Katie Couric "Smart and Heart" ...Rikki Lake, and Jeff Probst..
oh, and STeve Harvey.
Think there's a person with conservative values amongst them?
I didn't, either.
And we wonder why this country's going down the skids? WHERE ARE THE CONSERVATIVES?
When the powers that be are leftwing network types, do you REALLY think that's going to happen?
Meanwhile, brainless AMericans are ironing and sitting at their computers with this on in the background.
Congratulations, America...Katie Couric's SMART. Smart enough to humiliate George Bush in an ambush interview at the WHite House he was kind enough to play along with though he didn't expect it (the first George) and smart enough to trounce Palin by slamming her to bits.
This should be interesting...they'd better get their shows on quick before the election, huh?
Wow, this stuff makes one shake there head at all the whining by the left.
Frogburger, you should know by now there's no such thing as free sex.
Well, that's what Sandra Fluke said in testimony before the Congress of the United States.
@ Kid
I have to caution you about saying bad stuff about Debbie Wassermann Schultz. Some people here, who's name I won't repeat, has a thing for DWS.
I know, I know. I tried to talk him out of it.
Initials are JB. Another sad day for America.
@Mustang. Well, you can point to anything in the JC Penny catalog and someone somewhere wants to sleep with it.
KP..hi!! It's wild, isn't it?
All that whining and they've got money IN Bain Capital!?
Kid, that is hilarious about the JC Penney catalog!
If there was one woman who could make me become gay it's Debbie.
Is BAIN a BANE or a BOON?
It all depends on your point of view. It's the former to Marxists, who hate private ownership and private control of ANYTHING (even one's own thoughts!), and who see the very IDEA of anyone's making a PROFIT as profoundly evil.
It's the latter to those who believe in Capitalism as the best system yet devised to produce wealth and raise the standard of living for the greatest number possible in any given society.
Collectivism cripples, maims and KILLS.
Capitalism builds and runs successful MILLS.
That neither system has produced Heaven on Earth is NOT a black mark against Capitalism whose track record is FAR superior to that of its most powerful antagonist.
HOWEVER, Capitalism untempered by Christian morality becomes rapacious and would quickly return us to a primitive dog-eat-dog state.
Without a rational concept and acceptance of Jesus Christ, as He truly is, we are NOTHING.
NOW, let's get simplistic: "A RISING TIDE LIFTS ALL BOATS." Some are yachts, some are freighters, some are cruise ships, some are barges, some are dinghies, some are canoes.
Marxists get perpetually "outraged" and "indignant" that the rising tide does not TRANSFORM all boats into YACHTS.
Marxists, you see appear to believe that in a properly "fair and just society" all Indian Tribes would consist if nothing but CHIEFS.
Etc. etc. etc.
Y--A--W--N!
~ FreeThinke
de ja vu
de ja vu
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