Obama's New OMB Director Worked at ... Bain

  • Posted by a hidden member.
    Log in to view his profile

    Jan 19, 2012 5:37 AM GMT
    Ironies abound.

    http://campaign2012.washingtonexaminer.com/blogs/beltway-confidential/new-obama-omb-director-bain-alum/317976

    Jeffrey Zients will serve as President Obama’s new acting director of the Office of Management and Budget (OMB), but the president’s decision might undercut attacks on Republican Mitt Romney’s career as a venture capitalist, because Zients and Romney are both alumni of Bain & Company.

    [. . .]

    President Obama’s top campaign strategist, David Axelrod, criticized Romney for having a “Bain mentality,” just as some of Romney’s Republican presidential election rivals have blamed him for layoffs that took place at companies that Bain Capital financed.

    The White House emphasized Zients’ “twenty years as a CEO, management consultant, and entrepreneur” when announcing his promotion, but did not mention that Zients’ used to work with Bain & Company.
  • Posted by a hidden member.
    Log in to view his profile

    Jan 19, 2012 5:11 PM GMT
    More irony.

    http://thehill.com/homenews/senate/205025-dems-receive-more-bain-dollars-than-gop

    Bain gives more to Dems than GOP
    By Alexander Bolton - 01/19/12 05:30 AM ET
    Democrats have accepted more political donations than Republicans from executives at Bain Capital, complicating the left’s plan to attack Mitt Romney for his record at the private equity firm.

    During the last three election cycles, Bain employees have given Democratic candidates and party committees more than $1.2 million. The vast majority of that sum came from senior executives.

    Republican candidates and party committees raised over $480,000 from senior Bain executives during that time period.
  • Posted by a hidden member.
    Log in to view his profile

    Jan 19, 2012 5:37 PM GMT
    I don't see the hypocrisy or irony here. The attacks on Romney are based on what Bain did while he was the CEO, how that counteracts his claim that he created (a decreasing) number of jobs, and what that says about his vision for the American worker.

    That other people worked at Bain in the past and current employees support Obama and the DNC isn't germane.
  • Posted by a hidden member.
    Log in to view his profile

    Jan 19, 2012 5:57 PM GMT
    Christian73 saidI don't see the hypocrisy or irony here. The attacks on Romney are based on what Bain did while he was the CEO, how that counteracts his claim that he created (a decreasing) number of jobs, and what that says about his vision for the American worker.

    That other people worked at Bain in the past and current employees support Obama and the DNC isn't germane.

    LOL you can say nothing outside of the White House playbook is germane, but keep making that case to voters as Obama will be facing a blistering set of attacks in coming months. The answer .......but it's not germane. icon_lol.gif
  • Posted by a hidden member.
    Log in to view his profile

    Jan 19, 2012 6:03 PM GMT
    socalfitness said
    Christian73 saidI don't see the hypocrisy or irony here. The attacks on Romney are based on what Bain did while he was the CEO, how that counteracts his claim that he created (a decreasing) number of jobs, and what that says about his vision for the American worker.

    That other people worked at Bain in the past and current employees support Obama and the DNC isn't germane.

    LOL you can say nothing outside of the White House playbook is germane, but keep making that case to voters as Obama will be facing a blistering set of attacks in coming months. The answer .......but it's not germane. icon_lol.gif


    Your response makes no sense.
  • Posted by a hidden member.
    Log in to view his profile

    Jan 19, 2012 9:28 PM GMT
    Christian73 said
    socalfitness said
    Christian73 saidI don't see the hypocrisy or irony here. The attacks on Romney are based on what Bain did while he was the CEO, how that counteracts his claim that he created (a decreasing) number of jobs, and what that says about his vision for the American worker.

    That other people worked at Bain in the past and current employees support Obama and the DNC isn't germane.

    LOL you can say nothing outside of the White House playbook is germane, but keep making that case to voters as Obama will be facing a blistering set of attacks in coming months. The answer .......but it's not germane. icon_lol.gif


    Your response makes no sense.


    It entirely undermines your original argument here on Romney. If Bain was so bad as is argued, why do so many in the administration have experience from Bain? And why do senior Bain employees contribute so much to the Democratic party? The Obama Administration (not to mention Gingrich) are all quite exposed to the same questions - though I agree that I am dubious of the jobs created destroyed claims made of Bain - but that's not what these companies do - given that quickly putting companies out of their miseries or restructuring them in dying industries allows for new ones to grow - the basic idea of creative destruction.
  • Posted by a hidden member.
    Log in to view his profile

    Jan 19, 2012 9:59 PM GMT
    riddler78 said
    Christian73 said
    socalfitness said
    Christian73 saidI don't see the hypocrisy or irony here. The attacks on Romney are based on what Bain did while he was the CEO, how that counteracts his claim that he created (a decreasing) number of jobs, and what that says about his vision for the American worker.

    That other people worked at Bain in the past and current employees support Obama and the DNC isn't germane.

    LOL you can say nothing outside of the White House playbook is germane, but keep making that case to voters as Obama will be facing a blistering set of attacks in coming months. The answer .......but it's not germane. icon_lol.gif


    Your response makes no sense.


    It entirely undermines your original argument here on Romney. If Bain was so bad as is argued, why do so many in the administration have experience from Bain? And why do senior Bain employees contribute so much to the Democratic party? The Obama Administration (not to mention Gingrich) are all quite exposed to the same questions - though I agree that I am dubious of the jobs created destroyed claims made of Bain - but that's not what these companies do - given that quickly putting companies out of their miseries or restructuring them in dying industries allows for new ones to grow - the basic idea of creative destruction.


    Again, the issue with Romney is about what the company did while he was at the helm and is a response to his dubious claims of being a job creator. As I have repeatedly said PE is morally neutral in my opinion. What matters is what one does with it. During Romney's reign - contrary to your arguments - Bain was known to take over companies that, while not stellar, were also not on the verge of collapse, load them up with debt, extract wealth via "management fees" and then drive the company into bankruptcy. It happened with enough companies that it is a pattern that speaks to Romney's character and background.

    What other former or current Bain employees do politically is a strawman argument.
  • GQjock

    Posts: 11649

    Jan 19, 2012 10:07 PM GMT
    Wait ..... So Riddler you're admitting that working at Bain was a BAD THING?

    Yes ironies abound
  • Posted by a hidden member.
    Log in to view his profile

    Jan 19, 2012 10:36 PM GMT
    GQjock saidWait ..... So Riddler you're admitting that working at Bain was a BAD THING?

    Yes ironies abound


    No. I think it was a good thing. There are only two consultancies that I deeply respect in the world of management consulting - Bain and McKinsey. Bain has achieved tremendous outsized returns in building new businesses and backing and restructuring others.

    For others like Obama and Gingrich to attack Romney on this issue however makes both Obama and Gingrich vulnerable given that they also employ a number of Bain alumnus on an issue that is not worthy of attack.
  • Posted by a hidden member.
    Log in to view his profile

    Jan 19, 2012 10:39 PM GMT
    Christian73 saidAgain, the issue with Romney is about what the company did while he was at the helm and is a response to his dubious claims of being a job creator. As I have repeatedly said PE is morally neutral in my opinion. What matters is what one does with it. During Romney's reign - contrary to your arguments - Bain was known to take over companies that, while not stellar, were also not on the verge of collapse, load them up with debt, extract wealth via "management fees" and then drive the company into bankruptcy. It happened with enough companies that it is a pattern that speaks to Romney's character and background.

    What other former or current Bain employees do politically is a strawman argument.


    A bit dramatic aren't we? It's not then an issue just with Romney, it's also with Bain itself - given that these people also worked to achieve the same vision. Further - weren't you the one who claimed that 1/5 failed? These companies that were not performing as good as they could and therefore made themselves takeover candidates. Part of what they did was financially restructure but another big part of what they did was rebuild and reoptimize which comes with it risk - on both levels.

    Happened with enough companies? Again, if you bothered to look at the overall record, Bain has done very well financially speaking - and if as you claimed this was just a pattern who would they cash out their companies to after if they were so horribly managed? Or are you saying that all investors other than Bain are absolutely stupid and pay no attention to history?