Welcome Guest
( Log In | Register )
The time is now 5:53 pm
You last visited December 13, 2017, 5:46 pm
All times shown are
Eastern Time (GMT-5:00)

NY Post: Look who parks their cash at Bain

Published:

Last Edited: September 10, 2012, 7:20 pm

Subject: Look who parks their cash at Bain -

  This is a NO Bainer!!

 

Subject:  Fwd: Look who parks their cash at Bain -  NYPOST.com

  MOST interesting ?????...........I do not understand why this kind of information is not better publicized, meaning mentioned by the candidate himself. Even the Univ. Calif. !! Can't get any farther left than Berkeley !

  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.

 

 

Entry #319

Comments

1.
rdgrnrComment by rdgrnr - September 10, 2012, 10:27 pm
Hypocrites.
2.
MADDOG10Comment by MADDOG10 - September 11, 2012, 3:44 am
Back stabbing hypocrites..

You must be a Lottery Post member to post comments to a Blog.

Register for a FREE membership, or if you're already a member please Log In.