Monday, May 14, 2012

Former Obama Car Czar Calls Romney Attack Ad "Unfair"

I never thought I would agree with one of obama's czars on anything but Rattner is absolutely right on this. Romney is getting the short end of the stick on the Bain Capital thing.

Before becoming obama's car czar, Rattner was a co-founding principal of the Quadrangle Group, a global private equity firm specializing in the media and communications industries. He also spent two decades as an investment banker at Lehman Brothers, Morgan Stanley, and Lazard Freres & Co., where he became Deputy Chairman and Deputy Chief Executive Officer.

Companies like Bain Capital and the Quadrangle Group are in business to make money for their investors. Not all of the companies they buy are able to be saved. And in some cases the company is saved but some of the jobs are not. When a business is being poorly run, sometimes it has to be steamlined, which means some parts and people may go away. I doubt that Mitt Romney ever maliciously terminated people from a company his firm bought. It's not in his DNA...

On "Morning Joe" today, former Obama "car czar" Steve Rattner denounced a new campaign ad that attacks Mitt Romney for business decisions he made during his tenure at Bain Capital.

Specifically, the ad targets Romney and Bain Capital for the private equity firm's decision to acquire GST Steel and the jobs that were lost under their control.

Rattner called the ad "unfair" and defended Romney's decision at Bain Capital. Rattner says Romney's job was to make profits for the firm's investors, not save jobs.

"I think the ad is unfair. Mitt Romney made a mistake ever talking about the fact that he created 100,000 jobs. Bain Capital’s responsibility was not to create 100,000 jobs or some other number. It was to create profits for his investors, most of whom were pension funds, endowments and foundations. It did it superbly, acting within the rules and acting very responsibly and was a leading firm," Ratner said on MSNBC's "Morning Joe" on Monday.

"So I do think to pick out an example of somebody who lost their job unfortunately, this is part of capitalism, this is part of life. And I don’t think there’s anything Bain Capital did that they need to be embarrassed about," he said.

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