This morning, an LA Times article on Mitt Romney’s time leading the private equity firm Bain Capital is getting a lot of attention. The big takeaway is that contrary to Romney’s campaign message, Bain Capital was not in the business of making jobs. The firm bought companies, tried to turn them around, and then sold them for a profit. Sometimes this created jobs, sometimes it didn’t, but job creation was not the goal:
“I never thought of what I do for a living as job creation,” said Marc B. Walpow, a former managing partner at Bain who worked closely with Romney for nine years before forming his own firm. “The primary goal of private equity is to create wealth for your investors.”
