News Release

“Bain Actually Loves Dems”

DOUG HENWOOD, dhenwood at panix.com
Editor of Left Business Observer and author of the book Wall Street, Henwood just wrote the brief piece “Bain Actually Loves Dems,” which states: “All good Democrats are busily hating on Bain Capital right now. What they’re forgetting is how many Bain-affiliated political contributions have gone to Democrats.

“Plug the words ‘Bain Capital’ into an OpenSecrets.org search and you learn that while Bain people have lovingly contributed to their former CEO’s presidential campaign, almost three-quarters of their contributions to other candidates, 72 percent to be precise, have gone to Democrats. That’s a higher percentage to Dems than the AFL-CIO!”

“And among the top recipients are Dem headliners like Al Franken, Claire McCaskill, John Kerry, Mark Udall, Nancy Pelosi, and Sherrod Brown. They were also major contributors to the Democratic National Committee and the national Democratic party. There are very few Republican candidates on the OpenSecrets list, and no major gifts to the GOP itself.

“So [Newark, N.J., Mayor] Cory Booker’s defense of PE [private equity] against attacks by the Obama campaign has a very materialist explanation: PE titans like Bain have been funding Dems for ages — including Booker himself (e.g., ‘Cory Booker’s Bain Capital money‘). It was just a few years ago that HF [hedge fund] hotshot Paul Tudor Jones held a 500-guest fundraiser for Obama, back when ‘the whole of Greenwich’ (an epicenter of the industry) was behind him (‘Another top hedge fund chief backs Obama‘). Then he hurt their feelings with one intemperate use of the term ‘fatcats.’ But it’s not like Obama is about to expropriate the PE and HF types.”

A recent Bob Fitch memorial lecture by Henwood contains a broader critique of Wall Street and real estate support for many establishment Democrats. (Fitch was author of the book The Assassination of New York, which charged that elites seeking ever greater profits had effectively gutted New York City neighborhoods and productive economic sectors.)