Democrats Hypocrisy And Bain Capital
What do Oprah, Yale U, California teachers and Illinois public employees have in common? Hint: It rhymes with “Bain Capital”
When President Barack Obama and/or his surrogates – including Uncle Crazy Joe Biden – convene in Charlotte, NC, expect to hear much more talk about how that terrible, awful, no-good, greedy, heartless vulture Republican presidential nominee Mitt Romney was a cold-hearted, conniving, cheating capitalist when he worked in the private sector.
Do not expect, however, to hear Oprah Winfrey, public employees anywhere, professors or administrators at elite universities or teachers’ unions say one negative thing about the Collectivist in Chief Obama or one positive thing about Moneybags Mitt. Those typically left-winging types may not mouth the words, but they’ve already voted with their pocketbooks.
Deroy Murdock, in a column in the New York Post, has done the country a great service by exposing the hypocrisy of the Obamaphiles listed above. You see, gentle reader, left-wing institutions of all types have invested their money with – EGADS! – Bain Capital.
A partial list of those outfits representing public employees – most likely unionized public employees – who either had or have big bucks with the firm Romney founded:
* 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) (Go Big Orange!)
Murdoch wrote that Yale wasn’t alone among left-leaning schools like Columbia, Cornell, MIT trusted Bain with their money, in addition other institutions of higher learning: * 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)
Oprah cried (along with Clint Eastwood) when Obama won in ’08, but her foundation bet with Bain. So did the Metropolitan Museum of Art. So did the Heinz Endowments, funded with money made by the company that made the fortune of failed presidential candidate and ineffective Sen. John Kerry’s wife, ketchup company Heinz.
“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.”
Ironic how government-worker pension funds invested at least $1.56 billion with Bain, no? Interesting how so many incubators of liberal thought turned over almost $425 million to cut-throat capitalists instead of a community organizer, no?
But, wait. The boards of these institutions are required to search for the best returns on the money entrusted to them (see Duran’s quote above) if they are to fulfill their fiduciary responsibilities by making investments a “prudent person” would make. We’ll find out on November 6 if the American electorate makes the prudent choice about who best understands and can best handle economic issues and generate the best returns for America.