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President has no intention of paying money back to Bain Capital for campaign contributions

By Catholic Online (NEWS CONSORTIUM)
May 26th, 2012
Catholic Online (www.catholic.org)

Is it yet another example of the pot calling the kettle black? The Obama campaign has repeatedly called down Mitt Romney for his career at Bain Capital. However -- President Obama still accepted $7,500 in campaign contributions from three Bain executives. Furthermore, Obama campaign Press Secretary Ben LaBolt says the president has no intention of giving the money back.

LOS ANGELES, CA (Catholic Online) - "No one aside from Mitt Romney is running for President highlighting their tenure as a corporate buyout specialist as one of job creation, when in fact, his goal was profit maximization," LaBolt says.

"The President has support from business leaders across industries who have seen him pull the economy back from the brink of another depression, manufacturing and the auto industry revived, and support his agenda to build an economy that lasts where America out-innovates and out-educates the rest of the world and economic security for the middle class is restored."

Vice President Joe Biden defended the attacks this week on Romney's tenure at Bain Capital. Though he insisted he wasn't "criticizing private equity firms," Biden said there were many examples of Romney and his Bain colleagues causing tremendous harm.

"You hear all these stories about his partners buying companies . where they load up with a tremendous amount of debt. The companies go under, everybody loses their job, the community is devastated, but they make money," Biden says. "They make money even when a company goes bankrupt, when workers lose their jobs."

President Obama described Bain and other private equity firms as a "healthy part of the free market" filled with many "folks who do good work."

However, Obama also said the priority of private equity companies is to "maximize profits," which is "not always going to be good for businesses or communities or workers." Because of this, the president said Romney's work at Bain Capital isn't good preparation for the presidency.

"If your main argument for how to grow the economy is, 'I knew how to make a lot of money for investors,' then you are missing what this job is about," President Obama said. "It doesn't mean you weren't good at private equity. But that's not what my job is as president. My job is to take into account everybody, not just some."

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