(DailyCaller.com) Twelve lawmakers wrote to House oversight committee Chairman Rep. Darrell Issa and Senate Homeland Security and Governmental Affairs Committee Chairman Sen. Joe Lieberman asking that they expand current probes into a Department of Treasury scandal that left 20,000 non-union Delphi retirees without their pensions after the 2009 General Motors bailout.
The members — Sens. Rob Portman of Ohio, Thad Cochran of Mississippi and Roger Wicker of Mississippi, and Reps. Pat Tiberi of Ohio, Steve Stivers of Ohio, Mike Kelly of Pennsylvania, Dan Burton of Indiana, Bill Johnson of Ohio, Paul Gosar of Arizona, Marcy Kaptur of Ohio and Gregg Harper of Mississippi — are led by Ohio Republican Rep. Mike Turner.
(FloppingAces.net) The Bain Story- the real one – Given the political controversy over private equity and Mitt Romney’s tenure at Bain Capital, it’s worth taking time to ask, how did Bain Capital perform for its investors?
To get some perspective, it’s first worth acknowledging that the average private equity firm has delivered better returns to its investors than those investors would have earned in the stock market. In a recent paper, Bob Harris, Tim Jenkinson, and I estimate that $1 invested in a private equity fund delivered 20 percent more than $1 invested in the Standard & Poor’s 500 Index.1 In our sample alone, the outperformance works out to more than $120 billion in additional value to investors. This performance benefited the pension funds, endowments, and other limited partners that invested over this period.
Even in an industry with such strong performance, Bain Capital stood out. During Romney’s tenure, the firm raised five private equity or buyout funds. All five outperformed the typical private equity fund. Four of the five were well into the top quartile of performance.