Cerberus Capital Management L.P., the private equity firm that owns the company which made Newtown killer Adam Lanza’s assault rifle has extensive political connections. The company’s senior executive leadership team is stocked with political figures including former Vice President Dan Quayle. Continue reading “How Dan Quayle Helped Make Adam Lanza’s Assault Rifle”→
Thanks to the Obama campaign’s attacks on Mitt Romney’s career with Bain Capital, private equity has been thrust into the spotlight on the campaign trail with partisans on both sides debating whether the industry has a negative effect on the country. Private Equity Growth Capital Council, a political action committee that was formed in 2007 by several of the country’s largest private equity firms, has responded with a series of videos “aimed at educating media, policy makers and the public about the private equity industry and its positive contributions to the American economy.”
Former Mayor Ed Koch has had a bit of an independent streak in politics (he endorsed George W. Bush for reelection in 2004, for example), but he’s not joining the ranks of moderate Democrats expressing skepticism of President Barack Obama’s attacks on Bain Capital and Mitt Romney’s record with the company.
Mitt Romney is currently on a fundraising swing through New York City and Democrats like Congressman Jerry Nadler and state party chairman Jay Jacobs used the occasion to blast, as Mr. Nadler framed it, Mr. Romney’s economic “wizardry.”
Of course, neither Mr. Nadler or Mr. Jacobs would attack the financial industry with the same rhetoric as officials in other parts of the country — Mr. Nadler’s district contains many people who work in Wall Street and Mr. Jacobs undoubtedly raises plenty of money from that constituency as well.