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 3/4 of their contributions to other candidates, 72% 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 Cory Booker’s defense of private equity (PE) 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 hedge fund (HF) 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.