"Tall Tales About Private Equity" by STEVEN RATTNER at the NYTimes

[applegrove]

Tall Tales About Private Equity

By STEVEN RATTNER at the New York Times
Published: May 22, 2012

http://www.nytimes.com/2012/05/23/opinion/creating-jobs-wasnt-romneys-job.html?_r=1

"SNIP............................................

PRESIDENT OBAMA started his general election campaign by taking aim at Mitt Romney’s job creation record at Bain, setting off a lively debate over the fairness of the attacks.

I am among those who have been drawn into the argument — there was even a snippet of me defending private equity in a Romney campaign ad.

As a former Obama administration official, I was uncomfortable about being used in a Romney ad in support of his position.

However, I was also concerned that the Obama ads, while narrowly accurate, might be seen to portray Bain Capital (and implicitly, private equity) in an ugly light because a few of the companies the firm invested in went bankrupt while Bain Capital still made money

..................................................SNIP"

[WCGreen]

1. The Rattner Family started out here in cleveland and sucked every last piece of

public money itcould get...

They were in control of everything for decades. It wasn't until new people took up Civic leadership that Cleveland started to trun around...

[JDPriestly]

2. What is the Rattner family? I have never heard of them.

[WCGreen]

3. Developers who have morphed into one of the largest holder of Downtown building

as well as developing loads of office oriented "parks"...

There are a couple of Rattner's who occasionally appear on cable TV and discuss politics.

I am, quite frankly, not a fan for how much they have control over Cleveland, Ohio and how they have steered tons of public money their way.

[JDPriestly]

4. Typical of developers. That is one of the biggest sources of corruption in the country

-- property developers.

Along with the military-industrial complex, the Homeland Security and other security products manufacturers and pharmaceuticals -- corruption, corruption, corruption. Energy companies are up there too, but we need heat and transportation and chemicals, so they at least don't just manufacture their markets and then overprice their products giving kick-backs to politicians who keep their eyes shut to the corruption.

[WCGreen]

5. It also has to do with confusion how the public monies are allocated

and spent... a smart accountant or financial guy can game the system.