Bain capital becomes an issue in us presidential campaign - China Melting Induction Furnace

Bain Capital is a private equity firm. At such investmentcompanies, wealthy individuals and financial institutions pooltheir capital to buy corporations and then try to increase theirprofitability before selling them, typically at a considerableprofit. Bain is one of the most prominent venture capitalcompanies in the United States. And the firm says its partnersmanage about $60 billion in assets in 65 companies.

The company says its mission is "produce superior investmentreturns for our investors." This week, Bain, along withseveral other U.S. private equity firms, sold the second-largestmovie theater chain in America - AMC Entertainment Holdings - to aChinese conglomerate for $2.6 billion. Bain was started by Mitt Romney and others in 1984, and he headedthe company until he left it in 1999. He says the companies Bainbought and nurtured during his tenure created some 100,000 jobs.

Now, Romney says his experience at Bain, more than his tenure asgovernor of the northeastern state of Massachusetts, gives him thebackground and skills needed to boost America's sluggish economy. At a recent campaign rally, Romney told voters that President Obamahas failed in trying to resurrect the U.S. economy from its worstdownturn since the Great Depression of the 1930s. "This is the longest recovery from a recession in Americanhistory," said Romney. "And people are suffering becauseof the policies of this administration." Romney said that if he is elected, he will transform thedeficit-ridden U.S.

government. "With my vision, we're goingto finally have a balanced budget in this country," he said."I'll get us on track and finally stop spending more than wetake in." Mr. Obama and his campaign have a sharply different view ofRomney's tenure at Bain. They are airing commercials inpolitically key states, outlining how some of Bain's investmentswent sour - costing thousands of workers their jobs, even as Bainturned massive profits on its investments.

Although the president this week described private equity as a"healthy part of the free market," he emphasized itsdownside. "I will say today, I think there are folks who do good work inthat area and there are times where they identify the capacity forthe economy to create new jobs or new industries, but understandthat their priority is to maximize profits and that's not alwaysgoing to be good for communities or businesses or workers,"said President Obama. Mr. Obama dismissed Romney's contention that his years at Bain madehim qualified to fix the American economy.

"And so if your main argument for how to grow the economy is,'I knew how to make a lot of money for investors,' then you'remissing what this job [being president of the United States] isabout," said Obama. "It doesn't, it doesn't mean youweren't good at private equity, but that's not what my job is aspresident. My job is to take into account everybody, not justsome. My job is to make sure that the country is growing not justnow, but 10 years from now and 20 years from now." Many U.S. voters might not have heard of Bain Capital or maybe knowlittle about the company's operations during the time Mitt Romneyheaded the company.

But with less than six months until ElectionDay, analysts say it is almost certain that Bain will play a majorrole in this year's presidential campaign.

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