Steve Rattner, a former Obama Administration official who's defended Mitt Romney's role at Bain Capital, pens a New York Times op-ed criticizing him for his job creation claims.
First, he once again defends the concept of private equity, expresses concern that some of Barack Obama's attacks have vilified it, but ultimately praises the president for striking an appropriate balance in his Monday comments.
Then he hammers the idea that private equity firms are job creating machines and claims that Romney's claim to create over 100,000 jobs misses the mark big-time.
Mr. Romney himself has been foolishly reweaving history to claim, as recently as last week, that he helped create 100,000 jobs during his time at Bain.
In fact, Bain Capital — like other private equity firms — was founded and managed for profit: ideally, huge amounts of gain earned legally and legitimately. Any job creation was a welcome but secondary byproduct.
Then he isolates the key point.
Whatever its flaws, private equity has made a material contribution to sharpening management. But don’t confuse a leveraged buyout with job creation.
Rattner goes on to briefly disassemble the extent of Mitt's job creation claims.
So here's the big upshot -- Rattner isn't criticizing Romney for his role at Bain; just his job creation claims.
If you remember, Rattner criticized Obama's vilification of Bain Capital last week, was unhappily featured in a Romney web ad, and consequently, became one of the central figures in the controversy.
