Attacking Mitt Romney's Bain Capital: Fair game?
Obama is relentlessly going after the private equity firm founded by his GOP challenger, and some say the Democrat's punches are hitting below the belt

This weekend, Newark Mayor Cory Booker, a surrogate for Team Obama, said it was "nauseating" that the president's campaign was releasing ads attacking Bain Capital, the private equity titan formerly headed by Mitt Romney. Booker eventually walked back his remarks, but his comments sparked a controversy over whether Bain is a legitimate target. The firm specializes in buying out struggling companies and turning them around, and Romney has touted his experience there as evidence that he can right the U.S. economy. But critics say Bain and other private equity firms often load those companies with debt, lay off workers, strip their pensions, and profit even when when the businesses go bankrupt. The Obama campaign last week highlighted a steel factory that had failed under Bain's watch, and this week it released an ad about SCM Office Supplies, which went under while Bain walked away with $100 million in profits. Is Bain fair game for attacks?
Yes. Bain is unbridled capitalism at its worst: Obama's focus on Bain is part of a larger debate about "what kind of capitalism we want," says E.J. Dionne at The Washington Post. Sure, Bain helped companies thrive, but it "also has to answer for the pain and suffering — or, as defenders of capitalism like to call it, the 'creative destruction' — that some of Bain's deals left in their wake." This is the type of unregulated capitalism that has exacerbated income inequality, led to reckless gambling on Wall Street, and betrayed "workers who made bargains with their employers in good faith." Of course it's fair game.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
No. Obama is distorting what Bain does: Bain's long track record of success in supporting companies like Staples "confirms the logical conclusion" that the firm has been creating value for both its investors and American workers, says The Wall Street Journal in an editorial. In "the risk-taking world of private equity," it's inevitable that some companies will go bankrupt. But if Bain resembled the caricature drawn by Team Obama, it would not still be in business. Over nearly three decades, Bain has "bought and sold many businesses and executed thousands of financing transactions" — it must be doing something right.
Either way, the Bain attacks are effective: Every time the national discussion turns to Bain, it's a loss for Romney, says Glenn Thrush at Politico. The Obama campaign's "goal is to make Bain a household word — and that is best accomplished through repetition to form a groove in the collective consciousness of American voters." While the attacks on Bain might make Obama seem like a "nasty negative campaigner," they also force Romney to be "defensive" and "muddled."
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
-
The best crime fiction of 2025
The Week Recommends These page-turners will keep you on the edge of your seat
By Irenie Forshaw, The Week UK
-
Will divisions over trans issue derail Keir Starmer's government?
Today's Big Question Rebellion is brewing following the Supreme Court's ruling that a woman is defined by biological sex under equality law
By Sorcha Bradley, The Week UK
-
Why UK scientists are trying to dim the Sun
In The Spotlight The UK has funded controversial geoengineering techniques that could prove helpful in slowing climate change
By Abby Wilson
-
The JFK files: the truth at last?
In The Spotlight More than 64,000 previously classified documents relating the 1963 assassination of John F. Kennedy have been released by the Trump administration
By The Week Staff
-
'Seriously, not literally': how should the world take Donald Trump?
Today's big question White House rhetoric and reality look likely to become increasingly blurred
By Sorcha Bradley, The Week UK
-
Will Trump's 'madman' strategy pay off?
Today's Big Question Incoming US president likes to seem unpredictable but, this time round, world leaders could be wise to his playbook
By Sorcha Bradley, The Week UK
-
Democrats vs. Republicans: who are the billionaires backing?
The Explainer Younger tech titans join 'boys' club throwing money and support' behind President Trump, while older plutocrats quietly rebuke new administration
By Harriet Marsden, The Week UK
-
US election: where things stand with one week to go
The Explainer Harris' lead in the polls has been narrowing in Trump's favour, but her campaign remains 'cautiously optimistic'
By Harriet Marsden, The Week UK
-
Is Trump okay?
Today's Big Question Former president's mental fitness and alleged cognitive decline firmly back in the spotlight after 'bizarre' town hall event
By Harriet Marsden, The Week UK
-
The life and times of Kamala Harris
The Explainer The vice-president is narrowly leading the race to become the next US president. How did she get to where she is now?
By The Week UK
-
Will 'weirdly civil' VP debate move dial in US election?
Today's Big Question 'Diametrically opposed' candidates showed 'a lot of commonality' on some issues, but offered competing visions for America's future and democracy
By Harriet Marsden, The Week UK