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Subscribe to RSSRepublican heavy-hitters are calling for an end to fierce attacks centered on GOP presidential frontrunner Mitt Romney's career as a venture capitalist. NBC's Peter Alexander reports.
Mitt Romney faces continued criticism over his refusal so far to release the names of his campaign “bundlers” -- the big money fundraisers who have helped him rake in tens of million dollars for his presidential race.
But two invitations to Romney private fundraisers, obtained by NBC News, reveal where many of them come from: big private equity firms.
It's the same corporate buyout industry where Romney, as chief of Bain Capital, made his personal fortune and which, in recent days, has become a campaign lightning rod.
Steve Schwarzman, co-chairman of the Blackstone Group, the biggest of all Wall Street private equity firms, is listed as the “event co-chair” at both Romney events, including one tonight in Palm Beach, FL that is expected to bring in over $1 million.
The invite for the event -- at the home of Miami Dolphins owner Steve Ross -- states that event co-chairs are responsible for raising at least $50,000 a piece. (Other co-chairs include billionaire financier and Home Depot founder Ken Langone, sugar baron Pepe Fanjul, and energy executive Bill Koch, whose two brothers head Koch Industries.)
Schwarzman, whose firm has partnered with Bain Capital on deals since the 1980s, was dubbed by Fortune in a 2007 cover story as “The New King of Wall Street.” He also kicked off a firestorm two years ago, when he compared the battle over President Obama’s proposal to increase the tax rate paid by private equity partners to a “war” like “when Hitler invaded Poland in 1939.” (Schwarzman later apologized for what he called “an inappropriate analogy.” )
NBC's David Gregory talks to TODAY's Matt Lauer about whether fierce attacks on Republican presidential frontrunner Mitt Romney will backfire against his rivals or stop what seems to be Romney's inevitable march to the nomination.
But he is hardly the only Wall Street private equity baron that is bringing in large sums of cash for Romney’s campaign.
The invitation for another Romney campaign fundraiser -- slated for next Tuesday at New York’s Sheraton Hotel, and which a source tells NBC News is expected to bring in about $1.5 million -- lists Schwarzman and 23 others as “event co-chairs,” according to a copy the invite.
Of that total, 16 are from Wall Street private equity and venture capital firms, either as top executives, their lawyers, or lobbyists.
Among them: Wayne Berman, the Washington super-lobbyist (and Romney national finance co-chair) whose clients include Schwarzman’s Blackstone Group; Alex Navab, a top partner of KKR, another private equity powerhouse and the co-chief of its North American Private Equity portfolio; and Anthony Scaramucci, aka “The Mooch,” and chief of the Skybridge Partners hedge fund.
The invite also lists another 125 “event co-hosts” -- many of them also from Wall Street, including one notable name: Ed Conard, the former Bain Capital partner of Romney’s who attracted attention last summer after NBC News revealed a mysterious one million dollar donation to the Romney Super PAC that came from a Delaware limited partnership that was set up shortly before the donation was made -- and then shut down.
After a storm of criticism, and calls for a Justice Department investigation, Conard revealed himself to be the source of the donation.
The Romney campaign did not respond to an email request Thursday asking whether it intended to fully disclose the names of its bundlers. But in an email exchange over the subject last summer, Andrea Saul, a spokeswoman for the campaign said: “We disclose all of the information about our donors as required by law and anyone who is interested can review it publicly. And, anyone wishing to donate to our campaign can do so at www.mittromney.com.”
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CONGRESS and ALL the MAFIOSOS are next for THE GO TO HELL ELEVATOR !!!!
Msnbc: "Guess who's raising money for (Obama), Bigwigs from private equity firms"
That comment is equally true. Isn't it????????????
Stop the smear campaign. Some of us are smarter than that and you are insulting the ones who aren't.
Leona
... and banks.
But apparently it's only evil when Republican's raise funds from the wealth. And yet, the Democrats are special because they take money from the rich and "help" the little guy.
I like how the Senate version of the Payroll Tax Cut didn't tax the weatlhy!!! It taxed government backed mortgages!!!! Because THOSE agencies have been working out so well....
the point is.......the hypocrisy from Msnbc and the LEFT, in general, is so obvious and disgusting.
It insults Americans who are at all literate.
Why is Willard Romney afraid to talk about is record as Governor of Mass.? Could it be because his state ranked 47 out of 50 in jobs creation while he was governor? At least a few jobs were created while was governor as opposed to the thousands that he destroyed while at Bain.
Thermen,
You can blame it on the 85% legislature Romney had to deal with in Mass.
The only thing a Democrat likes more than TAXES, is SPENDING our taxes.
Let's see....Bain invested private money ( with some losses and some wins).
Obama invests OUR MONEY into Solyndra and other "green" money pits after he's been told they will fail. When these "green" companies go bankrupt.........Obama says "You win some and you lose some."
Where's the outrage from you Libs on it??
OH WAIT........ I forgot, you Libs like making Nancy Pelosi's relatives and Al Gore RICH. LOL
Leona, Solyndra was bad, no doubt about that. Good idea in theory, a failure in its implentation. Though the fact that the CHinese do the same exact thing, which was the primary reason for its failure is another matter.
The difference though is that the intent of Solyndra was to employ US citizens.
The intent of Bain Capital is to get tehmselves as rich as possible, however they can. They don't care about US citizens getting fired or who's left holding the worthless debt. It's all about them and for Romney it's all about him.
Mark
Are you suggesting that business be run to provide jobs? Are you suggesting that the government risk taxpayers' money on investments?
Wouldn't you rather private money take the risk? Of course there would have to be some profit for motivation. That's also why there is a lower capital gains rate; to promote private money to gamble on investments in place of public money. (though I know you hate the lower taxes on investment capital)
The government can also offer incentives to alternate energy, without giving loans or money. Not only would this eliminate risk, but also cut down on the "payoffs". But again, it would require some tax breaks for the players.
Not at all. Companies like Bain Capital provide a valuable service, they wouldn't exist other wise. I guess what I was trying to say is that Solyndra was a mistake but a mistake made with the intent of fostering development of an important industry for the US.
Bain doesn't look at their investments the same way.
Mark
Exactly. And that is why there is a theoretical and real difference between private money and public money. Now if we could just get federal government out of the home mortgage business, debt creation business, and health care.
MJ, easy to say get government out but it's already waist deep in amny other respects, such as subsidies for farming, and all sorts of other likely non-strategic industries. I'd rather we subsidize an industry of th future than many which aren't.
I'd agree, tax deduction for home mortgages should be eliminated, same thing for excluding health benefits from taxable income. No more subsidies.
Regarding health care, I would also say that since government funds directly or indirectly, about 1/3 of the entire health care industry, it should have a much greater say in how its purchases are priced and delivered. Or, since we know health care costs about 1/2 in other countries, let's let the government start its own plan (presuming we can at least as good a job as other countries do).
Mark Thoma: "I guess what I was trying to say is that Solyndra was a mistake but a mistake made with the intent of fostering development of an important industry for the US."
Sorry, but you are wrong on this.
Obama was told that Solyndra was going under BEFORE Obama gave them the millions. He gave them the money anyway. Do you know why?
Answer: it's payback for his Democrat campaign donors. The Democrats are getting rich from "green" Projects....... and these are the same people who donate to Obama.
Mitt's top Campaign contributors
And President Obama's? No reference point.
haha
Mitt is just a minion of the 1 percent. I'll say it AGAIN, MITT ROMNEY is a SLUG who is going to crawl all over you for the next 4 years doing the will of the 1 percent. Think a little bit about that. You love Obama? Then your pick should be Mitt because he will do exactly what Obama does, the will of the 1 percent. Want a president that will do the will of the people in this country and for this country? This choice is clear. RON PAUL 2012, there is no other choice out there. When you support these wimps like Newt, Gingrich, Romney, and Huntsman, you make the 1 percent laugh, and laugh hard. If you aren't going to vote for Ron Paul, you might as well say, "Yes, Master", as you cast your vote! RON PAUL 2012 The only "FREE" choice.
See thats the plan. Break up the USA and sell it off to China. Mitts your man.
Loved the way Morning Joe stooges followed Scabrough's line to defend Mitt on this. The big bucks TV gigs do pay well.
This is not a surprise at all America! There is no way that the "Romulian's" friends will let him down financially. If the "Romulian" is President the following people/group will prosper greatly. Repeal the American Health Care Reform Act, and the very large Medical Insurance Corporations will prosper. Destroy Social Security, and the Wall Street Investors will prosper greatly. Then the "Romulian" will destroy Medicare and Medicaid. These programs will be given over to the large Health Insurance Corporations like a Christmas Pig. The "Richie Rich Ryan Plan" will be passed, and "Richie Rich Ryan" will be given a Cabinet position in the Romney Administration. That is fact! The "Romulian" will make the Bush Tax Cuts permanent, and the "Goofy Grover" Tax Pledge will be taken by all Tea Beggers. Again!
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