Earlier today, I noted the hypocrisy and the utter incompetence in the White House of having the President’s campaign team attack Mitt Romney for having a “Bain mentality” while Barack Obama appointed a new OMB director who previously worked as CEO for Bain. However, Obama’s decision doesn’t look that strange once you take into account what the “Bain mentality” on politics has been for the past six years. The Hill researched political donations from Bain’s senior executives, and found that their mentality has been rather Democratic, at least until now:
Democrats have accepted more political donations than Republicans from executives at Bain Capital, complicating the left’s plan to attack Mitt Romney for his record at the private equity firm.
During the last three election cycles, Bain employees have given Democratic candidates and party committees more than $1.2 million. The vast majority of that sum came from senior executives.
Republican candidates and party committees raised over $480,000 from senior Bain executives during that time period.
Note that the cycles researched were 2008, 2010, and 2012. Undoubtedly, the 2008 cycle was a good one for Democrats and was widely predicted to be so. It wouldn’t surprise anyone to see Wall Street firms placing bets on Democrats in the cycle that elected Obama. However, the 2010 cycle was not just a bad one for Democrats, but also a reaction to ObamaCare and Dodd-Frank, which had Wall Street significantly shifting its support.
Nor has the entry of Romney made a big impact on this overall ratio, at least not yet. It’s been years since Romney helmed the company, but he has received more than $160,000 in the last three cycles, half of which he got last year. However, Barack Obama got more than $80,000 since 2007 and over $27,500 last year. How will he attack Bain Capital and Romney’s success there while defending the benefit he has personally received from it?
If these contributions were just a bet on outcomes, they would have been quite a bit more even. Instead, it looks like the Bain mentality has been pretty lucrative for Axelrod and the Democratic Party overall. It has also been lucrative to red-state Senate Democrats in deep trouble this cycle, such as Claire McCaskill (MO), Jon Tester (MT), and Bill Nelson (FL). If Obama wants to paint Romney as a corporate raider, the response should be why Obama and these Senators took money from the corporate raiders they claim to detest, assuming Romney wins the nomination. The Bain attack will likely be as big a flop in the general as it proved to be in the primaries.