Blog ››› ››› TODD GREGORY
The Washington Examiner blog Beltway Confidential put up a post yesterday reporting that President Obama's acting director of the Office of Management and Budget, Jeffrey Zients, worked at Bain & Company in the late 1980s. The Examiner suggested that this could "undercut attacks on Republican Mitt Romney's career as a venture capitalist, because Zients and Romney are both alumni of Bain & Company."
This is a distortion. The criticism of Romney has focused on his work at Bain Capital, not his time at Bain & Company.
To be clear: Bain & Company is an entirely separate entity from Bain Capital. Bain & Company is a business consulting firm that was founded in 1973. Bain Capital is a private investment firm that was founded in 1984.
Bain & Company's website states:
Bain Capital was formed as a separate entity by former Bain consultants to further leverage Bain's results creation capability. Bain Capital is a venture capital company; it is not a sister company nor a division of Bain.
Romney's fellow Republican presidential candidates have been critical of his work at Bain Capital -- not at Bain & Company. From a blog post by ABC's George Stephanopoulos:
Texas governor and Republican presidential candidate Rick Perry calls his rival Mitt Romney's work at Bain Capital a potentially "fatal flaw" which could imperil Republican chances to win back the White House in November.
Perry, who is trailing badly in the polls, spent the week attacking Romney as a "vulture capitalist," whose work at Bain allowed him to reap huge profits by dismantling companies and laying off workers.
Others in the right-wing media are blurring the distinction between the two Bain entities.