Term Sheet

The latest on private equity, M&A, deals and movements — from Wall Street to Silicon Valley

Bain exec responds to Biden 'hyperbole'

October 3, 2012: 12:59 PM ET

Obama-supporting Bain Capital executive defends his firm.

FORTUNE -- Steve Pagliuca is a Democrat, having run for U.S. Senate in a 2009 Massachusetts race that ultimately led to the election of Scott Brown (R-MA). He also is a managing director of Bain Capital, whose run as Democratic Party punching bag as been extended through to November 6.

Like most Bain Capital executives, Pagliuca has stayed fairly quiet during the presidential campaign. But he did appear this past weekend to defend his firm's reputation.

Zakaria began by asking Pagliuca to respond to Joe Biden's convention comment that "the Bain way may bring your firm the highest profits, but it's not the way to lead our country from the highest office."

Here was how Pagliuca responded:

Well, look. hyperbole has been part of elections sense the days of John Adams and there's nobody better than Joe Biden to give us a little hyperbole as we all know. So, I think from Bain Capital's perspective, people discount that hyperbole. They know it's hyperbole. We really wake up every day trying to build businesses. That is the goal of private equity. It's a misnomer out there that private equity profits by shrinking companies. In fact, it's just the opposite. Private equity creates value by growing great companies.

Zakaria also pressed Pagliuca on carried interest, profiting off of bankrupted companies and his thoughts about Mitt Romney. View the entire interview below:

Join the Conversation
About This Author
Dan Primack
Dan Primack
Senior Editor, Fortune

Dan Primack joined Fortune.com in September 2010 to cover deals and dealmakers, from Wall Street to Sand Hill Road. Previously, Dan was an editor-at-large with Thomson Reuters, where he launched both peHUB.com and the peHUB Wire email service. In a past journalistic life, Dan ran a community paper in Roxbury, Massachusetts. He currently lives just outside of Boston.

Email a Tip | @danprimack | RSS
Current Issue
  • Give the gift of Fortune
  • Get the Fortune app
  • Subscribe
Powered by WordPress.com VIP.