Sen. Mark Warner: Bain Capital did ‘what they were supposed to do’

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Sen. Mark Warner (D., Va.) said Bain Capital did “what they were supposed to do” in a Tuesday interview with MSNBC’s Chuck Todd.

Warner, who amassed a $200 million fortune in the 1990s as a telecommunications venture capitalist, said said there is a different skill set for public- and private-sector work, but did not attack Bain Capital in the interview.

CHUCK TODD: Sen. Warner, I want to ask you about your man. You made a lot of money in the private sector, are you comfortable with President Obama’s, the campaign’s attacks on Bain Capital? Do think it’s an attack on private equity?

SEN. MARK WARNER: Listen, I think—I’m very proud of my business experience; I was more in the early stage of venture capital. One of the things I found as I made the transition to public service is that there is a different skill set. Often times if you’ve got investors, you’re looking for short-term profits; if you’re in public service, if you’re investing in pre-school, if you’re investing in infrastructure, you’ve got a much different time horizon. There is a different skill set, and I think it’s a valid topic of debate.

TODD: Do you think Bain Capital was, practiced good or bad ethics here, in the way they went about their business?

WARNER: I think Bain Capital was a very successful business. I think they got a good return for their investors. That is what they were supposed to do.

 

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