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Apparently Private Equity Experience Does Mean Job Creation Experience

RNC Communications - May 24, 2012

The Washington Post: “President Obama Wants It Both Ways On Private Equity.” (Editorial, “President Obama Wants It Both Ways On Private Equity,” The Washington Post, 5/22/12)

Obama Says That Private Equity Isn’t Always “Good For Communities” But He Appointed Two Private Equity Executives To His Jobs Council

President Obama Said Private Equity’s “Priority Is To Maximize Profits. And That’s Not Always Going To Be Good For Communities Or Businesses Or Workers.” “Now, I think my view of private equity is that it is set up to maximize profits.  And that’s a healthy part of the free market.  That’s part of the role of a lot of business people.  That’s not unique to private equity.  And as I think my representatives have said repeatedly, and I will say today, I think there are folks who do good work in that area.  And there are times where they identify the capacity for the economy to create new jobs or new industries, but understand that their priority is to maximize profits.  And that’s not always going to be good for communities or businesses or workers.” (President Barack Obama, Remarks At NATO Press Conference, Chicago, IL, 5/21/12)

Two Private Equity Executives Served On Obama’s Council On Jobs And Competitiveness. “Two private equity executives, Richard D. Parsons, a senior adviser to Providence Equity Partners who retired last month as chairman of Citigroup, and Mark T. Gallogly, a founder of Centerbridge Partners and a top Obama donor, sit on the President’s Council on Jobs and Competitiveness.” (Nicholas Confessore, “Strategy On Rival’s Career Holds Pitfalls For President,” The New York Times, 5/23/12)

  • The President’s Council On Jobs And Competitiveness Was Created To Advise Obama On “Ways To Create Jobs, Opportunity, And Prosperity For The American People.” “The President's Council on Jobs and Competitiveness (Jobs Council) was created to provide non-partisan advice to the President on continuing to strengthen the Nation's economy and ensure the competitiveness of the United States and on ways to create jobs, opportunity, and prosperity for the American people.” (The White House, Accessed 5/21/12)

Richard Parsons Is A Senior Advisor At Providence Equity Partners And Served On The President’s Council On Jobs And Competitiveness. “Richard Parsons, chairman of Citigroup, is a senior advisor at Providence Equity Partners, ‘a leading private equity investment firm, specializing in media, communications and information companies,’ according to his bio on the White House website. He joined the firm in 2009 shortly after it completed what news reports describe as the ‘biggest leveraged buyout in history,” the $51 billion acquisition of Bell Canada.’” (Devin Dwyer, “Obama Jobs Council Has Buyout Execs Despite Bain Attacks,” ABC News, 5/23/12)

  • In 2009, Parsons Joined “Leveraged-Buyout Firm Providence Equity Partners Inc.” “Richard Parsons, who became chairman of Citigroup Inc. in February, joined leveraged-buyout firm Providence Equity Partners Inc., based in Providence, as a senior adviser.” (“CVS Acquisition Questioned,” Providence Journal, 9/17/09)
  • Parsons Joined The Firm Soon After It Pulled Off The “Biggest Leveraged Buyout In History” That “Launched Providence Into The Top Tier Of Private Equity Firms.” “Not only had Providence pulled off what would be the biggest leveraged buyout in history, it had outmaneuvered KKR to boot. The coup validated [Providence CEO Jonathan] Nelson's strategy of focusing on media and communications and cultivating deep, long-term relationships with the industry's key players. And it launched Providence into the top tier of private equity firms.” (Stephanie N. Mehta, “Inside A Record-Breaking $51 Billion Buyout,” CNN Money, 5/19/08)

Mark Gallogly Was Co-Founder Of Centerbridge Partners And Served On Obama’s Economic Recovery Advisory Board. “Mark Gallogly, the co-founder of Centerbridge Partners and formerly with Blackstone Group, the nation’s largest private equity firm, also sits on the panel.  He served on Obama’s Economic Recovery Advisory Board, his official bio states.” (Devin Dwyer, “Obama Jobs Council Has Buyout Execs Despite Bain Attacks,” ABC News, 5/23/12)

  • “Gallogly Is Also A Major Obama Campaign Contributor And Fundraiser, Collecting More Than $500,000 For The 2012 Race.” (Devin Dwyer, “Obama Jobs Council Has Buyout Execs Despite Bain Attacks,” ABC News, 5/23/12)

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