The Story:
Deval Patrick, a former Governor of Massachusetts (2007 – 2015), and since then a managing director at venture capital giant Bain Capital, formally entered the campaign for the Democratic Party’s nomination for President of the United States on Thursday, November 14.
Background:
Patrick’s position at Bain Capital now automatically becomes a fascinating part of the campaign picture. Bain became an object of intense journalistic scrutiny in 2012, because that year the Republican Party nominated one of its founders, Mitt Romney, for the same office that Patrick is now seeking.
Bain was accused of killing the companies it controlled (its “portfolio companies”) by refusing to plow its profits back into their operation/expansion. One critic described Bain and similar operations as “destroying jobs and killing the American economy.”
The Thing to Know:
In Patrick’s situation, the association with Bain cuts both way. On the one hand, all the negative baggage left over from the company’s exposure during the Romney campaign might again be exploited, by Patrick’s adversaries in and out of the party. On the other hand, in a race where many of the center-left are concerned about the more socialistic/progressive stances of candidates like Senators Warren and Sanders, Patrick’s experiences as a venture capitalist may in fact work as a credential for him, sparing him from such a taint.
