No matter how hot broadcast political issues get between industry trade groups and politicians on the pertinent congressional committees, they never seem to be a hot issue in a presidential campaign. But one of the big partners in radio giant Clear Channel was getting all kinds of unwanted attention: Bain Capital.
As everybody who paid any attention to the campaign is amply aware, Bain was founded by one of the candidates – that would be Republican standard-bearer Mitt Romney for those of you who were emulating Rip Van Winkle and snoozing under a tree somewhere.
Bain came into possession of Clear Channel along with Thomas H. Lee Partners well after Romney was gone, and unfortunately, just before the financial crisis of the Fall of 2008 tanked the economy, taking advertising revenue and the station trading market with it.
When Romney became a candidate, Bain became an argument supporting his knowledge as a businessman, one who would be able to bring the entire US economy back to health.
For opponents of Romney, both in the primary and general elections, the Bain business model became a source of attacks on Romney, with Bain frequently being characterized as a vulture capital business.
According to Reuters, execs at Bain made a decision early on to stay as far from the political fray as possible, seeking only to keep it factual through direct interaction with the press.
The company has some 90 managing directors, and among that group there were supporters for both candidates.
At this point, Bain is happy that things will settle down. It told investors that it emerged from the “unusual period in the firm’s history” with strength and a firm believe that it adds value to the economy as a whole.