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Who knew? Mitt Romney, Bain Capital and the Episcopal Church Pension Fund

Who knew? Mitt Romney, Bain Capital and the Episcopal Church Pension Fund

In accepting the Republican presidential nomination, Mitt Romney said:

So we started a new business called Bain Capital. The only problem was, while WE believed in ourselves, nobody else did. We were young and had never done this before and we almost didn’t get off the ground. In those days, sometimes I wondered if I had made a really big mistake. I had thought about asking my church’s pension fund to invest, but I didn’t. I figured it was bad enough that I might lose my investors’ money, but I didn’t want to go to hell too. Shows what I know. Another of my partners got the Episcopal Church pension fund to invest. Today there are a lot of happy retired priests who should thank him.

Whereupon Diana Butler Bass tweeted: Episcopal Church Pension Fund: Divest from Bain Capital.

And Elizabeth Drescher tweeted: #TEC is Bain investor. How quickly can we divest?

And John Chilton tweeted: @edrescherphd Why should we?

And Ginny Baker Gibbs tweeted: I’m an Episcopalian and I’m wondering how long until Jim Naughton puts up a post about the Church Pension Fund.

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Elizabeth Kaeton

From here: http://www.brandytrust.com/Personnel/HMoody.aspx

From 1991 to 2002 Mr. Moody served as investment adviser to the Episcopal Church Pension Fund ($3 billion), implementing a major and successful diversification program. He has also served as an adviser to the Carnegie Corporation and to the pension fund of Corning Inc., and he has chaired the investment committee of the Wenner-Gren Foundation For Anthropological Research.

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janinsanfran

Romney mentioning Episcopalians in his speech is of a piece with his whole pitch. He's "the right sort of person" -- the sort of person who ought to be President -- in contrast to the mongrel foreign usurper.

Using a reference to the Episcopal Church actually betrays an ignorance of who Episcopalians are nowadays. We are no longer the ruling class at prayer of his Cranbroook youth. We may not know quite who we are or who we are becoming, but it is not that. But like everything Romney, he's harking back to a white patriarchal nation that no longer exists.

Jan Adams

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kb9gzg

Sorry about not leaving my name in my post; didn't see a place for it. On the other hand, there is only one kb9gzg in the whole world.

Lee Downs

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John B. Chilton

Ann Romney also mentioned Episcopalians in her speech:

"When Mitt and I met and fell in love, we were determined not to let anything stand in the way of our life together. I was an Episcopalian. He was a Mormon. We were very young. Both still in college. There were many reasons to delay marriage, and you know? We just didn't care."

http://dyn.politico.com/printstory.cfm?uuid=7D0F0730-0ED9-1C66-603500B9F6789135

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John B. Chilton

Fair point, Lauren.

On the other hand, that paragraph from the speech (he didn't ask his church for funding for Bain, but his Bain colleague asked his church) is in his stump speech. Except usually (always?) he doesn't say what that church was. Maybe he was specific because on the (hyper?) fact-checking environment all speeches are subject to these days.

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