Bain and Company, the consulting company that spun off the private equity firm Bain Capital, which was demonized by President Barack Obama and other Democrats during the 2012 election for dismantling companies and eliminating jobs, is consulting with MGM Resorts International on its “MGM 2020” restructuring, which includes the layoffs of some 1,000 employees, an MGM spokeswoman confirms.
In a somewhat ironic twist, last week, presidential candidate Joe Biden, who served as Obama’s vice-president and decries corporate greed during campaign speeches, visited Las Vegas for a fundraiser held on his behalf by MGM CEO and President Jim Murren.
Bain Capital, which was co-founded in 1984 by now-U.S. Senator Mitt Romney, was a favorite target of Democrats during Romney’s 2012 challenge to Obama, despite the fact the company contributed more money to Democratic candidates than Republicans, a trend that holds true today. The company was a spin off of Bain and Company.
An item published in the Current relied on information from MGM Resorts International and incorrectly reported that Bain Capital was consulting for the company. According to a public relations firm representing Bain Capital and Bain and Co. have no shared ownership today.