Big business to Gingrich, Perry: Zip it

@CNNMoney January 12, 2012: 4:17 PM ET
Chamber backs Romney

Mitt Romney and Bain Capital are under fire.

NEW YORK (CNNMoney) -- Republicans attacking Mitt Romney's tenure at Bain Capital got a stern rebuke Thursday from the Chamber of Commerce.

Chamber president Tom Donohue said the attacks on the Republican frontrunner are "foolish" during the group's "State of American Business 2012" event in Washington.

Romney has been repeatedly criticized by fellow Republicans in recent days over perceived injustices perpetrated by private equity firm Bain Capital while Romney was its chief executive.

"I was very disappointed with the intramural carrying on within the Republican party," said Donohue, who wields substantial power in Washington's corridors of power.

Donohue, who noted that the Chamber does not usually comment on presidential politics, defended Romney.

"We think Romney's had a pretty good track record. Perfect? Hell no. But damn good," he said.

Newt Gingrich and Rick Perry have been particularly vocal in their criticisms of the former Massachusetts governor.

"There is something inherently wrong when getting rich off failure and sticking it to someone else is how you do your business," Perry said Monday in South Carolina. "And I happen to think that is indefensible."

What Romney did at Bain Capital was use leverage to acquire companies, improve them, and sell them at a profit. Along the way, several of those companies failed, and some workers lost their jobs.

Romney's Bain blowback

At the same time, some of the companies Bain Capital invested in did quite well, and Romney helped create millions in profits.

The direct arrow-slinging between candidates has yet to abate, and a 28-minute "documentary" film released Wednesday by a super PAC that supports Gingrich could add fuel to the fire.

But the film -- dubbed the "Bain bomb" -- contains numerous factual errors, including criticism of Romney for events that occurred after he had left the firm and was no longer involved in management decisions. To top of page

Most Popular
New York penthouse sells for a record $90 million
 
Inside New York's most expensive apartment
 
Vacation? No thanks, boss
 
Facebook trading sets record IPO volume
 
Why I don't take vacation
 
Overnight Avg Rate Latest Change Last Week
30 yr fixed3.80%3.76%
15 yr fixed3.11%3.02%
5/1 ARM2.69%2.68%
30 yr refi3.86%3.83%
15 yr refi3.21%3.13%
Rate data provided
by Bankrate.com
View rates in your area
 
Find personalized rates:
Economic Calendar
Latest ReportNext Update
Inflation (CPI)May 15
Retail salesMay 15
Home PricesMay 29
Consumer ConfidenceMay 29
GDPMay 31
JobsJun 1
Manufacturing (ISM)Jun 1
Hot List
New York penthouse sells for a record $90 million

An unnamed buyer paid more than $90 million for a Manhattan penthouse, the highest price ever paid for a New York apartment, according to the developer.  More

What Zuckerberg & Co. are worth

From founder Mark Zuckerberg to Facebook's earliest investors, here's a guide to what Facebook's key players are now worth. More

'Why I don't take vacation'

Unlike many other nations, the U.S. does not require companies to offer paid time off to workers. But many Americans who are offered vacation don't take it. More

Thrilled and bummed by Google's self-driving car

The technology is tantalizing, but not ready for the wider world, just yet. More

Home is where the airplane hangar is 

At Cameron Airpark Estates, a community of pilots and air enthusiasts, every home has a hangar and aircraft have the right of way. Play

CNNMoney Sponsors
Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer LIBOR Warning: Neither BBA Enterprises Limited, nor the BBA LIBOR Contributor Banks, nor Reuters, can be held liable for any irregularity or inaccuracy of BBA LIBOR. Disclaimer. Morningstar: © 2012 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2012 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2012. All rights reserved. Most stock quote data provided by BATS.