While President Obama's reelection campaign continues attacking Mitt Romney's former work with Bain Capital, its own spokesman and national co-chair is also a private equity manager whose firm has reportedly shut down several factories and laid off hundreds of workers.
The Daily Caller's Neil Munro reports that Federic Pena's work with Vestar Capital Partners is strikingly similar to that which Obama's campaign so openly criticizes Romney for:
Pena’s private-equity role was highlighted by CompleteColorado.com, a Drudge-mimicking news aggregator.
Pena has already contributed $5,000 to Obama’s campaign, even though Vestar laid off 1,000 workers from Del Monte this month, closed three factories and laid off 540 people at Solo Cup Co., and fired another 500 workers at BirdsEye food-processor in 2006, according to the report.
The Pena revelation follows reports highlighting the venture capital careers of two people on the president’s jobs council.
Richard Parsons, chairman of Citigroup, is a senior adviser at Providence Equity Partners, and Mark Gallogly is a co-founder of Centerbridge Partners.
Pena joined Vestar in 1998. “Our strategy is simple: We look for strong management teams at successful companies with excellent growth potential,” according to the company’s website. “We back those teams with the capital and global resources they need to realize that potential and take their companies to the next level.”
The company is based in Denver, in New York near Wall Street and in Boston, which is also home to Romney’s Bain Capital company.