The election may still be 452 days away, but the race for the White House is well underway. Republican Party front-runner nominee Mitt Romney has brought new discussion to the government contracting and Wall Street communities. The former governor of Massachusetts with a background on Wall Street, rising to become CEO of Bain and Company and a friend of many venture capitalists, vows that he has what it takes to create new American jobs. As someone who ran a private-equity firm and has family ties to Wall Street (his father is the former CEO of American Motors Corporation from ’54 to ’62), the question is, what would America look like with a Private Equity President? I asked a few area executives about what their thoughts were on the subject.
“I do believe that America needs a President that has a solid business background with, among other attributes, a strong, charismatic ability to lead. Without endorsing any particular candidate, we need a President with that understands, can articulate, and gather necessary support for a roadmap to overcome the financial challenges the United States faces. This is not politics as usual. These times call for sound business strategies to restructure and turn this great country around.” –Braun Jones, Partner at WWC Capital.
“I think a President with a private equity background would have a deep understanding of the economy, the free enterprise system, and finance and, therefore, would be a better steward of the economy. However, I think that experience should be combined with public policy experience and a familiarity with government.”-Rick Knop, Managing Member of FedCap Partners.
“There are times when leadership comes from charisma, sometimes from leading America on the international stage, or when the intersection of our business community and our social fabric needs direction. The private equity/venture world deals with the future – looking around the corner. Regardless of background, the President selected in 2012 will need to provide vision and voice for an American economy strong enough to support young and old alike in a global economy We will need a leader who understands business as well as politics.” –John May, Managing Partner at New Vantage Group.
“Washington is experiencing a crisis of leadership which is leading in turn to a crisis of confidence among voters and the global financial markets. If the White House could be like the managing director of a private equity fund and Congress was akin to the investment committee, taking their collective fiduciary responsibilities towards their investors (a/k/a our tax paying citizens) and its stewardship role more seriously, then we would all be better off and our future would be very bright. If a candidate such as Mitt Romney, can bring his private equity experience and discipline to Washington, DC in 2012 and apply these best practices to the federal government, then I am confident that it would drive shareholder value on both a wide and deep basis.” –Andrew Sherman, Partner at Jones Day, Columnist for WashingtonExec.