Bain Document update
New Yorker: Gawker’s Bain Docs and the Private Equity Knowledge Gap

The important point about Gawker’s data dump is not that it shows that Romney was lying about his finances, or that he has made millions of dollars from evil investments. It’s that it illuminates the huge gap between the average Gawker reader and Mitt Romney when it comes to matters of money.
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That gap – between what Wall Street (and the financial media) knows about private equity, and what the average voter knows about it – has worked in the Obama campaign’s favor so far. If you’re writing attack ads for an unsophisticated general audience, it’s easy enough to use scary-sounding words like “credit default swaps” and “Cayman Islands shell entities” to make Romney’s financial arrangements sound nefarious.

Gawker’s trove of documents could theoretically narrow the knowledge gap, if journalists who do understand how private equity works are willing to explain what it means (and why it’s not an all-out scandal) to laymen, and if those laymen are patient enough to sit through the explanation.

ABC is the first MSM outlet to uncritically run with a new Bain outrage
Bain Documents: Romney Offshore Investments Used ‘Blockers’ To Avoid Taxes