Obama's Second Term
Reelection will likely "lead to further gridlock in Washington," says ACG chairman Charles Morton
President Barack Obama's reelection on Nov. 6 will likely "lead to further gridlock in Washington," says Charles Morton, chairman of the Association for Corporate Growth (ACG). The ACG plans to continue its relationship with policymakers in Washington, D.C., which has become an increased focus of the organization over the last few years.
"We're eager to get the message out that it's the middle market that leads to job growth and opportunity, and that in particular, private equity matters," says Morton.
Former Governor Mitt Romney's campaign brought out several misperceptions people have about private equity, Morton says, which gives ACG an opportunity to educate the American people about the true role of private equity.
Those misperceptions include the idea that private equity creates returns through pillaging businesses, that the only people who make money through private equity are the people running the funds, and that a business can grow without change.
The people who really benefit from private equity are the people, such as the investors, firefighters and teachers in California, who can retire because the California Public Employees Retirement System enhances its return through private equity, says Morton.
Company founders are selling to private equity companies, which creates liquidity for the founders so they can do things like send their grandchildren to college. "That's the American dream," says Morton.
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