Mitt Romney's former private equity firm, Bain Capital, advised President Obama's auto bailout team in 2009 and advised it to cut dealerships. Steven Rattner, former Obama car czar, has defended Romney from Republican attacks about Bain cutting jobs, laying off workers and closing companies while it took out millions in profit for itself. "A private equity investment is made with the hope of improving the profitability of the 'portfolio company'" Rattner wrote in a Politico commentary. "Often, this means replacing management or reducing unnecessary head count -- firing people."
