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Stephen Pagliuca on Free Trade

 


US government is largest venture capitalist in the world

Pagliuca dismisses the argument that his firm, Bain Capital, eliminated as many jobs as it created. He cites a World Economic Forum study that concluded that 651,000 of Massachusetts' 3.1 million jobs have resulted from venture capital. "To me it's incontrovertible that investment in people, investment in business, creates jobs, they don't destroy jobs," he says.

We move on to the Wall Street crash and subsequent bailouts, and Pagliuca suddenly asks, "Who do you think the largest venture capitalist in the world is?" I don't know, and he has his answer ready. "The U.S. government," he says.

Well, that's a different kind of venture capitalist. But Wall Street is continuing with high-stakes gambles not backed up with enough capital, Pagliuca says. "That's why I need to go to Washington because I understand how to get our money back, and understand the trade-offs involved."

Source: Jack Spillane on freerepublic.com, "A cup of joe" Nov 8, 2009

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