John Harwood: Let me go back to the McKinsey example. Your friend Deval Patrick, the former governor, worked at Bain Capital. When he got into the race the other day, he said he thought the Obama campaign had given a bum rap to Bain when he was running against Mitt Romney. This is a part of how business works; some deals go bad, but it’s not a bad thing. Do you think he’s right? Is Bain Capital and what it represents in the economy a bad thing?
Elizabeth Warren: When they’re trying to tweak up corporate actions that are already aiming only toward increasing profitability, perfectly willing to, if they could save a nickel by moving a job to a foreign country, would do it in a heartbeat — that is a problem in our economy. Even Jamie Dimon says so. Others who come in and help them do that, that’s not making our economy work any better and it’s not making our country work any better.
John Harwood: Do firms like that have a constructive role to play?
Elizabeth Warren: They have a constructive role to play when we have accountable capitalism. If what they were helping do is make that company work better for employees as well as shareholders, for the communities where they’re located as well as shareholders, then sure. But that’s not what they’re doing.