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Why the Democrats Want to Turn Bain Capital into Bane Capital

The Obama campaign has spent much of this week mounting an entirely dishonest attack on Mitt Romney's time at the helm of Bain Capital, centered on when Romney left the company to take over the Salt Lake City Olympics. They're trying to turn the Pat Boone-esque former Mormon missionary and church elder into this:

President Obama wants Americans to think not of Bain Capital, but of Bane Capital, the evil clandestine operation of a financial super villain. The question is, why? Why do Bain and 1999 matter so much?

CNN answers the question partway, in its debunking of the Big Bain Lie. It's worth noting that most of CNN's sources in this piece are Democrats from Bain. They're very familiar with the timeline, and they all say that the Obama campaign is full of bovine waste.

Bain's involvement in a company that disposed of aborted fetuses could make a powerful final week direct mail piece or attack ad on Christian radio. And in a close election, turnout of the religious right is one of the keys to a Romney victory in November.

Bain negotiated the Stericyle investment deal in November 1999, nine months after Romney said he left.

Bain's investors pour money into numbered investment pools. Several sources said that Fund VII was the main investment vehicle at that time.

"You don't see his name anywhere -- in the meetings list, the investor documents, the manager paperwork -- it would have to be there if he was involved in any way," one current Bain officer said of Romney and Fund VII. "He was long gone then."

If the Democrats can manage to get Romney to turn his back on the truth and say that he remained at Bain past February 1999, then Obama's super PACs can hit him with Stericycle close to the election and chip away at his GOP base on the right. Even CNN has laid out the marker, though, that that particular line of attack is not true.