Eastman Kodak's recent bankruptcy is a timely reminder of how sleepy managements can throw thousands out of work "“ and of the role private equity firms like Bain Capital have played in rescuing American companies. Kodak, the paternalistic giant, was blindsided by Fuji Photo decades ago and then by the rise of digital photography. The organizational structure was a mess. At one time, while giant Canon was working with three different printer engines, Kodak was developing 66, so "silo-ed"� was its operations.  It is quite possible that outside investors like Bain Capital, with eyes uncluttered by past allegiances, could have saved Eastman Kodak "“ and at least some of the jobs that have been lost.

Mitt Romney's campaign has failed to make that...