Bain and the corporate raiders are the junk yard owners. They make money on the leftovers of others.
So new financial products are not products?
Bain primarily worked with stressed companies. They could be considered junk - at least their bonds are likely to be. Turning the undesirable into a desirable product (which Bain was successful at since equity sale was their primary means of revenue) is a popular wealth pattern. I’ll never forget when i was doing research on companies in college and talked with a representative of Waste Technologies, his motto was “Your S**t is our bread and butter”. Besides being nasty enough to appeal to my college humor, it seemed like a pretty smart description of what they did and did well.
Overall, I guess I fail to see how what Bain did fails your very definition of Free enterprise.