Three Controversial Bain Decisions That Happened Before Romney Left | ThinkProgress

And still MORE problems for Mitt…

Romney…may have been involved in decisions that the campaign would rather voters forget. These include:

– Medical-waste firm disposing aborted fetuses. Bain Capital invested $75 million in the medical-waste disposal firm Stericycle, a target for anti-abortion groups for disposing aborted fetuses. The company had a record of safety violations, including a fine for “knowingly exposing workers to life-threatening diseases.” SEC filings name Romney as an individual who holds “voting and dispositive power” with respect to the stock owned by Bain.

– Firms offshoring jobs to low-wage countries. Bain Capital was the largest shareholder in Modus Media, which specialized in helping companies outsource their manufacturing. Bain became the majority shareholder in Stream International in 1999, which set up call centers overseas. The campaign’s defense was that Romney had left Bain in February of that year, but he clearly still retained ties to the firm.

– Loading a company with massive debt and causing it to cut 367 jobs. After purchasing Dade in the early 1990s, Bain “pushed Dade to borrow hundreds of millions of dollars” in April 1999. Dade bought half of Bain’s shares in the company, which led to layoffs that year and bankruptcy in 2002. It’s unclear to what extent Romney waas involved in the deal, but he was still advising Bain at the time.

Romney himself had claimed that he left the company in February of 2009. “Mr. Romney retired from Bain Capital on February 11, 1999 to head the Salt Lake Organizing Committee. Since February 11, 1999, Mr. Romney has not had any active role with any Bain Capital entity and has not been involved in the operations of any Bain Capital entity in any way,” he wrote in an Office of Government Ethics report.

via Three Controversial Bain Decisions That Happened Before Romney Left | ThinkProgress.


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