By Henry Decker

Caught In A Lie: Romney Invested In Medical Waste Firm That Disposed Of Aborted Fetuses

July 2, 2012 5:42 pm Category: Memo Pad 24 Comments A+ / A-

Mitt Romney’s Bain problem just got a lot worse.

According to a new report by Mother Jones’ David Corn, Bain Capital made a $75 million investment in Stericycle — a medical waste disposal firm that has been attacked by right wing groups for disposing of aborted fetuses — while Romney was still actively involved in the company in 1999. This news is sure to upset social conservatives, and it also directly contradicts Romney’s account of when he left Bain.

Romney’s connection to Stericycle was first reported in January by The Huffington Post, but the story never gained traction because Bain Capital claimed that Romney left the firm to run the Winter Olympics in February of 1999 — meaning that he had nothing to do with the deal. According to SEC documents unearthed by Corn, however, Romney was still actively involved in the firm’s leadership through the end of that year:

The SEC filing lists assorted Bain-related entities that were part of the deal, including Bain Capital (BCI), Bain Capital Partners VI (BCP VI), Sankaty High Yield Asset Investors (a Bermuda-based Bain affiliate), and Brookside Capital Investors (a Bain offshoot). And it notes that Romney was the “sole shareholder, Chairman, Chief Executive Officer and President of BCI, BCP VI Inc., Brookside Inc. and Sankaty Ltd.”

The document also states that Romney “may be deemed to share voting and dispositive power with respect to” 2,116,588 shares of common stock in Stericycle “in his capacity as sole shareholder” of the Bain entities that invested in the company. That was about 11 percent of the outstanding shares of common stock. (The whole $75 million investment won Bain, Romney, and their partners 22.64 percent of the firm’s stock—the largest bloc among the firm’s owners.) The original copy of the filing was signed by Romney.

Another SEC document filed November 30, 1999, by Stericycle also names Romney as an individual who holds “voting and dispositive power” with respect to the stock owned by Bain. If Romney had fully retired from the private equity firm he founded, why would he be the only Bain executive named as the person in control of this large amount of Stericycle stock?

As Corn points out, the SEC documents have implications that reach farther than Stericycle. The Romney campaign repeated its assertion that Romney left Bain in February 1999 when rebutting a recent Washington Post story reporting that Bain acquired companies that outsourced jobs. According to these SEC filings, that is not true.

The issue here is not that Romney was investing with a company that disposed of aborted fetuses; after all, abortion is legal, something must be done with the medical waste produced by them, and according to Corn the investment was quite profitable for Bain and its investors.

The issue is that Romney has once again been caught in a lie about his past, and once again given voters a reason for suspicion over his record at Bain — which he has made the central pillar of his campaign.

Romney is already having a difficult time talking about his tenure as governor of Massachusetts, given that he is now running against the health care reform that became the signature achievement of his one term. If voters reject his version of the Bain Capital story as well, then the entire rationale for his candidacy will be undermined.

Caught In A Lie: Romney Invested In Medical Waste Firm That Disposed Of Aborted Fetuses Reviewed by on . Mitt Romney's Bain problem just got a lot worse. According to a new report by Mother Jones' David Corn, Bain Capital made a $75 million investment in Stericycle Mitt Romney's Bain problem just got a lot worse. According to a new report by Mother Jones' David Corn, Bain Capital made a $75 million investment in Stericycle Rating:

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Comments

  • http://pulse.yahoo.com/_B6RROC4IUESHT322QS5VJVPYRM Lynda

    I’m sure that all Mitt asked is will he make any money. Somebody had to dispose of the legal medical waste. However, lying about ones financial interest is another thing entirely. This man obviously can’t be trusted with the truth. The concept of factual truth as opposed to political truth is beyond his ability to process. Good luck America in dealing with another deeply flawed candidate. That side of the equation certainly has a boat load of flawed and disingenious representatives. Perhaps he is the best of the worst, but is that something to brag about?

    • wayneonly

      Lynda, I’m not even sure he’s the best of the worst, but he is the slickest. Mitty seems to be the “teflon” man as far as any thing sticking to him. He doesn’t seem to even have an opinion that seems to be consistent from day to day.

      • jarheadgene

        wayneonly – YOU Said it all !!! Or in one word “Etch-a-Sketch”.

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  • SaneJane

    All evangelicals, Catholics, and Mormons should know about this. I will post it to every site I visit.

  • howa4x

    Now this takes the term vulture capitalism to a new level. The real issue here is the fact that Romney seems to have no moral center. It seems that the accumulation of wealth by any means is the rule on Wall st. Do we really want someone from that culture making life and death decisions for the rest of us?

  • http://pulse.yahoo.com/_32DMSNBPIOL3D6TBCUXRML6YLA Jim

    Morality and religion is always second to profit with Mittens. After all, If god didn’t love him, why is he rich? This will go nowhere. Repukes have the money to cover this up. The election is for sale, and the price will be close to $2B. Don’t believe me? Read this Nov 13.

  • William Deutschlander

    First and foremost one must weigh how Romney amassed his fortune in such a short period of time. He and his unethical partners chose to become BUSINESS PREDATORS.

    As a BUSINESS PREDATOR you seek out businesses that are available with cash on hand and assetts that are saleable, along with a record of operating at a profit.

    You offer to purchase control of that business at a price less than the value of the cash on hand and the saleable assetts. You take control, remove the cash on hand, sell the saleable assetts and put that money in your account (BAINs). You then borrow against the businesses remaining assetts and financial history, while charging the aquired business exhorbinant mismagement fees that are paid into BAIN’s account. The next step is to remove yourself from operation of the business as it struggles to make payment on it’s borrowed debt and faces liquidation.

    What Romney and BAIN have now done is extracted the cash on hand, extracted the value of the saleable assetts, extracted the borrowed capital in mismanagement fees, walking away with cash three or four times what they initialy invested.

    Along the way BAIN’S attorneys have established contracts eliminating BAIN from any and all liability regardless.

    Is this truly the resume that any sane person would desire, for someone operating the DENMOCRACY known as the United States of America, I think not!!!!!!!!!!!!!!!!!!!!!!!!!!

  • iamhe

    Why is the GOP so mean? so anti-social?

    Just look at them!

    Mean, ugly, nasty people, no sensitivity, no empathy, no sympathy, no conscience,..oppositional, passive aggressive, self centered, disruptive to social relationships -just look what is going on deep within the supreme court.

    Anti-social personality disorders…. Should not be allowed into government positions.

    There are many sociopaths in the US Government including the SCOTUS

    • ExPAVIC

      Well?

      Why do you think we have labeled them the American Taliban Republican anti-everythings? In Tampa the Republican women’s outfit of choice will be dark colored burqas.

  • iamhe

    Are we to be governed by conscience? or the profit motive?

  • http://www.facebook.com/arlin.carlson Arlin Carlson

    The should kill Romney with thee pro-life movement-except that these folks are too far gone to understand how badly they have been used by Team Romney-it is jus t t o embarrassing. for example repealing heat hcare also repeals the no federal funds for abortions rider. Repea l also ends medical coverage fo rpregnant women.

  • ord

    Why oh why did they nominate this man(Rep) to try and run any thing. He is a fraud, and
    before it’s over he will be a great embarrassment to the entire Republican party. I knew
    Sanatorium had cleaner hands than Romney. That’s why he refuses to show his earnings
    because he has monies stashed all around the world.

  • http://profile.yahoo.com/XWNK5E33OIFUMQVAGQQA7GDM2M Bigspender

    “I don’t remember what I said on that particular occasion. But whatever I said, I stand by it now.” — Mitt Romney.

    In truth, how can Romney be expected to remember anything he’s said in the past? As a serial liar, Romney makes up his stand on issues to suit his audience of the day. Since he holds no firm views on much of anything, he can easily shift gears as needed. Fortunately for Romney, his core constitutency is unconcerned about the truth so he’ll be just fine.

  • ExPAVIC

    Becoming Apparent

    As this election season progresses, it is becoming more and more apparent that the American Taliban Republicans rejection of Rick Santorum and selection of Mitt Romney wasn’t exactly in their best interests.It would seem that a deer in the headlights is better than a dumb bunny.

  • http://profile.yahoo.com/YPI4NVMAWGSK43SFUAL6OUISGA Bunny

    If this happened on Romneys watch, how is he going to explain or ignore this ?

  • http://pulse.yahoo.com/_OVANEHZEJY4WHBQ7QWXAJO7ZGQ Mother

    At this point in our campaign is far too ahead that even if you could prove that Mitt Romney’s cultish Mormon religion, the Tea Party and all of the ultra-conservative Republicans wouldn’t do anything but donate and campaign to remove our current United States of America, President, Barack H. Obama, from office and deny him a second term because they are so scared of the ball being so far ahead for all Americans and not just for the progeny of the Founding Fathers, the Colonists and Masters of this nation of free men of Anglo-descendency.

  • http://pulse.yahoo.com/_OVANEHZEJY4WHBQ7QWXAJO7ZGQ Mother

    For good citizens and real Patriots, show your love for this nation of rights and eliminating the lies and mistruths about what it means to be a citizen that respects everyone who are lawabiding people and not judge them for the color of their skin, the culture of the nation they left behind, to assimilate into a broth of multinationals from different nations and cultures, languages, religions.

  • Melvin Chatman

    $$$DUH$$$

  • daffodilly

    Oh! There’s a rationale for his candidacy? You coulda fooled me.

  • ExPAVIC

    WHAT? ARE YOU FOOLING ME?

    Don’t sit there and tell me that Mitt Romney the American Taliban Republican plutocrat leader and presidential candidate was involved with a firm that disposes of aborted dead baby bodies.

    You can stand up and do it better.

  • http://www.facebook.com/haroldphyllis.dugan Harold-Phyllis Dugan

    Can you actually vote for a man to be our leader who has consistantly lied, is cruel to animals, can’t “remember” a viscious attack on a classmate in college, ammassed various costumes to pretend to be someone he’s not – like a policemamn, fireman, or human being? He’s says anything he thinks you want to hear, all the while looking down his nose at us riff raff. Since he assumes that we are so stupid we won’t notice his lack of character, he doesn’t have a clue what real life is about. He grew up wealthy, his daddy was Governor, he could buy whatever he wanted, toys, horses, people…nobody crosses the rich.
    The whole goal of the Rep. campaign has been to make Obama a one term Pres. but what are we suppposed to be getting in return? A blast from the past with no-one in government caring what happens to the elderly, the middle class, women, the poor, our kids, our unaffordable medical care and insurance. Back to the same but worse policies that got us in the hole to begin with? No thanks. At least Obama is trying to take our country forward, and if the hate propaganda would stop or even slow down, people might start thinking again. Unemployment is going down, the stock market is going up, the housing market is going up again, we are getting out of one war, and are out of another, Osama bin Laden is dead, and some good medical care is now available, and it will get better as the Affordable Health Care Act continues to cut costs and insure Americans have health care. Obama has pulled us up, out of the mire, for the last two years without ANY help from Congressional Republicans. Slow but sure. Who actually wants to go backward? Not me.

  • http://www.facebook.com/haroldphyllis.dugan Harold-Phyllis Dugan

    Happy to comment.

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