Mitt Romney Brought Bain Capital With Him To The Olympics

[Lakhota]

By Sam Stein and Jason Cherkis

WASHINGTON -- When Mitt Romney transitioned from working full-time at Bain Capital to running the Salt Lake Organizing Committee, he did not fully leave the private equity firm. That's not just because he continued to sign documents and take a salary, or because he described himself as Bain's CEO on the Olympics' website, but because he brought with him Bain's personnel, ethos and, most importantly, its clients.

Romney leaned heavily on Bain to turn the 2002 Olympic committee into a success. Several officials who worked with him said his extensive business network proved critical. But the continued Bain ties came with a price, as Romney opened himself up to criticism that he used the Olympics to assist colleagues and build a foundation for a future political career.

In his book on the Olympics, "Turnaround," Romney portrayed himself as a reluctant savior of the games. He initially thought the idea of taking over the SLOC was "preposterous." He had no background in sports administration, had a family in Massachusetts and was enjoying a lucrative business career.

"How could I walk away from the golden goose?" he asked.

He brought the golden goose with him. Camping in Utah, and confiding to colleagues that his future political career was on the line, Romney opened his Bain rolodex.

Sealy Mattress, a company in which Bain had majority ownership -- earning $2 million in yearly management fees -- signed on as a supplier of 5,000 mattresses for Olympic athletes.

Marriott Corp., the hotel franchise where Romney served as a board member, became a sponsor of the games as well, ponying up $4 million to be the official lodging supplier.

Sometimes Romney cleared hurdles to get Bain-affiliated companies involved. He promised Tom Stremberg, the CEO of Staples, that the company's sponsorship would cost as much as the sales it made in the Salt Lake City market during the Olympics -- guaranteeing it wouldn't lose a cent. He then said he'd lobby "SLOC board members and other corporate contacts to switch their office supply contracts to Staples."

Staples, on whose board Romney served, ended up agreeing to spend $1 million more than the other potential supplier, Office Depot. But by then, Office Depot had already signed on the dotted line. Romney tried once more, offering Office Depot $1 million to back out of the deal. The company declined.

Perhaps one of the most oft-told examples of Romney's belt tightening involved him canceling the organizers' budget busting free lunches. Instead, he brought in Domino's Pizza and made board members pay $1 a slice. Domino's was a Bain company.

Much More: Mitt Romney Brought Bain Capital With Him To The Olympics

 

[buckeye45_73]

zzzzzzzzzzzzzzzzzzz

 

[Lakhota]

Sooo, Romney never actually left Bain - he brought Bain with him. Interesting...

 

[Lakhota]

I suspect this thread will eventually get some attention.

 

[Barb]

Conflict of interest, anyone?

 

[RoadVirus]

Yet another "Bain" thread. *sigh*

Maybe the Mods need to set a "Bain thread limit" before the entire Politics forum becomes nothing but articles about Bain.

 

[Lakhota]

Conflict of interest, anyone?

Sure sounds like it to me!

 

[OohPooPahDoo]

Sooo, Romney never actually left Bain - he brought Bain with him. Interesting...

This story is only interesting if its Obama that's lying. If it turns out its Romney that lied, no one cares.

 

[Soggy in NOLA]

<<<<crickets>>>>

 

[Jackson]

He got sposnors for the Olympics from his well connected contacts and that is exactly what the Olympics needed. What is wrong with that. What is wrong with buying mattresses? They needed them, did they not?

 

[Dont Taz Me Bro]

Keep running with the Bain stuff. As you can see, it's working so well...

Obama, Romney in dead heat in presidential race - Political Hotsheet - CBS News

 

[OohPooPahDoo]

He got sposnors for the Olympics from his well connected contacts and that is exactly what the Olympics needed. What is wrong with that. What is wrong with buying mattresses? They needed them, did they not?

You morons forget so easily.

This is what's wrong:

Mitt claimed he had nothing to do with Bain after 1999.

He did.

So he lied.

 

[old navy]

Obama's never lied. He's the perfect American.
-Chris Matthews

 

[Barb]

He got sposnors for the Olympics from his well connected contacts and that is exactly what the Olympics needed. What is wrong with that. What is wrong with buying mattresses? They needed them, did they not?

You morons forget so easily.

This is what's wrong:

Mitt claimed he had nothing to do with Bain after 1999.

He did.

So he lied.