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View Diary: The Story of Bain is hitting Home (269 comments)

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  •  Wrong source (8+ / 0-)

    Correct source is the Firedoglake Book Salon today with Greg Palast.  Sorry for the bad source in first post.

    •  Direct Link (7+ / 0-)

      Greg Palast:

      I almost fell off the barstool when I read that it was Bain Capital (Mitt Romney, former CEO) that told oil giant BP it was a good idea to cut costs. The cuts would lead to death, mayhem and the destruction of the Gulf Coast (not to mention BP poisoning of Alaska, Africa, Central Asia and Colombia).

      In 2007, after BP’s criminal negligence and penny-pinching led to the explosion at the BP oil refinery on the Gulf Coast, in Texas City, Texas, the company brought in industry pooh-bah James Baker, their lawyer and former Secretary of State, to write a report. Baker is Big Oil’s BFF, but in this case he was horrified, and told BP to get its act together and spend some real money on operating safety.

      BP didn’t like Baker’s recommendation nor did it like another report by its own consulting firm, Booz Allen Hamilton, which advised the company to …get its act together and spend money on safety.

      When two respected industry voices agree that you’d better start spending and thinking while you’re operating in a deadly business, a corporation’s CEO has only one choice: find a consulting house of ill repute to contradict the others and tell you what you want to hear.

      That’s what BP’s CEO Tony Hayward did. In 2008, he hired Bain Capital to say the company would be better managed if it spent less money. Bain used consulting BS terms like reducing “complexity,” but it all meant the same thing: cut, cut, cut.

      After all, Bain’s motto is “We like to fire people.” The oil company then fired 5,000 in response to the Bain report.

      To hell with safety.

      This has been off the radar as far as I can tell.  It's in the Book by Mike Magner.  I hope this gets more coverage.

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