Tuesday, July 3, 2012

What A Waste

Via David Corn at Mother Jones, according to documents filed with the Securities and Exchange Commission by Bain Capital, Mitt Romney was an investor and active participant in 1999 in a company called Stericycle, “a medical-waste disposal firm that has been attacked by anti-abortion groups for disposing aborted fetuses collected from family planning clinics.”

Mr. Romney claims he had left Bain by that time. The documents show otherwise.

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?

I know all this financial talk confuses a lot of people, but when you throw in a dead fetus (metaphorically, of course), suddenly you’ve got their attention.