CNBC’s Bain & Company Report Was Right All Along

By Chris Ariens 

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Following up on a story from yesterday, CNBC’s Eamon Javers has filed an update to his reporting on whether or not Bain & Company advised Obama administration officials on the U.S. automaker bailout in 2009. The result: they did.

We’ll try to break it down:

  • Thursday: On Javers reports Bain & Company advised admin officials working on the auto bailout; Bain & Company spokesman calls story “factually incorrect” and demands an “immediate retraction”
  • Friday: issues correction, contacts Inspector General’s office
  • Monday: Federal holiday, nothing happens.
  • Tuesday: Spokesman for Bain & Company confirms the discussion occurred
  • Wednesday: updates story

And why, you ask, does any of this matter? I suppose it’s because presidential candidate Mitt Romney is a former CEO of Bain & Company, where he worked both before and after founding Bain Capital. He left Bain & Co. in 1992, when, incidentally, U.S automakers were also not doing so hot, but nowhere near a government bailout. (All research done without Wikipedia).