A Bit More on Stericycle

Yesterday at Mojo, David Corn did a very interesting and detailed follow up on the Stericycle story that briefly popped up during the primaries. Briefly, this is the story of a medical disposal company that Bain/Romney invested in — but one which was also involved in disposing of fetuses, something that drew the ire of anti-abortion groups. So here’s a bit more information.This morning I got my wife’s help walking me through some of the details of Romney’s tangled web of shell companies (meant in the technical not the nefarious sense) and off-shore accounts — she’s a securities lawyer. And I noticed a few things that further undercut Romney’s claims to have left Bain in 1999 and thus not have any responsibility to for any investments after that date.

The first thing is a small point and doesn’t go directly that question. But it does point to Bain ties to Stericycle well before the 1999 investment. One of the Directors of Stericycle beginning in 1991 was Patrick F. Graham. Graham it turns out was one of the co-founders of Bain & Company, Inc. That’s the management consulting ‘Bain’ where Romney originally worked and from which the private equity ‘Bain’ was launched by Romney. They’re personal friends. Graham actually flew to Florida way back when to get Romney’s dad’s support for Mitt to join Bain. And Graham’s frequently referred to as Romney’s mentor.

In any case, they’re close. And Graham was on Stericycle’s board. That in itself doesn’t mean Romney had the idea to invest in the company. What’s more interesting is that it does suggest that the consulting wing of Bain had ties to Stericycle that long predated the 1999 partial purchase by the investment wing.

More to come on this.