How Bain Capital helped BP blow up the Deepwater Horizon

"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’s 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."

http://www.gregpalast.com/how-bain-capital-helped-bpblow-up-the-deepwater-horizon/#more-6241

I know this is a month old... But I just thought it was worth posting...