Sunday, August 12, 2012

Bain Profited As Steel Mill Polluted Town, Then Closed

An under-covered story from Georgetown, South Carolina, for sure, from the AP:

In 1998...neighbors sued Georgetown Steel, then owned by the company Republican presidential candidate Mitt Romney co-founded, Bain Capital. They sought millions in cleanup costs and accused the mill's owners of leaving their historic Southern neighborhood looking like it had been hit by a "chemical bomb."

State officials determined the mill was largely to blame for the pollution. As the lawsuit dragged on for years, the steel mill filed for bankruptcy and the plant ultimately settled with the residents.
In the end, Bain walked away with more than $30 million in profits.

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