Company's links to Iran undercut Romney's call for divestment [View All]

[Ian David]

MERRIMACK, N.H. -- Republican Mitt Romney is urging state pension systems to divest from Iran, yet the presidential contender's former employer and the company he started have links to recent Iranian business interests or deals.

Romney joined Boston-based Bain & Co., a management consulting firm, in 1978 and worked there until 1984. He was CEO of Bain Capital, a venture capital firm, from 1984 to 1999, despite a two-year return as Bain & Co.'s chief executive officer from 1991 to 1992.

Bain & Co. Italy, described in company literature as "the Italian branch of Bain & Co.," received a $2.3 million contract from the National Iranian Oil Co., in September 2004. Its task was to develop a master plan so NIOC -- the state oil company of Iran -- could become one of the world's top oil companies, according to Iranian and U.S. news accounts of the deal.

Bain Capital, the venture capital firm that Romney started and made him a multimillionaire, teamed up with the Haier Group, a Chinese appliance maker that has a factory in Iran, in an unsuccessful 2005 buyout effort.

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Romney cites his work with Bain & Co. and his development of Bain Capital as he casts himself as an outsider in the 2008 race.

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Divest from Iran! Boycott Dunkin' Donuts and Kaybee Toy & Hobby!