Obama Administration officials working on a turnaround of General Motors and Chrysler asked for advice from the consulting firm Bain & Company, among other consulting firms, speaking to partners there at least twice, according to multiple sources familiar with the conversations. In addition, a partner at Bain & Company later detailed his advice on the auto companies when he was contacted for a follow-up review by the office of the inspector general for TARP, according to that office.
Details of the series of contacts come to light in the wake of a complaint from Bain & Company demanding a retraction of a story posted on CNBC.com last Thursday evening. That story stated that a report from the inspector general for the TARP program said that Bain & Company had given advice to the Obama auto team on an “off the record” and non-documented basis.
In an email to CNBC late Thursday night, Bain & Company Global Public Relations Manager Dan Pinkney demanded an “immediate retraction” of the story. Pinkney said it was “factually incorrect” to say that Bain & Company had advised the Obama Administration on the auto bailout. He added that he believed CNBC had confused his firm with another consulting firm, Boston Consulting Group.Page 1 of 5 | Next Page