That powerful and moving documentary about how Bain capital destroyed lives and ruined Christmas turns out to be sloppy with the facts, according to CNN Money:
UniMac was a Marianna, Fla.-based laundry equipment manufacturer that had been around for more than 50 years. A former worker is quoted in the video as saying: “They pulled everybody together and told us we were being sold to Raytheon, which in turn turned out to be Bain.” The worker adds that quality control was sacrificed, saying: “I just wish they’d left us alone in the early 90s … at the end they just decided to shut the doors.”
The reality, however, is that Raytheon (RTN) and Bain weren’t the same thing. And Bain wasn’t involved in the early 1990s. Raytheon agreed to purchase UniMac in 1994, and later merged it into a broader commercial laundry unit that also included facilities in Wisconsin and Kentucky. Raytheon then sold that unit four years later to Bain Capital for $358 million, alongside another private equity firm. …
Who could have guessed? I expected more factual rigor from my Sheldon Adelson–funded propaganda videos.