OLD Media Moves

CNBC posts new Bain story explaining what happened

January 18, 2012

Posted by Chris Roush

CNBC‘s Eamon Javers has posted a new story on the business news channel’s website explaining what happened with its reporting of Bain & Co.’s involvement in the federal government’s auto bailout.

Javers writes. “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.

“CNBC responded by issuing a correction Friday and pulling the initial story from its website, noting that Bain & Company said it was not connected to the firm in the inspector general’s report, which was referred to in the document as ‘Bain Consulting.’

“Next, CNBC contacted the inspector general’s office to see if there had been confusion about which consulting firm provided the advice to the Obama team.

“The inspector general’s office said, however, that its report did in fact refer to Bain & Company, and used a casual reference to ‘Bain Consulting’ because that is how the involved partner at Bain & Company referred to his own firm in a phone call. The inspector general’s office said the interview had taken place in November of 2009.

“Late Tuesday, a spokeswoman for Bain & Company confirmed that partner’s contact with both the Obama administration and the inspector general’s office.”

Read more here.

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