And so the plot thickens as do the links between Bain and the 2002 SLC Winter Olympics.
Fraser Bullock (born 1954 in Alberta) is an American entrepreneur who is the Managing Director of Sorenson Capital and former COO of the Salt Lake Organizing Committee of the 2002 Winter Olympics. Prior to joining the SLOC team Bullock had run his own private equity firm.[1]
He graduated with a B.A. in 1978 and an MBA in 1980—both of the degrees from Brigham Young University.[2] Bullock has served as a director of the Utah Athletic Foundation -- the non-profit that manages the Utah Olympic Park, The Utah Olympic Oval in Salt Lake City and, to an extent, The Soldier Hollow Nordic venue—from 2002 through the present.
Fraser was among the founding members of Bain Capital and also worked at Bain & Company.
http://en.wikipedia.org/...
Who is Fraser Bullock and why should we care?
In the self-described words of the firm he founded:
Mr. Bullock is a co-founder of Sorenson Capital and a Managing Director. Mr. Bullock was the President and CEO of the Salt Lake Organizing Committee for the Olympic Winter Games of 2002. He joined the Organizing Committee in May of 1999 and acted as its Chief Operating Officer until his appointment as President and CEO in April 2002. As COO, Mr. Bullock directed Games Operations, and as CFO, he played a key role in balancing the budget of $1.31 billion for staging the Olympic and Paralympic Winter Games, ultimately generating a $100 million profit. The Salt Lake Games are widely recognized as one of the most successful and best operated in history.
Mr. Bullock was an original Partner of Bain Capital from 1984 to 1986. Prior to his experience at Bain Capital, Mr. Bullock was employed by Bain & Company, initially as a consultant and later as a manager.
In 1996 Mr. Bullock founded Alpine Consolidated, LLC, a company specializing in effecting business consolidations, and served as a Managing Director until 2002. In this capacity, Mr. Bullock sourced companies for consolidation, raised the requisite money and negotiated terms.
http://www.sorensoncapital.com/...
NPR described him earlier this year as
Fraser Bullock, Romney's right-hand man for the Olympics,
http://www.npr.org/...
but neglected to mention their shared Bain history.
For those keeping score at home, we now have 2 "ex" Bainsters in the role of CEO and CFO/COO of the Salt Lake City 2002 Olympic Organizing Committee.
The question is not what Romney did or did not do at Bain between 1999 and 2002.
The question is what Romney and Bullock did at the Olympics between 1999 and 2002.
The threads are there to be found, here's a little one.....
Try a search for "2002 Salt Lake City Sponsors"
Here is the LA Times from 2002/0206:
The Winter Games also are a good fit for advertisers in the process of unveiling new corporate messages. Bank of America is using its Olympic sponsorship as an anchor for a yearlong, $60-million advertising campaign for credit and check cards, online banking and its home mortgage business.
Not every sponsor wants to share the media spotlight that an Olympic sponsorship creates. SchlumbergerSema isn't as well-known as fellow worldwide Olympic sponsors Coca-Cola Co. and Kodak. But the company that has replaced IBM as the International Olympic Committee's official information technology supplier will stay behind the scenes during the Games and broadcasts.
http://articles.latimes.com/...
Schlumberger?
Schlumberger Limited (NYSE: SLB) is the world's largest oilfield services company.[3] Schlumberger employs over 113,000 people [4] of more than 140 nationalities working in approximately 85 countries.[5] Its principal offices are in Houston, Paris, and the Hague.[6]
In 2001, Schlumberger acquired the IT consultancy company Sema plc for $5.2 billion. The company was an Athens 2004 Summer Olympics partner, but Schlumberger's venture into IT consultancy did not pay off, and divestiture of Sema to Atos Origin was completed that year for $1.5 billion. http://en.wikipedia.org/...
Schlumberber+Bain?
Coincidence #1: 2002 Olympic sponsor Schlumberger and Bain & Co both operate in the Oil Services supply industry and both are mentioned concurrently in a 2011/06/29 Financial Times piece about ramping up operations in Brazil.
Bain & Co plans to increase sharply its presence in Rio de Janeiro amid growing demand in the city for oil and gas-related services. The consultancy is opening an office in the city with three partners and plans to hire up to 30 consultants in the next six to 12 months. It comes as multinationals increase their presence in Rio to take part in the exploitation of Brazil’s large “pre-salt” oilfields.
International oilfield services companies such as Schlumberger, are ramping up their offices in Rio to help Brazil’s national oil company Petrobras with the research and development for pre-salt.
http://www.ft.com/intl/cms/s/0/75cf451c-a275-11e0-9760-00144feabdc0.html
Coincidence #2: Todays CEO, Yesterdays Bainster/Schlumbergerster
Peter Lane is CEO of Valerus a USA based company providing gas compression facilities to oil companies. Prior to joining Valerus, Mr. Lane was a Partner in the Operations Group of TPG Capital. He spent 12 years with Bain & Company and led the Oil & Gas practice as well as the Dallas and Mexico offices. He began his career with Schlumberger as an engineer and operations manager.
http://www.ecosolutionsngo.org/...
Coincidence #3: Linkedin resumes
[name and link redacted]
Current: Vice President, China office head, Schlumberger Business Consulting at Schlumberger
Past:Manager at Bain & Company, Associate Director at PriceWaterhouseCoppers, CTL at Bain & Company, Senior Associate, Consultant at Boston Co...
[name and link redacted]
Current: Consultant,Schlumberger Business Consulting at Schlumberger; Past: Associate Consultant at Bain & Company, Part Time Associate at Bain Capital, ...
Sclumberger + Romney?
Romney owns then sells stock in Schlumberger
Despite a big stock sell-off last year, Mitt Romney is still worth about $250 million, according to a new financial report issued by his campaign yesterday, reports the AP. Romney's blind trust has sold large amounts of stocks in such companies as Boeing, Pepsico, and Volkswagen. There also appeared to be big sells with businesses that have conflicted with several of Romney's positions, notes AP, including Hang Lung, a company based in China, where Romney has advocated tougher policies; companies that have done business with Iran, such as Komatsu and Schlumberger; and Fresenius Medical Care, a German company that has done work with stem cell research.
http://www.newser.com/...
3:35 PM PT: The reason why the date of February 11, 1999 is so important and why Mitt and Bain stand by it so resolutely can be in part explained by this AP Piece of the same date:
By KRISTEN MOULTON
Associated Press Writer
SALT LAKE CITY - With a new boss and a leadership shakeup, Salt Lake Olympic organizers vowed Thursday to put the bribery scandal behind them and focus on "athletes and altruism." Mitt Romney, a venture capitalist who turns around troubled companies, was hired to do the same for the 2002 Winter Games, which have been paralyzed by ethical misconduct that has scared sponsors and shaken the Olympic movement
Romney will have to sever ties with any companies that do business with the games. Bain Capital has ownership stakes in many companies and Romney serves on various boards of directors.
http://madmax.lmtonline.com/...