But for all its clout, Monsanto is a relatively new player in the Big Ag game. While fellow ag giants like ADM, Cargill, Bunge, and BASF have been in the game for a century or more, as recently as the late 1970s Monsanto was known mostly as a chemical company; herbicides were a relatively small sideline, and genetically modified seeds were just the gleam in the eye of a few scientists in the R&D department. And its flagship chemical business had plunged into crisis. In 1976, Congress banned the highly toxic industrial coolant PCB—the US production of which Monsanto had enjoyed what the Washington Post called a "lucrative four-decade monopoly." According to the Post, Monsanto had been actively covering up the dangers of PCB exposure for years before the ban, opening the company to a thicket of lawsuits. To make matters worse, the company had also been heavily invested in the toxic pesticide DDT (banned in 1972) and the infamous Vietnam War defoliant Agent Orange—both of which carried their own legal and public-relations liabilities.
How did Monsanto pivot from teetering, scandal-ridden chemical giant to mighty high-tech (though still quite controversial) agribiz firm? As the veteran investigative reporter (and Mother Jones contributor) Wayne Barrett shows in a new Nation article, a young consultant called Mitt Romney helped push the firm on its highly lucrative new path. Monsanto first tapped the consulting services of the Boston-based consulting firm Bain in 1973, the same year Bain launched. When Romney joined Bain fresh out of Harvard in 1977, he quickly began working with the ailing chemical firm. Here's Barrett: