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ProSense

(116,464 posts)
Thu Jul 12, 2012, 10:12 AM Jul 2012

More Bain pain for Mitt Romney

More Bain pain for Mitt Romney

by Jed Lewison

Two big stories about Mitt Romney and Bain should be causing him and his campaign a ton of heartburn today. First, the Boston Globe has joined the chorus of those who are calling baloney on Mitt Romney's claim to have left Bain Capital in February of 1999. The headline tells the story pretty well:



I guess traditional media doesn't feel comfortable saying "Mitt lied," but one way or the other, that's what we've got here. Mitt Romney and Bain Capital told investors that he was running the firm as late as 2002. They subsequently created a severance package retroactive to February 1999, but that doesn't change the fact that in 2002, Romney still claimed he ran Bain. Now he claims he didn't. Either he was lying then or he's lying now. Either way, he's lying.

But the Boston Globe story isn't Romney's only problem today. David Corn, whose reporting for Mother Jones set the stage for the Globe story, breaks another big story: In 1998, Mitt Romney invested millions in a Chinese firm whose business model was to help U.S. companies outsource jobs into China.

On April 17, 1998, Brookside Capital Partners Fund, a Bain Capital affiliate, filed a report with the Securities and Exchange Commission noting that it had acquired 6.13 percent of Hong Kong-based Global-Tech Appliances, which manufactured household appliances in a production facility in the industrial city of Dongguan, China. That August, according to another SEC filing, Brookside upped its interest in Global-Tech to 10.3 percent. Both SEC filings identified Romney as the person in control of this investment: "Mr. W. Mitt Romney is the sole shareholder, sole director, President and Chief Executive Officer of Brookside Inc. and thus is the controlling person of Brookside Inc." Each of these documents was signed by Domenic Ferrante, a managing director of Brookside and Bain.

At the time Romney was acquiring shares in Global-Tech, the firm publicly acknowledged that its strategy was to profit from prominent US companies outsourcing production abroad.

Not only was Romney still at Bain according to his own timeline during this investment, but after making his initial investment, he soon split the holdings between Brookside and Sankaty High Yield Investors—the secretive Bermuda shell company that Romney failed to disclose in his financial disclosure forms but that appears in his 2010 tax returns.

- more -

http://www.dailykos.com/story/2012/07/12/1108965/-More-Bain-pain-for-Mitt-Romney
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More Bain pain for Mitt Romney (Original Post) ProSense Jul 2012 OP
k&r... spanone Jul 2012 #1
Rmoneys taxes could CONFIRM he was activiely managing Bain by schedule A deductions uponit7771 Jul 2012 #2
I think we now know why McCain decided no way Romney would be Veep. GarroHorus Jul 2012 #3
Time to question McCain. n/t ProSense Jul 2012 #4
hahahaha, why is everyone so set on dragging McCain into this. cbdo2007 Jul 2012 #5
1) We still owe him for Palin, and 2) he's likely to become unhinged msanthrope Jul 2012 #9
+ Voice for Peace Jul 2012 #12
McCain is a Romney surrogate. ProSense Jul 2012 #10
Perhaps President Obama's October surprise glowing Jul 2012 #6
One other sub heading that needed to be added: AND IT WASN'T A BLIND TRUST Sheepshank Jul 2012 #7
Rachel Maddow mentioned this a couple days ago... backscatter712 Jul 2012 #8
Romocchio at his best SunsetDreams Jul 2012 #11

uponit7771

(90,225 posts)
2. Rmoneys taxes could CONFIRM he was activiely managing Bain by schedule A deductions
Thu Jul 12, 2012, 10:17 AM
Jul 2012

...or claiming management fees.

Martha Stewart was put in jail for less than this....

We'll see what the SEC will do with Rmoney

 

GarroHorus

(1,055 posts)
3. I think we now know why McCain decided no way Romney would be Veep.
Thu Jul 12, 2012, 10:22 AM
Jul 2012

Remember, McCain fully vetted Romney's tax returns.

I'm thinking Romney may not only lose the election, but could be facing charges over this.

cbdo2007

(9,213 posts)
5. hahahaha, why is everyone so set on dragging McCain into this.
Thu Jul 12, 2012, 10:56 AM
Jul 2012

He's irrelevant at this point, he already lost.

More like "Time to question Romney" in front of Congress and the American people.

 

msanthrope

(37,549 posts)
9. 1) We still owe him for Palin, and 2) he's likely to become unhinged
Thu Jul 12, 2012, 10:58 AM
Jul 2012

and say something revealing....

 

glowing

(12,233 posts)
6. Perhaps President Obama's October surprise
Thu Jul 12, 2012, 10:56 AM
Jul 2012

could be an arrest or something along those lines. However, if there is criminal activities that would lead to some nasty business for Mitt rMoney, they probably would want to make it past the convention before pulling any triggers that could herald in a new nominee....

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