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Romney can't shirk responsibility for Bain
Romney can't shirk responsibility for Bain
By Roberta Karmel
Editor's note: Roberta Karmel is Centennial Professor of Law at Brooklyn Law School and a former commissioner of the Securities and Exchange Commission.
<...>
Romney contends that he ceased actively managing Bain in February 1999 when he joined the Olympics organization. As a candidate for president, he filed a Public Financial Disclosure Report with the federal Government Ethics Office stating that "Mr. Romney retired from Bain Capital on February 11, 1999, to head the Salt Lake Organizing Committee. Since February 11, 1999, Mr. Romney has not had any active role with any Bain Capital entity and has not been involved in the operations of any Bain Capital entity in any way."
As we learned last week, documents filed with the Securities and Exchange Commission contradict this statement.
Some of these documents were Schedule 13D reports, required to be filed pursuant to the Williams Act whenever any person or group acquires 5% or more of the stock of any public company. The purpose of such reports is to notify the securities markets of a possible change in control of a public company.
<...>
The contradictory representations in the Government Ethics Office and SEC filings are at best evasive and at worst a violation of federal law. A federal statute -- 18 U.S.C. § 1001 -- provides that anyone who "in any matter within the jurisdiction of the executive, legislative, or judicial branch of the Government of the United States, knowingly and willfully -- (1) falsifies, conceals, or covers up by any trick, scheme, or device a material fact; (2) makes any materially false, fictitious, or fraudulent statement or representation" shall be fined or imprisoned. Violations of federal securities laws, including the making of false statements in a 13D filing, are independently punishable under the securities laws.
- more -
http://www.cnn.com/2012/07/20/opinion/karmel-romney-bain/index.html
By Roberta Karmel
Editor's note: Roberta Karmel is Centennial Professor of Law at Brooklyn Law School and a former commissioner of the Securities and Exchange Commission.
<...>
Romney contends that he ceased actively managing Bain in February 1999 when he joined the Olympics organization. As a candidate for president, he filed a Public Financial Disclosure Report with the federal Government Ethics Office stating that "Mr. Romney retired from Bain Capital on February 11, 1999, to head the Salt Lake Organizing Committee. Since February 11, 1999, Mr. Romney has not had any active role with any Bain Capital entity and has not been involved in the operations of any Bain Capital entity in any way."
As we learned last week, documents filed with the Securities and Exchange Commission contradict this statement.
Some of these documents were Schedule 13D reports, required to be filed pursuant to the Williams Act whenever any person or group acquires 5% or more of the stock of any public company. The purpose of such reports is to notify the securities markets of a possible change in control of a public company.
<...>
The contradictory representations in the Government Ethics Office and SEC filings are at best evasive and at worst a violation of federal law. A federal statute -- 18 U.S.C. § 1001 -- provides that anyone who "in any matter within the jurisdiction of the executive, legislative, or judicial branch of the Government of the United States, knowingly and willfully -- (1) falsifies, conceals, or covers up by any trick, scheme, or device a material fact; (2) makes any materially false, fictitious, or fraudulent statement or representation" shall be fined or imprisoned. Violations of federal securities laws, including the making of false statements in a 13D filing, are independently punishable under the securities laws.
- more -
http://www.cnn.com/2012/07/20/opinion/karmel-romney-bain/index.html
Oops!
1 replies
= new reply since forum marked as read
= new reply since forum marked as read
Romney, potential felon.
