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Sat Jul 14, 2012, 10:57 AM

Account of Romney's Bain departure has evolved

Last edited Sat Jul 14, 2012, 12:10 PM - Edit history (1)

Source: Boston Globe

¬snip¬


It was not until 2002 that Romney finalized a severance agreement with Bain, a 10-year deal with undisclosed terms that was retroactive to 1999.


Romney’s own words, along with other documentary evidence, appear to challenge his campaign’s assertion in a recent financial disclosure that Romney had “retired” from Bain in 1999 and “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.”


Financial disclosure forms Romney filed in Massachusetts indicate he earned at least $100,000 as a Bain “executive” in 2001 and 2002, separate from investment earnings.


In addition, Bloomberg news service reported Friday, Romney is named as one of two managing members of Bain Capital Investors LLC in annual reports filed in Massachusetts as late as 2002, “adding a new corporate entity to a growing number of Bain-related investments and funds that list the Republican presidential candidate as controlling the company three years after he said he left it.”Continued...

¬snip¬


Romney also testified that “there were a number of social trips and business trips that brought back to Massachusetts, board meetings” while he was running the Olympics. He added that he remained on the boards of several companies, including the Lifelike Co., in which Bain Capital held a stake until 2001.


Romney’s lawyer at the hearing said that Romney’s work in the private sector continued unbroken while he ran the Olympics.


Read more: http://www.boston.com/news/local/massachusetts/articles/2012/07/14/evidence_mounts_of_mitt_romneys_continuing_ties_to_bain_after_1999/



¬snip¬

Romney is named as one of two managing members of Bain Capital Investors LLC in annual reports filed in Massachusetts as late as 2002, adding a new corporate entity to a growing number of Bain-related investments and funds that list the Republican presidential candidate as controlling the company three years after he said he left it.

Separate documents filed with the Securities and Exchange Commission, reviewed by Bloomberg News, also show Romney in 2000 as the sole stockholder of Bain Capital Investors Inc.

Romney, 65, is worth as much as $250 million, according to financial documents his campaign has released.

Bain said in a statement this week that it took a while to transfer ownership to Romney’s successors “due to the sudden nature” of his decision to run the Olympics. Until the ownership situation was resolved, Romney continued to be listed as the sole stockholder and in various executive positions in SEC filings, the company said.

more: http://www.bloomberg.com/news/2012-07-13/romney-takes-to-tv-newscasts-to-defend-record-at-bain.html



GOV. ROMNEY: Well I'm not sure which ones you're talking about, but I can tell you the people who have looked at the charges that the Obama campaign comes out with, which is that somehow we outsourced jobs, they've said that those were false and misleading. That the ads are inaccurate. Some have given it multiple Pinocchios. The president keeps on trying to divert any attention he can from his failure to turn around the American economy, and that's what this campaign's about. But the president keeps on trying to find something about Bain which is simply not true. And I left Bain in February of 1999. People can point out how - I was in Salt Lake City for three straight years. I don't recall even coming back once to go to a Bain or management meeting. We were, I was out there running the Olympics and it was a full time job, I can tell you that.

http://www.cbsnews.com/8301-250_162-57472298/romney-interview-with-cbs-news-full-transcript/

ROMNEY: I had no association with the management of Bain Capitol after February of 1999. That is when I left the firm. I am very pleased with the experience I had with the firm but as everyone knows I went on to run the Olympics for three years I was there full time after that I came back and ran in Massachusetts for governor. I had no role with regards to Bain Capital after February 1999.

http://abcnews.go.com/Politics/transcript-romney-responds-bain-attacks-abc-interview/story?id=16775294&page=2

Mitt Romney's Own 2002 Testimony Undermines Bain Departure Claim
¬snip¬
Romney has consistently insisted that he was too busy organizing the 2002 Winter Olympics to take part in Bain business between 1999 and that event. But in the testimony, which was provided to The Huffington Post, Romney noted that he regularly traveled back to Massachusetts. "here were a number of social trips and business trips that brought me back to Massachusetts, board meetings, Thanksgiving and so forth," he said.

Romney's sworn testimony was given as part of a hearing to determine whether he had sufficient residency status in Massachusetts to run for governor.

Romney testified that he "remained on the board of the Staples Corporation and Marriott International, the LifeLike Corporation" at the time.

Yet in the Aug. 12, 2011, federal disclosure form filed as part of his presidential bid, he said, "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."
more: http://www.huffingtonpost.com/2012/07/12/mitt-romney-bain-departure_n_1669006.html?ir=Politics

http://pfds.opensecrets.org/N00000286_2010_pres.pdf

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Arrow 34 replies Author Time Post
Reply Account of Romney's Bain departure has evolved (Original post)
maddezmom Jul 2012 OP
MADem Jul 2012 #1
maddezmom Jul 2012 #4
mbperrin Jul 2012 #9
The Magistrate Jul 2012 #2
yardwork Jul 2012 #3
The Magistrate Jul 2012 #5
maddezmom Jul 2012 #6
redwitch Jul 2012 #7
Mz Pip Jul 2012 #8
Amonester Jul 2012 #19
Igel Jul 2012 #31
elleng Jul 2012 #33
SCVDem Jul 2012 #10
progressivebydesign Jul 2012 #11
catchnrelease Jul 2012 #28
undeterred Jul 2012 #12
maddezmom Jul 2012 #13
myrna minx Jul 2012 #16
PSPS Jul 2012 #14
muriel_volestrangler Jul 2012 #15
maddezmom Jul 2012 #17
UpInArms Jul 2012 #18
onenote Jul 2012 #20
muriel_volestrangler Jul 2012 #23
tpsbmam Jul 2012 #30
Moonwalk Jul 2012 #21
magical thyme Jul 2012 #25
beevul Jul 2012 #22
Jackpine Radical Jul 2012 #26
magical thyme Jul 2012 #24
jpbollma Jul 2012 #27
wordpix Jul 2012 #29
elleng Jul 2012 #32
Blanks Jul 2012 #34

Response to maddezmom (Original post)

Sat Jul 14, 2012, 11:01 AM

1. Who knew 'evolved' was now a synonym for 'invented' or 'made up?' nt

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Response to MADem (Reply #1)

Sat Jul 14, 2012, 11:05 AM

4. or just plain lied

over and over again.

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Response to MADem (Reply #1)

Sat Jul 14, 2012, 11:56 AM

9. I'll have to pass that on to my students this fall.

"Junior, are you failing this course?"

"No, dad, it's evolving."

"Oh, well, uh, okay then."


Beats the hell out of altering 4s into 9s on report cards, don't it?

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Response to maddezmom (Original post)

Sat Jul 14, 2012, 11:02 AM

2. He Perjured Himself To Run For Governor Of Massachusetts, Ma'am, That Much Is Blindingly Obvious

"Romney loves America like a tick loves a dog."

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Response to The Magistrate (Reply #2)

Sat Jul 14, 2012, 11:05 AM

3. That's exactly what happened, Sir. Romney lied in order to become governor of MA.

A line from Shakespeare comes to mind about weaving tangled webs of deceit, and in Romney's case that process seems to have begun a long time ago.

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Response to yardwork (Reply #3)

Sat Jul 14, 2012, 11:13 AM

5. Especially, Ma'am, Since He Now Has To Run Far From That Record As He Can...

With 'ObamaCare' toddling after him howling 'DADDY!!!" as he does....

"Romney loves America like a tick loves a dog."

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Response to The Magistrate (Reply #5)

Sat Jul 14, 2012, 11:14 AM

6. we need that photoshop again

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Response to The Magistrate (Reply #5)

Sat Jul 14, 2012, 11:38 AM

7. Love, love, love your tag line!

You Sir, rock.

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Response to maddezmom (Original post)

Sat Jul 14, 2012, 11:53 AM

8. How does one retire retroactively?

What kind of legalese is involved in those words?

I know people who have received raises retroactively but I don't see how you can quit a job retroactively.

Is some kind of time travel involved?

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Response to Mz Pip (Reply #8)

Sat Jul 14, 2012, 01:23 PM

19. The 0.000001% make new rules as they go and want to keep them secret.

Let's see.

One set of rules for the 0.000001%, and another set of rules for the little people. Check.

Isn't that special? No need to travel through time. Just pay big bucks to some law maker somewhere to make new rules as you go.

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Response to Mz Pip (Reply #8)

Sat Jul 14, 2012, 11:54 PM

31. You have all the duties you'd have in retirement.

But you're not retired.

Try this for an accessible example:

You're fired when you're 61 years old. You sure your boss, claiming that he fired you illegally. It takes 5 years to adjudicate. When you're reinstated, you're 66 years old.

You don't go back to work. You haven't been there 5 years, and you're 66--it's a silly idea. Instead, the court reinstates you retroactively so it's as if you never retired; you retire, with full benefits, as of age 65. But you're 66. You get 4 years' pay and 1 year's retirement benefits.

Does it mean you've gone back and done the 4 years' work? No. In fact, had you been working there and had you been collecting pay, the judge's decision would make no sense. The decision and award only makes sense if you *weren't* there.

(In my experience, we tried to revoke our CEO/director's contract. He challenged our action in court and his status was changed to "involuntary leave." He was still officially CEO, just barred from the building and doing squat. 17 months later his contract expired and he found another job, saying he voluntarily left after 30 years' service. A year or two later, as part of a court settlement, history was rewritten. We'd both agreed that he needed to be on compassion leave for his wife's sake, and he retired at the end of his contract with full benefits and 30 years' service. It was legal fiction, but that status fit the facts well enough. He did no work; his wife was sick; he was on leave; and after 30 years' service his contract wasn't renewed. Again, it crucially involved his not being involved in actively managing the organization. Otherwise, he wouldn't have been on leave.)

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Response to Mz Pip (Reply #8)

Sun Jul 15, 2012, 01:40 AM

33. He can therefore

assert 'truthfully' that he had 'retired from Bain in 1999,' and 'expect' that his fancy footwork will go over well with the 'public.'

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Response to maddezmom (Original post)

Sat Jul 14, 2012, 11:59 AM

10. Even Rmoneys life is a flip flop lie!

There is nothing honest about Romney and I think more people are seeing it the closer we get.

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Response to maddezmom (Original post)

Sat Jul 14, 2012, 12:05 PM

11. Did the Globe see the document Jennifer Granholm had on Current?

the ones that list him as taking a "part time leave of absence" and the ones where he was clearly involved in Board meetings during that time?

Thank you to the Boston Globe for having the spine to be real journalists. I'm not saying this because they are exposing the republican candidate, but because I'm sickened by the NYT and CNN claiming that Romney is being "swiftboated." My god... the Boston Globe seems to understand the difference.

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Response to progressivebydesign (Reply #11)

Sat Jul 14, 2012, 02:52 PM

28. I saw a comment yesterday

The person was making fun of the claim that Romney was being swift boated. Said that in this case it would be "swift yachted", lol.

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Response to maddezmom (Original post)

Sat Jul 14, 2012, 12:13 PM

12. the Lifelike Co?

Are they responsible for manufacturing the Romneys?

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Response to undeterred (Reply #12)

Sat Jul 14, 2012, 12:16 PM

13. LOL

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Response to undeterred (Reply #12)

Sat Jul 14, 2012, 12:40 PM

16. They manufacture the 'Earthing Suit'.

"So Lifelike, they'll think you're an Earthling!"

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Response to maddezmom (Original post)

Sat Jul 14, 2012, 12:29 PM

14. Stericycle

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Response to maddezmom (Original post)

Sat Jul 14, 2012, 12:39 PM

15. Et tu, Ann?

In a November 2000 interview with the Globe, Romney’s wife, Ann, said he had been forced to lessen, but not end entirely, his involvement with Bain Capital.


(2) Interviews with Romney's wife and his lawyer regarding this period:
In a Boston Globe interview with Ann Romney from November 2000 the reporter learned
that Mitt Romney was dividing his time between running Bain and running the Olympics
project. “The (Olympics) project is running smoothly now, though still requiring so much
of Mitt Romney's time that he has had to lessen his involvement with Bain Capital, his
investment firm." (“West Wings Sprout,” Boston Globe 11/11/2000). Please note: not
end his involvement with Bain, but "lessen it"-precisely as Romney acknowledged in
shifting to part-time management involvement in l999.

Romney’s own personal lawyer as stated that he only became a passive investor in Bain
in August of 2001: “(Bradley) Malt, who was designated by the campaign to address
Romney’s time at Bain, said Romney finally resigned and reduced his role at the
company to that of a passive investor in 2001 when it became clear that he was going
to run for Massachusetts governor after the Olympics.” (“Cash, Advice on Tap at
Romney’s Old Firm” Washington Post 10/21/2007)

http://factcheck.org/UploadedFiles/2012/07/OFA-FACTCHECK-LETTER-FINAL.pdf

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Response to muriel_volestrangler (Reply #15)

Sat Jul 14, 2012, 12:41 PM

17. wonder if he'll ask for an apology from Ann now, too!

damn liars all of them.

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Response to maddezmom (Original post)

Sat Jul 14, 2012, 01:05 PM

18. thanks for the post!

K & r!

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Response to maddezmom (Original post)

Sat Jul 14, 2012, 01:38 PM

20. Its not just his title as CEO

Its the fact that on the SEC forms he listed his "principal occupation" as managing director of Bain. Either that's true and he's lied about his ongoing relationship with Bain, or its not true and he signed and filed, under penalty of law, a false statement with the SEC.

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Response to onenote (Reply #20)

Sat Jul 14, 2012, 01:55 PM

23. Bwahahah! Here it is:

February 11, 2001

...

SCHEDULE A

----------


EXECUTIVE OFFICERS OF

BAIN CAPITAL INVESTORS VI, INC..





Name/Title Business Address Principal Occupation

---------- ---------------- --------------------

W. Mitt Romney, Two Copley Place Managing Director of

Chief Executive Officer, Boston, MA 02116 Bain Capital, Inc.

President and Managing

Director

Joshua Bekenstein, Two Copley Place Managing Director of

Treasurer and Managing Boston, MA 02116 Bain Capital, Inc

Director

...


http://www.sec.gov/Archives/edgar/data/1054290/000092701601001009/0000927016-01-001009-0001.txt

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Response to muriel_volestrangler (Reply #23)

Sat Jul 14, 2012, 06:27 PM

30. This deserves its own thread, MV! nt

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Response to maddezmom (Original post)

Sat Jul 14, 2012, 01:42 PM

21. I wonder if Romney's post 1999 time at Bain was, to him, like padding his resume.....

Which is to say, I wonder if he got the executive title and money during those two years, but didn't really do anything--like if your uncle puts you on the books as an employee for his company, and you get token pay, but don't do anything. Later on, you can say in your resume you worked for your uncle's company, but you didn't really.

I wonder if that's what happened with Mitt in those two years. Maybe he didn't actually do anything, he was just given a token spot. Which is why he thinks he can now say he quit in 1999. Because to him, he did. Those extra years were for his Presidential resume. But finding that they actually hurt his chances, he's now disavowing them. Unfortunately, they are on the resume.

Of course, if I'm right, then this also undermines him saying that any executive/CEO knows what his company is doing and is involved in doing it. Poor Mitt. Anyway he spins it, he can't have it both ways.

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Response to Moonwalk (Reply #21)

Sat Jul 14, 2012, 02:30 PM

25. no. The Olympics were to bolster his resume and name recognition.

He founded Bain and held those positions for years. He didn't need those titles to pad his resume: he needed them to retain control and suck up more money.

He pretended to leave those positions to bolster his campaign to be governor of Mass. He'd been creamed by Kennedy in the past due to ads about his outsourcing and job losses. Shannon O'Brien started hitting him on outsourcing again, only this time he countered with ads claiming the outsourcing took place after he retired Bain in 1999. And in 2002 he retroactively retired to support his claim.

He expected that strategy to work again, but Obama's team obviously were aware and had the means, time and access to dig deeper. They suckered him in with their initial attacks on outsourcing, then outflanked him with the contradictory FEC/SEC filings.

Then they cornered him totally with the demand that he show his taxes like previous candidates have done for many years. A demand now being taken up by some of the GOP as they try to distance themselves from him.

He either lied to the SEC or lied to the FEC. If he shows his taxes, he proves who he lied to and shows whether he committed a felony. And also happens to show his income, his offshore accounts and businesses, and how very little tax he paid before 2010. If any.

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Response to maddezmom (Original post)

Sat Jul 14, 2012, 01:53 PM

22. Is it coming back?




Oh! BAIN departure.

My bad.

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Response to beevul (Reply #22)

Sat Jul 14, 2012, 02:44 PM

26. Get a bain, Morman.

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Response to maddezmom (Original post)

Sat Jul 14, 2012, 02:17 PM

24. Dear Mittens, Here are 4 apologies for you:

Corporations many times your size have experienced "sudden" losses of their founders, Board Chairpersons, and CEOs, to unexpected illness, death, jail, etc. yet have managed to name interim heads in far less than 3 years.

The USA is far, far larger and more complex than any single industry, never mind corporation. Yet when JFK was assassinated, a new President was sworn in same day.

I'm sorry you are so inept that your sudden decision to take a leave of absence left Bain unable to assign an interim replacement until you returned from your 3 year leave of absence so you could retroactively retire.

And I'm sorry that you were so confused about your status that you informed the SEC that you continued to hold the positions of sole shareholder, CEO and President of Bain, while simultaneously advising the FEC that to the best of your knowledge you had no involvement in Bain.

And I'm truly sorry to inform you that confusion is not a defense against a felony.

And finally, I'm very sorry to inform you that the above suggests you are really and truly not qualified to hold the Office of Dogcatcher, never mind the Presidency of the US.

sincerely,
the rest of us

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Response to magical thyme (Reply #24)

Sat Jul 14, 2012, 02:48 PM

27. This is delicious

Romney will never get out from under this. These allegations and continued ads from Obama will keep him on his heels. Unfortunatey, I believe the GOP will definitely hold the debt ceiling hostage as this will be the only time for them to change the debate terms.

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Response to maddezmom (Original post)

Sat Jul 14, 2012, 04:16 PM

29. whatever convenient etchasketch will work. He's part of Bain to run for gov; he's not part of Bain

"since 1999" b/c he's answering pesky questions about Bain takeovers where people were laid off and companies went under.

Whoopsie, caught in a web of convenient lies.

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Response to maddezmom (Original post)

Sun Jul 15, 2012, 01:25 AM

32. HA! Severance agreement 'retroactive to 1999!'

He's using 'legal wiggle words' to assert 'truthfully' that he had 'retired from Bain in 1999!'
I'm a lawyer so I'm not mocking legal language, just his 'expectation' that his fancy footwork will go over well with the 'public.'

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Response to maddezmom (Original post)

Sun Jul 15, 2012, 09:03 AM

34. I did not have a business relationship with that Bain.

Unless it qualifies me to run for governor.

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