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Reply #18


Response to mysuzuki2 (Reply #14)

Thu Jul 12, 2012, 08:14 PM

18. Actually, only slightly.

In 1999 he said he had no active involvement with Bain. It doesn't say he was never going to return to it. Just that he had no active involvement.

The only break was when in 2002 he said it wasn't a "permanent departure" but a "leave of absence". By then the paperwork was clearing so, yeah, it *was* a permanent departure so you have to have to understand "intent" versus "objective fact."

I assume Romney left Bain in 1999 and retained his legal interest in it because he intended to return to it or at least wanted to keep his options open, so it wasn't necessarily intended to be a permanent departure. It turned out that he never did return to it, so it was a permanent departure.

Seen from 2012, this sounds odd. But if you're there in 2000 the way he describes it makes sense. You have a decent gig, and you can take off for a couple of years. Things are set up to function okay without you if authority's delegated and shared to some extent. Then when it's clear your absence isn't just a couple of years, you formally leave. After all, telling potential investors that the CEO really is hands-off and has no say gets old after a while, and might even raise questions.

In 2006 all that matters is that your departure in 1999 was, in the end, permanent.

What gets a bit iffy is when in 2012 Bain says that it was a matter of getting clear ownership established prior to transfering the ownership. It sounds like they're skipping a year or two when nobody much cared about transferring ownership wedged in there and trying to say that Romney's departure was always intended to be permanent. Or, perhaps, they're covering over that Romney simply walked away while keeping ownership over the shell company that gave him control of Bain, and they were pissed that they couldn't wrest control away to people that were actively involved. Can't tell.

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Arrow 31 replies Author Time Post
maddezmom Jul 2012 OP
truthisfreedom Jul 2012 #1
lsewpershad Jul 2012 #11
progressivebydesign Jul 2012 #2
Iliyah Jul 2012 #9
DFW Jul 2012 #3
DearAbby Jul 2012 #4
cbdo2007 Jul 2012 #6
stuckinodi Jul 2012 #8
sharp_stick Jul 2012 #5
TriplD Jul 2012 #24
Iliyah Jul 2012 #10
toddwv Jul 2012 #27
Bandit Jul 2012 #13
Igel Jul 2012 #15
SkyDaddy7 Jul 2012 #29
Kingofalldems Jul 2012 #7
HankyDub Jul 2012 #12
HotRodTuna Jul 2012 #20
Quantess Jul 2012 #30
mysuzuki2 Jul 2012 #14
LineLineReply Actually, only slightly.
Igel Jul 2012 #18
missy01121970 Jul 2012 #16
maddezmom Jul 2012 #21
DavidDvorkin Jul 2012 #22
maddezmom Jul 2012 #23
Lex Jul 2012 #28
Quantess Jul 2012 #31
missy01121970 Jul 2012 #17
DavidDvorkin Jul 2012 #19
Spitfire of ATJ Jul 2012 #25
Historic NY Jul 2012 #26
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