Mitt Romney Stayed at Bain 3 Yrs Longer than He Stated-Boston Globe

Mitt Romney stayed at Bain 3 years longer than he stated
Firm’s 2002 filings identify him as CEO, though he said he left in 1999
By Callum Borchers and Christopher Rowland | GLOBE CORRESPONDENT | GLOBE STAFF JULY 12, 2012

Government documents filed by Mitt Romney and Bain Capital say Romney remained chief executive and chairman of the firm three years beyond the date he said he ceded control, even creating five new investment partnerships during that time.

Romney has said he left Bain in 1999 to lead the winter Olympics in Salt Lake City, ending his role in the company. But public Securities and Exchange Commission documents filed later by Bain Capital state he remained the firm’s “sole stockholder, chairman of the board, chief executive officer, and president.”

Also, a Massachusetts financial disclosure form Romney filed in 2003 states that he still owned 100 percent of Bain Capital in 2002. And Romney’s state financial disclosure forms indicate he earned at least $100,000 as a Bain “executive” in 2001 and 2002, separate from investment earnings.

The timing of Romney’s departure from Bain is a key point of contention because he has said his resignation in February 1999 meant he was not responsible for Bain Capital companies that went bankrupt or laid off workers after that date.

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http://tinyurl.com/blbqjtc

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6 replies	Author	Time	Post
Mitt Romney Stayed at Bain 3 Yrs Longer than He Stated-Boston Globe (Original post)	Dalai_1	Jul 2012	OP
"Are you telling me he owned the company but had no say in its investments?"	klook	Jul 2012	#1
It all defies common reasoning	Dalai_1	Jul 2012	#4
Yes, in their version of reality, tax dodging is virtuous,	klook	Jul 2012	#6
Repubs kind of don't seem to get there are these things called the FOIA and The Internet.	HughBeaumont	Jul 2012	#2
This is happening too soon	demwing	Jul 2012	#3
This is big. Another piece in the Romney narrative.	democrat_patriot	Jul 2012	#5

Response to Dalai_1 (Original post)

Thu Jul 12, 2012, 08:01 AM

klook (10,301 posts)

1. "Are you telling me he owned the company but had no say in its investments?"

A former SEC commissioner told the Globe that the SEC documents listing Romney as Bain’s chief executive between 1999 and 2002 cannot be dismissed so easily.

“You can’t say statements filed with the SEC are meaningless. This is a fact in an SEC filing,” said Roberta S. Karmel, now a professor at Brooklyn Law School.

“It doesn’t make a whole lot of sense to say he was technically in charge on paper but he had nothing to do with Bain’s operations,” Karmel continued. “Was he getting paid? He’s the sole stockholder. Are you telling me he owned the company but had no say in its investments?”

The Globe found nine SEC filings submitted by four different business entities after February 1999 that describe Romney as Bain Capital’s boss; some show him with managerial control over five Bain Capital entities that were formed in January 2002, according to records in Delaware, where they were incorporated.

Good read. Thanks for posting the link.

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Response to klook (Reply #1)

Thu Jul 12, 2012, 08:11 AM

Dalai_1 (1,295 posts)

4. It all defies common reasoning

Romney clearly is inept...would seem his "handlers" would (at least)
have seen this coming...I would imagine many of his donors have
offshore investments and see nothing wrong with it at all..

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Response to Dalai_1 (Reply #4)

Thu Jul 12, 2012, 12:02 PM

klook (10,301 posts)