Account of Romney's Bain departure has evolved

Source: Boston Globe

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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...

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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/


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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
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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