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Wed Jul 25, 2012, 09:26 AM

FACT CHECK: Romney-Bain contacts outlasted exit [View all]

FACT CHECK: Romney-Bain contacts outlasted exit


WASHINGTON (AP) Republican presidential candidate Mitt Romney has said he had no active role in Bain Capital, the private equity firm he founded, after he exited in February 1999 to take over Salt Lake City's Winter Olympics bid. But according to Bain associates and others familiar with Romney's actions at the time, he stayed in regular contact with his partners over the following months, tending to his partnership interests and negotiating his separation from the company.

Those familiar with Romney's discussions with his Bain partners said the contacts included several meetings in Boston, the company's home base, but were limited to matters that did not affect the firm's investments or other management decisions. Yet Romney continued to oversee his partnership stakes even as he disengaged from the firm, personally signing or approving a series of corporate and legal documents through the spring of 2001, according to financial reports reviewed by The Associated Press.

The details of Romney's contacts with his Bain partners between his 1999 departure and his separation from the company in mid-2001 could show how involved he was either as CEO or passive investor in several multimillion-dollar investment deals, bankruptcies and a spate of layoffs and overseas job shifts at Bain-owned companies that reportedly occurred during that span. Romney's role became a campaign issue in recent weeks because corporate records from the time showed his interests in some of those deals despite his insistence that he gave up any decision-making authority once he left Bain.


Romney testified during a 2002 Massachusetts court case that he flew back and forth between Boston and Salt Lake City frequently in the first half of 1999, returning at least four times to attend board meetings of office supply giant Staples Inc., which had named him a director. Romney said nothing about his dealings with Bain during that testimony, which came during a legal challenge to his Massachusetts residency that was aimed at thwarting his campaign for governor.

- more -


Romney Interview Directly Contradicts His Previous Statements About Bain Tenure

Yes, Romney Perjured Himself

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Reply FACT CHECK: Romney-Bain contacts outlasted exit [View all]
ProSense Jul 2012 OP
uponit7771 Jul 2012 #1
malaise Jul 2012 #2
Melissa G Jul 2012 #4
ProSense Jul 2012 #5
global1 Jul 2012 #3
ProSense Jul 2012 #6