“Mr. Romney retired from Bain Capital on February 11, 1999 to head the Salt Lake Organizing Committee [for the 2002 Winter Olympics]. 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.”
~Mitt Romney’s Signed Federal Disclosure Form in August 2011
President Obama’s campaign hits Romney as hard as they can in the gut for revelations that Romney actually stayed as the official CEO, President and SOLE owner of Bain Capital until 2002. That’s very important for several reasons:
#1 – Either he has lied to voters about his time at Bain or he lied to the SEC. It’s only one or the other.
#2 – If he lied to the SEC – it could be a federal crime
#3 – If he lied to voters – it’s because he has said he shouldn’t be held responsible for the outsourcing of jobs that took place at Bain after 1999. He claims he wasn’t in charge and “has not been involved in operations of any Bain Capital entity in any way.” If he did lie to voters – it’s because he wants to be seen as a job creator and successful businessman … not a vulture capitalist who preyed on the lives of the middle class.
“I reported directly to Mitt Romney … You can’t be CEO of Bain Capital and say, ‘I really don’t know what my guys were doing.’”
~Marc Wolpow, Bain Employee in 2002
The Huffington Post points out HERE:
For instance, in April 1999, Romney signed documents related to a Bain deal with Pirod Holdings.
In November of that year, his signature appears on documents connected to a deal with Stericycle.
In January 2000, he signed paperwork for a deal with VMM Merger Corp.
His John Hancock appears on ChipPAC Inc. documents in February 2001.
That same month, Romney’s signature can be found on paperwork connected to a Bain deal with Integrated Circuit Systems Inc.
In February 2000, he signed documents related to a deal with Wesley Jessen Visioncare Inc.
And two days ago – both Talking Points Memo and the Boston Globe identified documents showing that Romney was in charge of Bain until at least 2003. You can read that HERE:
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.
And then there’s THIS:
The Boston Globe reported in 2003, during the SEC investigation, that “Romney… signed the SEC’s necessary documents for Bain when his company — and he as an individual shareholder — sold their stakes in DDi in the fall of 2000 and in the winter and spring of 2001. SEC records indicate that Romney remained well into 2001 as a general partner in three of the four Bain funds that are involved in the DDi transactions.”
The fact that Romney signed documents for selling his own personal holdings in DDi — close to 200,000 shares worth over $4 million — at the same time that he did so for Bain Capital, could raise additional questions, as it suggests that he was likely familiar enough with the deal to be making personal investment decisions.
DDi was part of a broader investigation, which resulted in Lehman Brothers paying a $1.4 billion settlement in 2003.
Then of course – there is the Mother Jones blockbuster finding that Mitt Romney invested in businesses that outsourced to China even pre-1999. You can find that analysis HERE:
According to government documents reviewed by Mother Jones, Romney, when he was in charge of Bain, invested heavily in a Chinese manufacturing company that depended on US outsourcing for its profits-and that explicitly stated that such outsourcing was crucial to its success. This previously unreported deal runs counter to Romney’s tough talk on the campaign trail regarding China. ‘We will not let China continue to steal jobs from the United States of America,’ Romney declared in February. But with this investment, Romney sought to make money off a foreign company that banked on American firms outsourcing manufacturing overseas.
If you’re not getting all this … Romney wants you to think he’s not responsible for all the bad things that happened after he left (as if there weren’t enough bad things prior to 1999) … sending jobs overseas, laying off middle class workers, screwing them on their pensions and being a job creator in China and a job destroyer in America. He’s trying to rewrite all the facts of his life … and he’s offering very little in the way of disclosure in order to prevent you from knowing this. This includes his bank accounts in offshore tax havens like Bermuda where some of these job destroying companies were created.
Like us on Facebook?