Posted on 07/16/2012 6:13:53 PM PDT by SeekAndFind
There is no evidence that Mitt Romney exercised his powers at private equity firm Bain Capital after 1999 or directed funds’ investments after leaving, The New York Times reported.
Although some documents place the Republican presidential hopeful in charge of Bain from 1999 to 2001, a period in which the company outsourced jobs and ran companies that fell into bankruptcy, it is not related to who was running Bain at the time, the Times reported.
Romney has tried to distance himself from this period in Bain's history, saying on financial disclosure forms he had no active role in Bain as of February 1999.
“It’s a disconnect between the ownership interest and managerial functions,” Harvey Pitt, who served as S.E.C. chairman under President George W. Bush, told the Times. “When Bain takes positions in public companies, they’re required to show anyone who has an ownership interest that could be the effective equivalent of control. So Romney has to be shown on those filings.
"If they didn’t show them on those filings, they would have broken the law. But it has nothing to do with who’s actually running Bain Capital,” Pitt added.
Financial disclosures filed in Massachusetts back up Romney’s case and show that he drew at least $100,000 in 2001 from Bain as a “former executive” and from other Bain entities as a passive general partner, according to the Times.
The newspaper also pointed to an offering memorandum to investors in a Bain equity fund that was circulated in June 2000 and suggests Romney was not involved in the management of investments. The memorandum lists backgrounds on 18 managers, or “senior private equity investment professionals of Bain Capital,” and Romney is not among them.
(Excerpt) Read more at newsmax.com ...
Romney claims that running Bain gives him the business experience to be president and especially the experience to turn the economy around. Lord knows his experience in governing Massachusetts is not what we need or want nor is it the kind of thing that would turn the economy around. Now he’s running away from Bain? Well, he’ll claim the credit for anything good it did, but can’t have that sullied with anything possibly bad.
WRONG!! Romney needs to crawl out of his hole and DO SOMETHING!! He hasn't asked Obama anything about his hidden records!
Nobody examined any detail of what Obama did for nearly 4 decades before he was elected and innaugurated
WRONG!! The ones you are telling to Shut up did examine what he found on Obama. Did Romney do or say ANYTHING about it NOW or then - NO!! He just wants to waltz into the Oval Office on your back! So take your angst out on him!
He wasn't my choice, but it's what we got.
Bain and capitalism were attacked here at FR and by Republican candidates during the primary. Nobody should be surprised that the left was listening.
Vote for evil, if it makes you feel better
He wasn't my choice, but it's what we got..
It's what you got, not me.
Are you cross eyed or standing on your head? Your comment is opposite of what Diogenesis is doing.
Or is it that you can't handle the truth about romney? You do want to know what you are putting your stamp of approval on, don't you?
Obama’s attacks on this topic only serve to show how completely clueless Obama is about business & basics thereof.
I could be a major/total stockholder in a family business & yet have absolutely no activity in the day to day running of the business.
Romney is apparently the sole stockholder & CEO of Bain. That was correctly reported to the SEC. He took a sabbatical to work for the 2002 Olympics. Even if he was paid full salary while on that leave, it would be his priviledge to do so. IIRC, he took exactly $1 per year to straighten out the Olympics. It would be painfully obvious to even a 3rd grader that the day to day running of both would not be possible.
The astounding stupidity of Obama & his henchpersons is truly something to behold, along with their refusal to say they are wrong about ANYTHING.
While they are getting lots of press on this topic, they are going behind our backs & trying to sign treaties which will hamper our 2nd Amendment rights & allow taxes from the UN which would apply to all US citizens.
Obama set out to create chaos in this country & he is doing a great job-—
Too bad that isn’t what he was elected to do.
When will American voters wake up? Hopefully before November.
Just beccause you own running shoes doesn’t mean you jog.”””
I own 5 horses & I sure am not Eddie Arcaro!!!!
He wasn't my choice also. Newt would have cleaned King Obama's closet. But I have to remind myself that the nominations was voted in by the Republican voters. It is the voters! Therefore I have to support Romney. Do I dare tell the voters that they are fools, nope, not me. But there are some FR that are just doing that. THAT IS STUPID!
marygonzo, welcome aboard FreeRepublic!
marygonzo, since 2012-6-15.
Romney might make mistakes, everybody does, but he's not out to destroy the country.
The only thing worse than Zippo would be Hillary.
If Hillary was president, you wouldn't be reading this.
“Now he’s running away from Bain?”
He’s not running away from Bain, he’s denying outright lies about his time at Bain between 1999 and 2001. There is ample evidence from people and outlets that are certainly not friends of Romney that the charges that he ran Bain after he said he left are not true.
Whether or not you want to accept the facts is another thing, entirely. If you want to continue to spread Obama's lies, that's up to you.
You can paint any kind of smiley face you want on it, but the fact of the matter is, he’s running away from Bain. Just like he ran away from Reagan-Bush conservatism when it favored him politically to do so. The man has no solid foundation. He bends with the political winds. Always explaining, parsing words and excusing himself. Nothing bad that happened on his watch or while he owned Bain was his fault, but everything good was due to his superior management skills. Anything contrary can be explained away, even if the story changes many times during the explaining.
1:12 minute mark on this video:
http://www.youtube.com/watch?v=7OQoBxZZPqU&feature=player_embedded
Why would he want to run away from his ownership of Bain? His Bain company successes is his conservative claim to fame.
Obama and his Democrat friends were trying to tie the Bain 'outsourcing' around his neck, and Romney simply pointed out that any of the business decisions made while he was away running the Olympics weren't made by him, whether they were for good or ill. His name was still on the SEC documents, because, legally, he WAS still the CEO, because there hadn't been time to find a replacement before he had to leave for the Olympics. He didn't go back to head up Bain, because he decided to go into politics here in MA, so they got a new CEO. I don't see anything nefarious there.
Well, guess he saw that as valid criticism, because he’s definitely running away from his ownership of Bain. He “washed his hands” of Bain.
The President of my father’s (small) company was a President in name only, and my father, who was VP, ran it and made all decisions. It happens.
And yet, Obama and the Democrats persist. They are not concerned about the press.
What does that tell us?
Don't bother, Romney got Obama (not just a surrogate) to say it and then the NYT says it is not so. KA-Ching.
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