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Originally posted by charles1952
But on Romney and the SEC filings, I am persuaded by the Washington Post article (and the articles it links to) that the was no criminality in Romney's statements about Bain. It's a pretty thorough article, if you can find the time, you might want to read it.
Karmel, the former SEC commissioner, said the contradictory statements could have legal implications in some instances.
“If someone invested with Bain Capital because they believed Mitt Romney was a great fund manager, and it turns out he wasn’t really doing anything, that could be considered a misrepresentation to the investor,’’ she said.
Romney eventually negotiated a retirement agreement with Bain Capital in 2002. The agreement was made retroactive to February 1999.
The Boston Globe reported Thursday that a Massachusetts financial disclosure form Romney filed in 2003 stated he still owned 100 percent of Bain Capital in 2002. Romney was elected to one term as Massachusetts governor in 2002.
Campaign spokeswoman Andrea Saul insisted Romney left Bain in February 1999 and "had no input on investments or management of companies after that point."
The campaign also issued a statement from Bain saying that "due to the sudden nature of Mr. Romney's departure, he remained the sole stockholder for a time while formal ownership was being documented and transferred to the group of partners who took over management of the firm in 1999. Accordingly, Mr. Romney was reported in various capacities on SEC filings during this period."
FORTUNE -- Mitt Romney did not manage Bain Capital's investments after leaving to run the Salt Lake City Olympic Games, according to confidential firm documents obtained by Fortune.
The timing of Romney's departure from Bain became a lightning rod earlier today, when The Boston Globe published an article suggesting that Romney remained actively involved with the firm longer than he and his campaign have claimed. The sourcing is largely SEC documents that list Romney as Bain Capital's CEO and sole shareholder through 2002 -- or three years after Romney officially left to run the Salt Lake City Olympic Games.
These claims are very similar to ones made last week by David Corn in Mother Jones, which we disputed at the time.
Now Fortune has obtained new evidence that supports Romney's version of events.....[continues]
Documents: Romney didn't manage Bain funds
.....................Sure, Romney's name appeared on Bain's SEC filings. But he didn't make Bain's decisions. He only benefited financially from them. Now you see why the Obama campaign thinks it can drag this out over weeks and months. Explaining why Romney himself wasn't really CEO during his leave of absence (when he was trying to save the American Olympics, for Pete's sake!) involves explaining some complicated corporation-fu. In the meantime, the Obama campaign can use "outsource" in every other graf of its press releases, and ignore the Fact-Check squads.
When is a CEO Not a CEO?
Originally posted by charles1952
reply to post by fourthmeal
Wow, thanks. I missed that news. Have charges been filed against him, indictments obtained, any DAs or prosecutors working an official investigation?
He's going to jail soon anyway, for Federal election crimes.
As Fortune put it, “the contemporaneous Bain documents show that Romney was indeed telling the truth about no longer having operational input at Bain -- which, one should note, is different from no longer having legal or financial ties to the firm.”
Dear Ms. Gitcho:
We received your request late this afternoon for a correction regarding this morning’s Globe story. Having carefully reviewed that request, we see no basis for publishing a correction. The Globe story was entirely accurate.
The Globe story was based on government documents filed by Bain Capital itself. Those described Governor Romney as remaining at the helm of Bain Capital as its “sole stockholder, chairman of the board, chief executive officer, and president” until 2002. The story also cited state financial disclosure forms filed by Romney that showed he earned income as a Bain “executive” in 2001 and 2002, separate from investment earnings.
But even as Mr. Obama’s campaign continued to trumpet The Globe’s disclosures, other reports emerged on Thursday to support the Romney campaign’s assertion that he did not have any operational control over Bain after 1999.
A statement from Charlyn Lusk, a spokeswoman for Bain Capital, reiterated Mr. Romney’s position that he “has had absolutely no involvement with the management or investment activities of the firm or with any of its portfolio companies since the day of his departure” in 1999.
Ms. Lusk said that “due to the sudden nature of Mr. Romney’s departure, he remained the sole stockholder for a time while formal ownership was being documented and transferred to the group of partners who took over management of the firm in 1999.”
“Accordingly,” she added, “Mr. Romney was reported in various capacities on S.E.C. filings during this period.”
Originally posted by SebastianQuinn
reply to post by Eurisko2012
Up until three months ago we were creating 200+ jobs a month for the last couple years. 4 Million jobs have been created under Obama even though all his jobs bills have been blocked by congress.