*Mitt Romney Stayed at Bain 3 Years Longer Than He Stated*
Mitt Romney stayed at Bain 3 years longer than he stated
Firm’s 2002 filings identify him as CEO, though he said he left in 1999
By Callum Borchers and Christopher Rowland-July 12, 2012
Nine SEC filings submitted by four different business entities after February 1999 describe Romney as Bain boss.
Government documents filed by Mitt Romney and Bain Capital say Romney remained chief executive and chairman of the firm three years beyond the date he said he ceded control, even creating five new investment partnerships during that time.
Romney has said he left Bain in 1999 to lead the winter Olympics in Salt Lake City, ending his role in the company. But public Securities and Exchange Commission documents filed later by Bain Capital state he remained the firm’s “sole stockholder, chairman of the board, chief executive officer, and president.”
“When Mitt Romney ran for governor and now as he’s running for president, he consistently claimed he could not be blamed for bankruptcies and layoffs from Bain investments after February 1999 because he departed for the Olympics. Now, we know that he wasn’t telling the truth. According to the Boston Globe, and official Bain filings to the SEC, Mitt Romney didn’t leave Bain until 2001. He continued as the firm’s president and CEO, remained on the payroll, and continuously signed government documents representing himself as the head of that firm.
This puts him at the center of responsibility for troubling investments involving outsourcing and bankruptcies. It also raises serious questions about why he misrepresented the date of his ‘departure,’ and whether he is concealing his tax returns because there is still more about this period and beyond that he doesn’t want people to know. It’s time for Mitt Romney to come clean so that the American people can make their own judgments about his record and his motivations.”
From David Corn of Mother Jones
EXCLUSIVE: Romney Invested Millions in Chinese Firm That Profited on US Outsourcing. The GOP candidate decries China poaching US jobs. But at Bain he held a large stake in a Chinese company that did just that.
The SEC filings do not reveal how much Romney initially invested in Global-Tech (which is now known as Global-Tech Advanced Innovations). But Brookside first acquired 748,000 shares at a time when Global-Tech was mounting an IPO at $19 a share. If that was the purchase price Brookside paid, then Romney’s firm originally invested $14.2 million in the company.
At the time Romney was acquiring shares in Global-Tech, the firm publicly acknowledged that its strategy was to profit from prominent US companies outsourcing production abroad.
*Hat tip rikyrah*
Mediaite commenter on Romney’s “free stuff” bullshit:
The racist slander against African Americans as lazy opponents of the dilligent white citizen harkens back to Reconstruction and a simple minded resentment generated by black folk receiving only a tiny fraction of the support afforded whites. The right has employed this fetid distortion from the very moment that African Americans first earned citizenship and Romney himself continues the distortion… A personal recipient of far greater federal and state benefit than entire institutions serving black communities in need. Romney declares that black folks should move on down the road if they want “free” stuff. Meanwhile, his accountants innovate UBIT avoidance for pension monies raided and replaced by the common citizen of every stripe. Romney is a shame imposed upon the Republic by an ackward collection of broken clans clinging to a disgusting past. I feel the impulse to curse but will avoid it. The Romney position unchanged from this rotten example…
AND ROMNEY HE CLEARLY KNOWS WHAT’S GOING ON WITH HIS BLIND TRUST. SUCH A LIAR!
UPDATES AS PROMISED:
Blogs have been reporting on this, and what it means that Mitt Romney lied:
Mediaite: Fact Check: Boston Globe Reports Mitt Romney Was at Bain Until 2002: http://bit.ly/PP0pBI
AmericaBlog: Romney May Have Committed Felony Lying About Role With Bain: http://bit.ly/OA8xkA
Think Progress: Mitt Romney Stayed at Bain Capital Three Years Longer Than He Claims: http://bit.ly/PP0e9y
Salon.com: Romney’s Bain Lie: http://bit.ly/NoidAy
Agonist: Lying Liar Mitt Romney Lied About Bain Tenure: http://bit.ly/MkgcZ3
Jamison Foser: Did Romney Leave Bain in 1999? He Could Have Legal Problems
Either Way: http://bit.ly/POZZeC
Blue Mass Group: SEC Document Show Romney Ran Bain Until 2002, Not 1999: http://bit.ly/OcXKvE
Atlantic Wire: Why Romney’s Quit Date At Bain Matters: http://bit.ly/OA8lSD
Balloon Juice: Bainiac on the Floor: http://bit.ly/Mn4YiW
Jed Lewison: More Bain Pain for Mitt Romney: http://bit.ly/Noi3cr
Jed Lewison: Mitt Romney Sure Picked A Bad Day to Call the President A Liar: http://bit.ly/N9CJan
3 Chics Politico: Mitt Romney’s Big Bain Capital Lie: http://bit.ly/MmvA0R
Mother Jones: Romney’s Bain Story is Falling Apart: http://bit.ly/NBkB7r
Crooks and Liars: Romney’s Protests about Outsourcing Unravel: http://bit.ly/LLP0ma