Bain Capital
 

Mitt Romney is either lying or he committed a felony. This is going to get good.



President Obama’s campaign calls Mitt Romney a liar after report on extended Bain tenure, but Romney says story is inaccurate - Political Intelligence - A national political and campaign blog from The Boston Globe - Boston.com


http://www.motherjones.com/politics/...na-global-tech



http://www.politico.com/news/stories/0712/78459.html

I believe these happenings might be the best thing that happened for Romney....first of all

"Why does it matter when Mitt Romney left Bain Capital?

Millions of dollars of attack ads by the Obama campaign are hanging in the balance. If Romney left Bain in February 1999, when he departed to run the Olympics, then a number of business deals that went sour (such as KB Toys) can’t be counted as part of Romney’s tenure. If he actually left in 2002, as the Obama campaign alleges, then those deals are fair game.

We have looked at this issue before, back in January, and thought we had settled it.

But now the Boston Globe has raised the issue again. The story seems to hinge on a quote from a former Securities and Exchange Commission member, which would have more credibility if the Globe had disclosed she was a regular contributor to Democrats. (Interestingly, “The Real Romney,” a book on the former Massachusetts governor, by Boston Globe reporters, states clearly that he left Bain when he went to run the Olympics and details the turmoil that ensued when he suddenly quit, nearly breaking up the partnership)

Mitt Romney and his departure from Bain - The Washington Post

"It’s the latest bit of nastiness in an increasingly nasty campaign over Romney’s business career — a career Obama’s campaign has tried to turn into an albatross.

Obama deputy campaign manager Stephanie Cutter, along with Obama campaign lawyer Bob Bauer, argued Thursday that Romney may have lied to the Securities and Exchange Commission about leaving Bain in early 1999 to run the Salt Lake City Olympics.

Their accusations were based on a Boston Globe story reporting that SEC filings show Romney remained chief executive, chairman, and sole stockholder at Bain through 2002. The documents also showed, according to the Globe, that Romney earned $100,000 as a Bain “executive” in 2001 and 2002. "

Boston Globe: Romney left Bain three years later than he says he did - The Washington Post

If Romney lied he should pay the piper !!!!

HOWEVER, and I feel extremely confident that he did not lie.....it opens the doors to go after this man who is now showing how nasty a man he is...and that is the first time I have ever said anything about him personally...he said off the record he wanted to destroy the MAN...not just win....that is the President.

Once this settles, take off the gloves...no more rules....let the mysterious past of Obama be revealed...I am loving this actually.

Not a party guy at all so if he did lie, he should pay but he didnt and now the opening is there to let it all out !!!

By the time Willard gets fully vetted - the R's will be looking for another candidate. After the Palin debacle, the press is gonna dig up everything on this guy. Expose him for the liar he really is.

We are beginning to understand why Willard refuses to release all his tax returns.

Wow, even before the Republican convention in Tampa, they may have to choose another candidate!

Looks like the probable candidate now is (oh, yes) Ron Paul. :a20:

Very colorful!!! :icon_wink:

Same liberal krap. Just a new day. Romney has been vetted twice over. All the administration can only run on mud. It has nothing else.

isn't it amazing how an article in the media becomes touted gospel......if it has the message the loyal supporters like....fact or truth is a secondary if any consideration.

Could that be how they were swayed in 2008?

btk

My preference is to wait it out and see what the Romney camp has to say. There is a truth and time has a way of sorting out whose truth it is.

Can you tell us how you really feel? :icon_wink:

I Agree With Bucco
 

"Why does it really matter...?"

Whether or not Romney remained as the primary executive of the company that he owns for a couple years longer than has been reported...so what! Does that make him less competent or qualified as a candidate? (The allegation is very probably purposely misconstruing the facts--see my other response in this thread.)

As long as the Obama campaign handlers can keep the media and public focused on this "issue", that's days, weeks or months that the issues of unemployment, slow economic growth, the deficit, national debt, immigration, tax policy, etc. doesn't need to be debated.

Smart move. It's just like the old three walnut shells and a pea street game. Both candidates are playing it, and playing it very well. It's this kind of crap that the public and the press falls for every time. Wait'll the super PACs start producing their attack ads on this issue.

I hate to say it, but I'm beginning to have little hope for our system of government, maybe more important our national values and intelligence.

By the way, I'll post how a private equity firm really works and how Romney continued to be "paid" while not actively employed by again in a separate reply to this thread.

I agree. Wait and see what the fact checkers pull out of their investigations. Bain Capital just might have been keeping Romney's name on their letterheads so to speak to capitalize on his connection with the Salt Lake City Olympics and Mitt Romney might not have had anything to do with the day-to-day operations at Bain.

I would think that the SEC could investigate this easily with all the forms Bain would need to submit in their daily operations.

Hmmm ... perchance there is a new "Artful Dodger" on the scene? Bain Capital issue plus he will not release tax records? Hmmm ...

How Romney Was "Paid" Without Being Employed
 

Private equity firms are organized as entities that solicit investment funds from investors like pension funds, college endowments, etc. The role they play is to invest those funds by buying companies which they actively manage to increase their value, then a few years later they sell the companies or take them public through an IPO, creating a superior return on investment for the participants in their investment fund. The private equity firm, in this case Bain, takes fees for all the work they do in finding companies to buy as well as fees for their ongoing service in managing the companies while they own them. When the companies they buy are sold, Bain takes a "preferred return" (typically 20% of the capital gain), then the rest of the gains are distributed pro rata among the firms who invested in their closed end investment fund.

Almost always the individual investments, the "deal" where Bain would buy a company, are organized as partnerships within Bain and the investment fund itself. The key Bain people involved in finding the investment and subsequently managing it, along with the key managers of the company being purchased, are given allocations of the stock of the company. These allocations of ownership to those involved in managing the company is done to incent their work and skill in doing the things to create increased value for the investment companies. So when the company is sold, both Bain as an entity as well as their individual partners and the company managers profit from the sale of the company owned by Bain. In a lot of cases, allocations of the stock of the companies owned by Bain as well of a share of Bain's preferred return are given to Bain's owner and top managers, including Mitt Romney.

Any profits from the sale of the stock fom the investments isn't paid to the owners of the stock until it actually occurs, when the company is sold or taken public. So when Mitt Romney stepped down as CEO of Bain, he still would have retained partial ownership of the companies owned at the time of his leaving the firm, and also his partial ownership in the preferred return of the investment fund he was involved in raising while active in the company. Then in succeeding years, as those companies were sold, the value of his ownership shares would be paid to him, even though he had long since stepped away from active management of either Bain or the companies they invested in and owned. Such payments to Romney could be expected to continue for years after he left active management of Bain.

So could Romney be "paid" even though not employed and actively managing Bain? Absolutely. Could a critic or political opponent construe those facts differently for their own purposes? That's pretty obvious, isn't it?

Thanks VK for a legitimate explanation....I tried in post 2 to show some of the inaccuracies with some links but your post is over the top with accuracy

If you note, this story seems to be ONLY proffered by the progressive left wing media with ties to the WH. The Washington Post had already looked into this a few weeks ago, but the Obama team is reacting to the new Romney ad where they are calling him out on some things. As I understand it, the Obama campaign made a mass flooding of media yesterday.

Keep the heat on Obama, Mr Romney....there is so much to flush out.

capitalism at work
 

the thing to keep in mind is that nothing bain did was illegal or unusual...the companies taken over by these entities are about to go belly up, and if companies like bain can salvage something from them, it benefits at least some of those who were dependent on the company. if they are unsuccessful, the end result is no worse than the looming bankruptcy. this is capitalism and the economic system that has produced the highest quality of life on the planet. it needs no apologies.