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Thursday, July 12, 2012

Campaign Official says Romney's Claims "Do Not Square with Common Sense"

In case you missed this:

Government documents unearthed by the Boston Globe show that Mitt Romney appeared to have remained CEO and chairman of Bain Capital three years after he said he had ceded control. The date of his departure is important because he has said his resignation in February 1999 means he can’t be held responsible for bad investments the company made or people it laid off after he left.

From the Globe:

According to a statement issued by Bain Wednesday, “Mitt Romney retired from Bain Capital in February 1999. He has had no involvement in the management or investment activities of Bain Capital, or with any of its portfolio companies, since that time.”

A former SEC commissioner told the Globe that the SEC documents listing Romney as Bain’s chief executive between 1999 and 2002 cannot be dismissed so easily.

“You can’t say statements filed with the SEC are meaningless. This is a fact in an SEC filing,” said Roberta S. Karmel, now a professor at Brooklyn Law School. ...

The Globe found nine SEC filings submitted by four different business entities after February 1999 that describe Romney as Bain Capital’s boss; some show him with managerial control over five Bain Capital entities that were formed in January 2002, according to records in Delaware, where they were incorporated.

A Romney campaign official, who requested anonymity to discuss the SEC filings, acknowledged that they “do not square with common sense.” But SEC regulations are complicated and quirky, the official argued, and Romney’s signature on some documents after his exit does not indicate active involvement in the firm. ...

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. “It’s a theory that could be used in a lawsuit against him.”

Romney's claims about this appear to be about as accurate as his stump speech -- meaning not accurate at all.

When will the press begin to label his as the dissembler (to be kind) he appears to be?

    Posted by on Thursday, July 12, 2012 at 06:48 AM Permalink  Comments (37)


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