Thursday, July 12, 2012

The Bain Of His Existence

Mitt Romney has been saying that he left Bain Capital in February 1999 to run the 2002 Salt Lake City Olympics and therefore all the outsourcing/offshoring done by the company after that are someone else’s responsibility. But the Boston Globe has found some documents that call that claim into question.

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.”

Also, a Massachusetts financial disclosure form Romney filed in 2003 states that he still owned 100 percent of Bain Capital in 2002. And Romney’s state financial disclosure forms indicate he earned at least $100,000 as a Bain “executive” in 2001 and 2002, separate from investment earnings.

So he either lied on the SEC form or he lied on the public disclosure form. Both are official documents, and if you file false reports, that’s a felony.

And in keeping with the spirit of the moment, the Romney campaign has released an ad claiming President Obama is lying about Mr. Romney’s tenure at Bain.

(Yes, I know everyone else has used that title. But it’s my turn.)