2012 Election | Barack Obama | Mitt Romney | News

Romney Campaign Denies He Lied About Bain Capital Resume in Wake of New Documents: VIDEO


The Boston Globe published a bombshell bit of news this morning:

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.

The timing of Romney’s departure from Bain is a key point of contention because he has said his resignation in February 1999 meant he was not responsible for Bain Capital companies that went bankrupt or laid off workers after that date.

According to FactCheck.org, Romney would be guilty of a federal felony if he lied about the departure date.

The Romney campaign is denying the assertions made by the Globe article:

"The article is not accurate," Romney press secretary Andrea Saul said in a statement. "As Bain Capital has said, as Governor Romney has said, and as has been confirmed by independent fact checkers multiple times, Governor Romney left Bain Capital in February of 1999 to run the Olympics and had no input on investments or management of companies after that point."

In a conversation with POLITICO, Romney adviser Matt McDonald also said the Globe report was inaccurate. "Romney wasn't involved in any investment decisions," McDonald said. "He was on the SEC filings becasue he was still techinically the owner, but hadn't transferred ownership to other partners."

The Globe article comes as Romney's Bain tenure is making headlines over allegations that he invested in companies that outsourced jobs while he was there. Today, the Romney campaign released a new ad attacking Obama over those claims.

Watch it, AFTER THE JUMP...

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    he either lied to the IRS or to the SEC

    both are federal Offenses though statute of limitations are up on prosecution unless his unreleased tax returns show more

    Posted by: say what | Jul 12, 2012 11:56:38 AM

  2. Trust me, I am no fan of Mitt, and he should never, ever be president. However these kinds of charges are pretty major and I'll wait until more information comes in before throwing the book at him.

    Posted by: Gregoire | Jul 12, 2012 12:01:23 PM

  3. His claim, essentially, is that he was CEO in name only from 1999 to 2003. Assuming for the sake of argument that he's telling the truth, it's hard to see how that makes the situation better for him. It demonstrates that he acts slowly, doesn't follow the law, misled authorities in filings during that period, and fails to accept responsibility for things that happened on his watch.

    Posted by: jimstoic | Jul 12, 2012 12:11:54 PM

  4. No way is he going to be convicted of anything.

    Posted by: Paul R | Jul 12, 2012 12:21:44 PM

  5. He owned Bain or he didn't. There's nothing technical about it

    Posted by: Phil | Jul 12, 2012 12:24:31 PM

  6. These are serious discrepancies in the public record. Candidate Romney needs to explain the inconsistencies with verifiable proof — without further delay and hedging. Perception is reality, and it's starting to look like Slippery Mitt.

    Posted by: Lynn Cee | Jul 12, 2012 12:31:26 PM

  7. No wonder he doesn't want to release tax returns.

    If this were Obama instead, the Republicans would be howling and demanding the release of tax returns in much the same way they demanded Obama's birth certificate.

    Posted by: John | Jul 12, 2012 12:35:30 PM

  8. paul R

    but he can face civil suits from investors if they claim they based their investing in bain per SEC filings = Romney was head of Bain between those years

    what is the statute of limitaions on civil law suits?

    Posted by: say what | Jul 12, 2012 12:36:08 PM

  9. Interesting. Why come out with this now? If it were truly a bombshell I'd think September would be the the time it would cause most damage, not the dead of summer.

    No, Gov. Romney is not a 'nice' person. Nobody reaches a certain high level in the government, corporate or even entertainment [which is corporate] because they're 'nice'. There are no 'nice' CEOs. And Pres. Obama likewise is not a 'nice' person. He didn't get to reach his position by being nice, and by many independent accounts is described as being cold and distant in private.

    No surprises here.

    Posted by: ratbastard | Jul 12, 2012 12:40:09 PM

  10. He is just another lying Mormon politician dog. He put a lot of people out of a job and business to go out of business just so he could make his millions of dollars, blood money.

    Posted by: Mike | Jul 12, 2012 12:40:25 PM

  11. I could accept that he was still the owner after 1999, because that can take time to unwind. But why would he still be listed as CEO and President? It's easy to transfer those titles. And if he wasnt actually running things, keeping those titles leaves him open to ridiculous levels of liability. Not so smart for a "successful businessman."

    Posted by: Jon | Jul 12, 2012 12:56:16 PM

  12. @ratbastard

    probably because there is more to come

    september's news info is probably a doozy

    + add in Politico ( a lot of former rove people there) is openly asking if he committed a felony

    In the end rove always works for the Bush people and nixing mittens opens up 2016 for Jeb or dare jeb wish for a brokered convention due to the nominee being a crook

    Posted by: say what | Jul 12, 2012 1:04:56 PM

  13. Oh, please, please let this be true!

    Posted by: MattS | Jul 12, 2012 1:23:41 PM

  14. Nice to see that the trolls are pulling out the false equivalency card... Shows they are scared. If this was Obama the radical right wing house would have articles of impeachment passed tomorrow.

    Posted by: Joey | Jul 12, 2012 1:34:32 PM

  15. Romney won't show his tax returns because in some years, on income of 10s of millions of dollars, he paid no income tax at all.

    These lies abut Bain and his involvement will be his undoing.

    Posted by: RWG | Jul 12, 2012 1:38:47 PM

  16. Why now?

    Because come September he would have to explain the undeclared $53 million in foreign accounts hidden in Mrs Romney's name just prior to being vetted by McCain in 2008.

    This man is on the IRS hot radar screen!!!

    The McCain campaign found him too dirty to touch and chose the bimbo Sarah over him.

    Posted by: Brains | Jul 12, 2012 1:51:51 PM

  17. This just makes me sad, in a more profound way.
    In American politics (and in business) what ever happened to the concept of "the buck stops here"?
    Romney was the sole owner, so he is responsible whether he was actively involved or not, period!

    Posted by: Cap | Jul 12, 2012 2:06:59 PM

  18. OK, so Romney was listed as the SOLE stockholder, President, Chairman of the Board and CEO of Bain Capital until 2002, AND he drew a 6-figure salary.

    Gosh, it's really unfair those awful reporters misconstrued that as him having any responsibility for Bain Capital during that period! /sarcasm

    Posted by: Caliban | Jul 12, 2012 2:48:07 PM

  19. Once again - all you gay Republicans out there take note of the dishonest "man" you are selling us out to !

    Mitt Romney is the WORST kind of politician. He's such a snake. I want to see him fail at the election.

    Guys, please contribute to the Obama campaign or there is a real chance Romney could win. You think Bush was bad ? Romney will be worse !

    Posted by: Icebloo | Jul 12, 2012 2:51:53 PM

  20. Uh, the Washington Post (hardly pro Romney) debunked this months ago! http://www.washingtonpost.com/blogs/fact-checker/post/mitt-romney-and-his-departure-from-bain/2012/07/12/gJQAASzUfW_blog.html

    I really think the Democrats and their supporters have to be careful in alleging scandal when there may be an easy response from the Republicans. They lose credibility when there is a real scandal and give Romney a great opportunity to fire up the base by pointing to the biased media. I can already see Fox News spinning this as a biased attack by the left wing media and citing the Washington Post as support.

    Posted by: Jacoby | Jul 12, 2012 3:02:49 PM

  21. Lmfao... I knew a bombshell would be coming but not this soon and a felony???

    So let's rewind... Romney avoids paying taxes by moving his money out of the USA, he outsources jobs to China, he bullies gay people, he lies to either the SEC and/or the IRS, he a criminal with a specialty if felonies, he tortures his family pet... Wow, no wonder the GOP loves him.

    Posted by: Michael | Jul 12, 2012 3:05:16 PM

  22. A few excerpts from Washington Post article. This is 60 Minutes and George Bush again. Obama really should stay far away from this:

    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)

    And after reviewing evidence cited by the Obama campaign, we reaffirm our conclusion that Romney left the helm of Bain Capital when he took a leave of absence in 1999 to run the Salt Lake City Organizing Committee for the 2002 Winter Olympics – as he has said repeatedly — and never returned to active management. The Obama campaign’s recent ads thus mislead when they point to investments made by Bain, as well as management decisions made by companies in which Bain invested, after that time.
    What does the Obama campaign have in rebuttal? Very little, and none of it convincing in our judgment.
    Much of the Obama campaign’s letter is devoted to quoting portions of documents filed with the Securities and Exchange Commission. In summary, the letter states there are “at least 63 filings with that agency after March 1, 1999 that list various Bain entities and describe them as ‘wholly owned by W. Mitt Romney.’” That’s true, but not relevant.
    We have never disputed that Romney remained the owner of Bain while he was running the Olympics committee. The issue always has been, who was running Bain? Nothing in the SEC documents contradicts what Romney has certified as true.

    Posted by: Jacoby | Jul 12, 2012 3:34:33 PM

  23. What this does is enhances the narrative that Romney has something to hide, and regularly fudges facts, especially regarding his money and assets. This confirms a perception in the general public that the super-rich like Romney have one set of rules for themselves (which they write), and another set for middle-class and working class Americans. Obama has his faults, but generally Americans in poll results feel that he's above board and trustworthy, even when they don't like his policies. Romney is now fighting his image as someone who hides things and manipulates the system for himself and his friends, and "regular" Americans then take it in the shorts. (Even Romney's Mormonism then becomes part of this narrative--not "what a nice, morally upstanding guy," but "Gee, even his church is secretive and unfathomable. What else is he hiding?")

    Whether this goes anywhere or not is somewhat immaterial; the point is, it keeps Bain in the news, and reaffirms that Romney makes a hell of a lot more money than he's willing to let on (or pay taxes on). That's why this is potentially bad for him.

    Posted by: Dback | Jul 12, 2012 3:48:50 PM

  24. Maybe Romney was hiding his money from the Mormons so wouldn't have to give them their 10%.

    Posted by: JellyBean | Jul 12, 2012 4:24:47 PM

  25. Jacoby,

    The WashPo is *in the tank* for the neo-con agenda and is just fine with Republicans, thankyouverymuch.

    The WashPo is horrifically wrong on the merits of the story. Romney was *paid* as an *executive* of the company in the years he said he was retired. Not just paid for stocks or ownership he had in the company, but as an executive.

    Furthermore, the Washington Post seems to be wearing rose-colored glasses, thinking it inconceivable Mitt would lie when it could get him in legal trouble.

    "To accept some of the claims, one would have to believe that Romney, with the advice of his lawyers, lied on government documents and committed a criminal offense. Moreover, you would have to assume he willingly gave up his share to a few years of retirement earnings — potentially worth millions of dollars — so he could say his retirement started in 1999."

    Just because the consequences could be severe, doesn't mean Mitt wouldn't do it. Mitt was born into an over-privileged life and had a lifetime experience that taught him when he did illegal things, he'd get away with it -- from beating up kids at high school, cutting off his hair, to kidnapping college students and ALSO cutting off their hair, to dressing up as a cop and pretending to arrest people to lying about his residency when running for governor to ignoring cops when they request he obey the law while on family vacations to strapping the family dog on the top of his car and driving for a thousand miles (and then lying to the reporter, saying the dog was fine and lived a long life afterward, when in fact the dog RAN AWAY after the trip AND WAS NEVER FOUND AGAIN).

    This guy is a sociopathic tool and the Washington Post just gave the sociopathic tool the benefit of the doubt when serious documented evidence is presented in the Globe's story, and the Globe is vehemently sticking behind their story.

    Posted by: Ryan | Jul 12, 2012 6:40:16 PM

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