Thursday, July 12, 2012

SEC Filings: Romney Left Bain in 2002 Not 1999

Why does this matter? Romney said he left Bain in 1999 for a reason. Perhaps to hide his wealth? To claim he wasn't responsible for laid off workers after 1999? To claim he wasn't responsible for investing in Stericycle, which disposed of aborted fetuses? Who knows. Romney isn't being upfront about anything and he's letting others fill in the blanks, and that usually means trouble. If he's so proud of being "successful," why doesn't he lay it all out for us? Is he afraid that his wealth, in part, was ill-gotten? Is he afraid to explain why he has offshore accounts? Is he afraid of something else entirely? From the Boston Globe:
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.

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. Boston Globe

Update: The Romney campaign's strategy of asking for a retraction failed at the Washington Post and failed at the Boston Globe.

Romney's getting deeper in the muck: