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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsNEW DOCS Suggest ----Mitt LIED To The SEC About His Management Of Bain Capital
Last edited Tue Jul 10, 2012, 08:29 PM - Edit history (1)
Did Mitt Romney Lie To The SEC About His Management Of Bain Capital?
Posted by: Mark @ 12:47 pm
Mitt Romneys core argument for supporting his candidacy for president is the assertion that his business experience has prepared him to deal with the economic challenges that the country faces. But that case is muddled by the many unanswered questions about his past that he refuses to reveal. Unlike his father, who released twelve years of tax returns in his White House bid, Mitt Romney has released tax filings for only one year. Then he expects everyone to take at face value his insistence that he has never sheltered income off-shore and has always followed the law. OK, fine, then why not release the documents to prove it?
The problem with taking Romneys word for anything is his proclivity for telling lies about almost any subject he discusses. With regard to his tenure at Bain Capital, Romney has declared emphatically that he was not responsible for any of the reported instances of terminating domestic employees and sending those jobs overseas. His principle claim is that he left Bain in 1999, before any such actions occurred.
However, new evidence has emerged showing that this is just another false statement from Romney. Documents filed with the Securities and Exchange Commission show that Romney was identifying himself as the Managing Directer of Bain as late as 2001.
WASHINGTON, DC 20549
SCHEDULE 13D
February 11, 2001
Bain Capital, Inc., a Delaware corporation (Bain Capital), is the sole managing partner of the BCIP entities. Mr. W. Mitt Romney is the sole shareholder, sole director, Chief Executive Officer and President of Bain Capital and thus is the controlling person of Bain Capital.
http://www.sec.gov/Archives/edgar/data/1054290/000092701601001009/0000927016-01-001009-0001.txt
Romney has said that, despite what official filings may say, he could not have been running Bain at the time because he was too busy working on the 2002 Olympics. If thats true, then he lied to the SEC when he signed the Schedule 13D cited above. So Romney is either lying on an official government form, or he is lying to the American people. Thats not a choice that has any positive outcomes.
http://www.newscorpse.com/ncWP/?p=7540
http://talkingpointsmemo.com/archives/2012/07/no_romney_didnt_leave_bain_in_1999.php
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"No, Romney Didnt Leave Bain in 1999":
"The gist of the disagreement comes down to this: Theres no question that numerous public filings and some contemporaneous press references say Romney was still running things at Bain after 1999. But his campaign insists that whatever securities filings may have said, in practice, he was so busy running the 2002 Winter Olympics that he actually had no role at Bain after early 1999. Thats possible in theory. But theres no evidence for it besides self-interested claims by Romney. And theres plenty of documentary evidence to the contrary. After all, what you tell the SEC is really supposed to be true".
http://talkingpointsmemo.com/archives/2012/07/no_romney_didnt_leave_bain_in_1999.php
Cali_Democrat
(30,439 posts)The lies just keep spewing from his mouth almost on a daily basis now.
aint_no_life_nowhere
(21,925 posts)laughing with that butt ugly face and saying that all of the outsourcing at Bain occurred after Romney stepped down from his position. Andrea Mitchell looked very shaky and had no follow-up. However, the Democratic lady after Sununu must have been referring to this story, as she said that the outsourcing did occur while Romney was still head of the company Bain. Not only does Romney lie, but all of his surrogates are doing the same.
siligut
(12,272 posts)Sununu was acting like he knew it all and laughing at her, she couldn't respond to his hubris, that was hard to watch.
FlaGranny
(8,361 posts)of seeing that. Poor Andrea is a pathetic interviewer.
GopperStopper2680
(397 posts)Every Chairman, VP, CEO etc. Seems to think that running a country is the same as running a business. Sitting as an executive for a few years seems to think they have the right stuff to be the President. Running a country is actually nothing like running a business. It's infinitely more complex and nuanced. No businessman who ever goes at running the State like running a business will succeed.
GopperStopper2680
(397 posts)DevonRex
(22,541 posts)panader0
(25,816 posts)Initech
(100,079 posts)chknltl
(10,558 posts)I could have just said "knr" instead. This news is most definitely worth keeping an eye on.
AnotherMcIntosh
(11,064 posts)It's OK if you are a Republican
maxrandb
(15,330 posts)the Teabaggers brayed.
Spazito
(50,348 posts)"The Associated Press and Vanity Fair explored one of Romney's overseas accounts, Sankaty High Yield Asset Investors, Ltd. The firm is described in SEC filings as "a Bermuda corporation wholly owned by W. Mitt Romney."
In his 2010 tax return and his 2011 estimated filing, Romney includes Sankaty High Yield Asset Investors, Ltd. The beginning balance is pegged at $10,432. He and his wife Ann are the sole owners. According to the Associated Press, Romney ran his investments in other Bain Capital deals through this offshore corporation.
Romney's ownership of Sankaty is not in doubt, at least not as recently as this past December, according to Romney's 2011 estimated tax return. So Gibbs appears to be on solid ground on that point.
As for Gibbs' other assertion that Romney has failed to disclose his stake in Sankaty seven times, that also is largely accurate. We counted six disclosure forms where Romney made no reference at all to the Bahamian corporation. Those include his filings in Massachusetts when he was running for governor or holding office, and his federal disclosures for his presidential bids."
http://www.tampabay.com/news/politics/national/claim-that-romney-left-corporation-off-financial-disclosure-forms-is/1239670
More lies to the SEC, lies of omission?
It is interesting, is it not, that the filing put the value of the Bermuda corporation at $10,432.00 yet in SIX previous filings, he excluded the company entirely. Why would he hide this company if it's value was only 10 thousand dollars? Could it be it is/was a shell company, a flow-through company set up to help his clients avoid paying U.S. taxes? That would certainly explain why the continuing stonewalling by Romney regarding this Bermuda company. Just a thought.
quaker bill
(8,224 posts)Being sole stockholder and only director means that Bain Capital was simply Mitt Romney in corporate form. Many corporations have a board of directors, this one did as well, but the only person on the board of directors was Mitt. This is what the document is saying. It was an incorporated sole proprietorship.
Igel
(35,317 posts)He was sole director of the corporation, but there were managing directors.
In some of the purchases of Bain Capital Romney's name doesn't appear--apparently those in charge of managing the take-over are named in such circumstances.
Added to the mix is that Romney didn't sign this form himself--something that the OP simply got wrong. There's only one signature, that of one of the managing directors, a guy named Nunnelly. If there's perjury, it's his. Unless somepace in the document it says that this was approved by all the directors (could be I overlooked that, these things are tedious to read).
libodem
(19,288 posts)The Republican convention, Teaparty tries to sneak Ron Paul in to replace him. And they do it!
*Gets out the bookmaking equipment.* Line forms to the left.
Ganja Ninja
(15,953 posts)There are two Mitt Romney's.
Think about it. It would explain a lot.