Romney's Bain Lie

[Si modo]

UPDATE: 9:15 p.m. --

The Romney campaign responded by focusing on Romney's involvement with Bain itself, and argued that the state Ballot Law Commission validated their argument that Romney was not involved in day-to-day Bain matters.

"After extensive hearings the Ballot Law Commission came to the same conclusion as numerous independent fact checkers in finding that Mitt Romney ended his active employment with Bain Capital in 1999. Every public judgment, including a unanimous one from the Ballot Law Commission, has confirmed this fact," said Romney spokeswoman Amanda Henneberg.

Henneberg called the controversy over Romney's employment at Bain "just another distraction from a desperate campaign that is willing to say anything to divert attention from President Obama’s failed record in office.”

However, the purpose of the Ballot Law Commission inquiry was to determine Romney's residency, not whether he had done any part-time work on behalf of Bain. Indeed, in two days of testimony, the Democratic lawyer didn't question Romney about his role at Bain, as the issue wasn't a live one. That question only arose in recent years when Romney categorically denied any active involvement with Bain.

In addition, the Romney campaign's response does not address whether by sitting on LifeLike's board until 2001, Romney's 2011 disclosure form statement that he had "not been involved in the operations of any Bain Capital entity in any way" was false.

More: Mitt Romney's Own 2002 Testimony Undermines Bain Departure Claim

I'll put this in large print, like a first grade reader. Maybe it will sink in with a different format.

By DYLAN BYERS |
7/12/12 11:43 AM EDT

FactCheck.org is standing by their assessment that Mitt Romney did not actively manage Bain Capital after February 1999, despite today's Boston Globe report that he was CEO there until 2002.

"We see little new in the Globe piece. So far, nobody has shown that Romney was actually managing Bain — even part-time — during his time at the Olympics, or that he was anything but a passive, absentee owner during that time, as both Romney and Bain have long said," Brooks Jackson, a co-author of the FactCheck piece, told POLITICO today.​

FactCheck.org

(It's on my clipboard, so when dealing with a retard, repetition is apparently required.)

 

[Si modo]

Yes Si..he was the Sole Share Holder..

We all know that.

The thing is..he's still responsible for what goes on at Bain.

Ipse dixit.

No it doesn't mean that.

According to the SEC it does.

And Sarbanes-Oxley was introduced to buttress that.

No, not according to the SEC. What part of the SEC saying so itself confuses you?

 

[Chris]

Romney's Medicare Fraud....

In 1989, Romney led Bain Capital's purchase of Damon Corp., a medical testing company, and took a seat on the Board of Directors to better manage it. During Romney's four years, Bain tripled its investment, and Romney personally made $473,000 -- while Damon plumped its profits with Medicare fraud (running thousands of medical tests doctors didn't want, and billing Medicare for them). The company pled guilty to crimes committed during his tenure and paid a record fine of $119 million. Company President Joseph Isola pleaded no contest to fraud, and a vice president was also convicted.

Romney claims he "uncovered" the fraudulent claims and "took corrective action," but court records show that he did not notify prosecutors or stop the fraudulent billing. He just asked company lawyers what changes they could make to avoid prosecution, after the feds' LABSCAM prosecution targeted a different medical testing firm. The cheating continued, prosecutors say, until the day Bain sold the company to Corning. Furthermore, Damon Corp. was required to list in various SEC filings any significant legal risks it faced. Romney made no mention of the fraud he "uncovered," even though it led to a $119 million fine, the largest in history. Damon Corp. is another Bain acquisition that later went bankrupt, killing over a thousand jobs -- but not before Bain made $7.4 million in profit.

Mitt Romney's Skeleton Closet -- political scandals, quotes and character

 

[tinydancer]

Romney was the sole owner of Bain from 1999 to 2002.

Tell me of one case where the sole owner of a multi million dollar company was not involved in making decisions.

FORTUNE says different. And I guarantee all hell will break loose if the Obama campaign keeps up this lie.

I'm just picking this up off a blog, but I'm trying to get the direct link to CNN.

FORTUNE - Now Fortune has obtained new evidence that supports Romney’s version of events.

Bain Capital began circulating offering documents for its seventh private equity fund in June 2000. Those documents include several pages specifying fund management. The section begins:

Set forth below is information regarding the background of the senior private equity investment professionals of Bain Capital. Also listed are certain investment professionals responsible for the day-to-day affairs of the Brookside and Sankaty funds, which are affiliated funds of Fund VII.

It then goes on to list 18 managers of the private equity fund. Mitt Romney is not among them. Same goes for an affiliated co-investment fund, whose private placement memorandum is dated September 2000.

Then there is Bain Capital Venture Fund — the firm’s first dedicated venture capital effort — whose private placement memorandum is dated January 2001. Romney also isn’t listed among its “key investment professionals,” or as part of its day-to-day operations or investment committee.

Boston Globe publishes false Bain story, Obama campaign calls Romney a felon, vindicated Romney campaign demands apology » The Right Scoop -

 

[Chris]

Romney brags about his business success, but the vast majority of his money comes from technically legal, completely predatory and unethical business pillaging. He was very successful at leveraged buyouts -- not investing in new companies, but using borrowed money to buy established companies, strip them of resources, and quickly sell them for a profit. How can you make money off a company that fails, you might ask? It's simple -- have it borrow a lot of money and give it to you, take its pension money and any cash in the bank, then sell it or take it public, quickly before it goes bankrupt. If you sell when the economy is good, people will go for it, and you get rich. Sure, a lot of people lose their jobs, and other people lose their money, but you're rich!

The most famous example is an office supply company called American Pad and Paper. Romney and Bain Capital bought it from Mead Company, when it had total debts of $11 million. By the time they sold it, the company had $400 million in debt -- and Bain had earned $100 million off the deals, between fees it charged the company for managing it and for buying other companies, and profits from selling the company's stock after they took it public (for yet another fee). Bain was later sued by stockholders for fraud in overstating the value of the company.

Mitt Romney's Skeleton Closet -- political scandals, quotes and character

 

[Sallow]

UPDATE: 9:15 p.m. --

The Romney campaign responded by focusing on Romney's involvement with Bain itself, and argued that the state Ballot Law Commission validated their argument that Romney was not involved in day-to-day Bain matters.

"After extensive hearings the Ballot Law Commission came to the same conclusion as numerous independent fact checkers in finding that Mitt Romney ended his active employment with Bain Capital in 1999. Every public judgment, including a unanimous one from the Ballot Law Commission, has confirmed this fact," said Romney spokeswoman Amanda Henneberg.

Henneberg called the controversy over Romney's employment at Bain "just another distraction from a desperate campaign that is willing to say anything to divert attention from President Obama’s failed record in office.”

However, the purpose of the Ballot Law Commission inquiry was to determine Romney's residency, not whether he had done any part-time work on behalf of Bain. Indeed, in two days of testimony, the Democratic lawyer didn't question Romney about his role at Bain, as the issue wasn't a live one. That question only arose in recent years when Romney categorically denied any active involvement with Bain.

In addition, the Romney campaign's response does not address whether by sitting on LifeLike's board until 2001, Romney's 2011 disclosure form statement that he had "not been involved in the operations of any Bain Capital entity in any way" was false.

More: Mitt Romney's Own 2002 Testimony Undermines Bain Departure Claim

I'll put this in large print, like a first grade reader. Maybe it will sink in with a different format.

By DYLAN BYERS |
7/12/12 11:43 AM EDT

FactCheck.org is standing by their assessment that Mitt Romney did not actively manage Bain Capital after February 1999, despite today's Boston Globe report that he was CEO there until 2002.

"We see little new in the Globe piece. So far, nobody has shown that Romney was actually managing Bain — even part-time — during his time at the Olympics, or that he was anything but a passive, absentee owner during that time, as both Romney and Bain have long said," Brooks Jackson, a co-author of the FactCheck piece, told POLITICO today.​

FactCheck.org

(It's on my clipboard, so when dealing with a retard, repetition is apparently required.)

[ame=http://www.youtube.com/watch?v=FJfrvaCl4wA]Congressman Mike Coffman: Repeating "I Misspoke And I Apologize" Five Times - YouTube[/ame]

Good stuff!

 

[CrusaderFrank]

Obama and Democrats have been the bane of the US economy

Really?

How so?

What exactly do you THINK they've done to the economy that wasn't already occuring before Obama took office?

You need to be a native English speaker to get the play on Bain/bane

 

[Sallow]

Ipse dixit.

No it doesn't mean that.

According to the SEC it does.

And Sarbanes-Oxley was introduced to buttress that.

No, not according to the SEC. What part of the SEC saying so itself confuses you?

 

[Lakhota]

Bain described Romney in 2001 SEC filings as the "sole stockholder, chairman of the board, chief executive officer, and president." Another form stated that he owned 100 percent of the company in 2002 and received a six-figure salary from Bain in 2001 and 2002. His listed title: "Executive."

More: Mitt Romney's Own 2002 Testimony Undermines Bain Departure Claim

Bain 2001 SEC filings

If it looks like a duck, walks like a duck, quacks like a duck - it's probably a duck.

 

[tinydancer]

OK, here we go. Right at CNN. I think some heads are going to roll over this. The Globe will be up for libel for sure. Mother Jones is going to be in deep shit too.

Now Fortune has obtained new evidence that supports Romney's version of events.

Bain Capital began circulating offering documents for its seventh private equity fund in June 2000. Those documents include several pages specifying fund management. The section begins:

Set forth below is information regarding the background of the senior private equity investment professionals of Bain Capital. Also listed are certain investment professionals responsible for the day-to-day affairs of the Brookside and Sankaty funds, which are affiliated funds of Fund VII.

It then goes on to list 18 managers of the private equity fund. Mitt Romney is not among them. Same goes for an affiliated co-investment fund, whose private placement memorandum is dated September 2000.

Then there is Bain Capital Venture Fund -- the firm's first dedicated venture capital effort -- whose private placement memorandum is dated January 2001. Romney also isn't listed among its "key investment professionals," or as part of its day-to-day operations or investment committee.

All of this could prove problematic for the Obama campaign, which has spent they day crowing over the Globe story (going so far as to hold a media call about it).

"When Mitt Romney ran for governor and now as he's running for president, he consistently claimed he could not be blamed for bankruptcies and layoffs from Bain investments after February 1999 because he departed for the Olympics," said Obama spokeswoman Stephanie Cutter, according to the Globe. "Now, we know that he wasn't telling the truth."

But the contemporaneous Bain documents show that Romney was indeed telling the truth about no longer having operational input at Bain -- which, one should note, is different from no longer having legal or financial ties to the firm.

As Fortune wrote earlier, Romney left Bain suddenly -- rather than as part of an organized transition plan -- after being asked to lead an Olympic organizing committee that had spiraled out of control. Moreover, it was unclear in February 1999 if Romney's leave of absence would be permanent, or if he would return (as he had in 1994, after losing a U.S.Senate race to Ted Kennedy). He didn't formally give up his title and firm ownership until 2002, once the Games had been successful and he was interested in other elective office. In the interim, he continued to fulfill legal obligations such as signing certain documents -- but actual investment and managerial decisions were being made by others.

Documents: Romney didn't manage Bain funds - The Term Sheet: Fortune's deals blog Term Sheet

 

[Si modo]

According to the SEC it does.

And Sarbanes-Oxley was introduced to buttress that.

No, not according to the SEC. What part of the SEC saying so itself confuses you?

Reading is Fundamental - not just a program, but a good personal rule:

I'll put this in large print, like a first grade reader. Maybe it will sink in with a different format.

By DYLAN BYERS |
7/12/12 11:43 AM EDT

FactCheck.org is standing by their assessment that Mitt Romney did not actively manage Bain Capital after February 1999, despite today's Boston Globe report that he was CEO there until 2002.

"We see little new in the Globe piece. So far, nobody has shown that Romney was actually managing Bain — even part-time — during his time at the Olympics, or that he was anything but a passive, absentee owner during that time, as both Romney and Bain have long said," Brooks Jackson, a co-author of the FactCheck piece, told POLITICO today.​

FactCheck.org

(It's on my clipboard, so when dealing with a retard, repetition is apparently required.)

 

[Lakhota]

Bain described Romney in 2001 SEC filings as the "sole stockholder, chairman of the board, chief executive officer, and president." Another form stated that he owned 100 percent of the company in 2002 and received a six-figure salary from Bain in 2001 and 2002. His listed title: "Executive."

More: Mitt Romney's Own 2002 Testimony Undermines Bain Departure Claim

Bain 2001 SEC filings

If it looks like a duck, walks like a duck, quacks like a duck - it's probably a duck.

 

[MeBelle]

Romney brags about his business success, but the vast majority of his money comes from technically legal, completely predatory and unethical business pillaging. He was very successful at leveraged buyouts -- not investing in new companies, but using borrowed money to buy established companies, strip them of resources, and quickly sell them for a profit. How can you make money off a company that fails, you might ask? It's simple -- have it borrow a lot of money and give it to you, take its pension money and any cash in the bank, then sell it or take it public, quickly before it goes bankrupt. If you sell when the economy is good, people will go for it, and you get rich. Sure, a lot of people lose their jobs, and other people lose their money, but you're rich!

The most famous example is an office supply company called American Pad and Paper. Romney and Bain Capital bought it from Mead Company, when it had total debts of $11 million. By the time they sold it, the company had $400 million in debt -- and Bain had earned $100 million off the deals, between fees it charged the company for managing it and for buying other companies, and profits from selling the company's stock after they took it public (for yet another fee). Bain was later sued by stockholders for fraud in overstating the value of the company.

Mitt Romney's Skeleton Closet -- political scandals, quotes and character

Hey snookums!

Your source links back to...your source!
Is that your blog?

 

[tinydancer]

And to follow up on Si Mondo's post, Fortune agrees.

"But the contemporaneous Bain documents show that Romney was indeed telling the truth about no longer having operational input at Bain -- which, one should note, is different from no longer having legal or financial ties to the firm.

As Fortune wrote earlier, Romney left Bain suddenly -- rather than as part of an organized transition plan -- after being asked to lead an Olympic organizing committee that had spiraled out of control. Moreover, it was unclear in February 1999 if Romney's leave of absence would be permanent, or if he would return (as he had in 1994, after losing a U.S.Senate race to Ted Kennedy).

He didn't formally give up his title and firm ownership until 2002, once the Games had been successful and he was interested in other elective office.

In the interim, he continued to fulfill legal obligations such as signing certain documents -- but actual investment and managerial decisions were being made by others.

Documents: Romney didn't manage Bain funds - The Term Sheet: Fortune's deals blog Term Sheet

 

[Zoom-boing]

OK, here we go. Right at CNN. I think some heads are going to roll over this. The Globe will be up for libel for sure. Mother Jones is going to be in deep shit too.

Now Fortune has obtained new evidence that supports Romney's version of events.

Bain Capital began circulating offering documents for its seventh private equity fund in June 2000. Those documents include several pages specifying fund management. The section begins:

Set forth below is information regarding the background of the senior private equity investment professionals of Bain Capital. Also listed are certain investment professionals responsible for the day-to-day affairs of the Brookside and Sankaty funds, which are affiliated funds of Fund VII.

It then goes on to list 18 managers of the private equity fund. Mitt Romney is not among them. Same goes for an affiliated co-investment fund, whose private placement memorandum is dated September 2000.

Then there is Bain Capital Venture Fund -- the firm's first dedicated venture capital effort -- whose private placement memorandum is dated January 2001. Romney also isn't listed among its "key investment professionals," or as part of its day-to-day operations or investment committee.

All of this could prove problematic for the Obama campaign, which has spent they day crowing over the Globe story (going so far as to hold a media call about it).

"When Mitt Romney ran for governor and now as he's running for president, he consistently claimed he could not be blamed for bankruptcies and layoffs from Bain investments after February 1999 because he departed for the Olympics," said Obama spokeswoman Stephanie Cutter, according to the Globe. "Now, we know that he wasn't telling the truth."

But the contemporaneous Bain documents show that Romney was indeed telling the truth about no longer having operational input at Bain -- which, one should note, is different from no longer having legal or financial ties to the firm.

As Fortune wrote earlier, Romney left Bain suddenly -- rather than as part of an organized transition plan -- after being asked to lead an Olympic organizing committee that had spiraled out of control. Moreover, it was unclear in February 1999 if Romney's leave of absence would be permanent, or if he would return (as he had in 1994, after losing a U.S.Senate race to Ted Kennedy). He didn't formally give up his title and firm ownership until 2002, once the Games had been successful and he was interested in other elective office. In the interim, he continued to fulfill legal obligations such as signing certain documents -- but actual investment and managerial decisions were being made by others.

Documents: Romney didn't manage Bain funds - The Term Sheet: Fortune's deals blog Term Sheet

Ooops.

Obutthead's true colors have been shown. He's a rat bastard that will lie, cheat and steal to win.

 

[MeBelle]

Bain described Romney in 2001 SEC filings as the "sole stockholder, chairman of the board, chief executive officer, and president." Another form stated that he owned 100 percent of the company in 2002 and received a six-figure salary from Bain in 2001 and 2002. His listed title: "Executive."

More: Mitt Romney's Own 2002 Testimony Undermines Bain Departure Claim

Bain 2001 SEC filings

If it looks like a duck, walks like a duck, quacks like a duck - it's probably a duck.

Cool!
Now can you comprehend what the SEC doc REALLY means, not just your spin.

Bet you can't!

 

[Lakhota]

FactCheck.org: Romney 'would be guilty of a federal felony' by claiming 1999 departure - POLITICO.com

 

[tinydancer]

FactCheck.org: Romney 'would be guilty of a federal felony' by claiming 1999 departure - POLITICO.com

You really should read Si Mondo's posts.

 

[Article 15]

More: Mitt Romney's Own 2002 Testimony Undermines Bain Departure Claim

Bain 2001 SEC filings

If it looks like a duck, walks like a duck, quacks like a duck - it's probably a duck.

I'll put this in large print, like a first grade reader. Maybe it will sink in with a different format.

By DYLAN BYERS |
7/12/12 11:43 AM EDT

FactCheck.org is standing by their assessment that Mitt Romney did not actively manage Bain Capital after February 1999, despite today's Boston Globe report that he was CEO there until 2002.

"We see little new in the Globe piece. So far, nobody has shown that Romney was actually managing Bain — even part-time — during his time at the Olympics, or that he was anything but a passive, absentee owner during that time, as both Romney and Bain have long said," Brooks Jackson, a co-author of the FactCheck piece, told POLITICO today.​

FactCheck.org

(It's on my clipboard, so when dealing with a retard, repetition is apparently required.)

So your spam worthy defense is that he was merely an "absentee, passive owner" of the company during that time.

lol

 

[MeBelle]

Here's the point people.

It's not about left, right or middle.
It's about getting out the facts, and avoiding the spin.

Look what has happened in this thread!

This is what our country has come to and it's a damned shame!