Romney's Bain Lie

[Sallow]

I don't think he was acting criminally. However, he is now acting criminally stupid. And he did change his story so it would look like he had nothing to do with Bain's outsourcing/offshoring on the one hand while on the other hand claiming he didn't retire from Bain so he could run for Governor without looking like he no longer had MA residency.

If the outsourcing was done after Feb. of 1999 he wasn't there and wasn't involved with Bain, he was on LOA doing the Olympics. LOA is not the same as retiring.

Not seeing the conflict here.



From the vid, below:

4 sources who worked at Bain with Romney, 3 Dems (2 of whom are active Obama supporters): "Mitt Romney left Bain Capitol in 1999 to run the Olympics and he has had absolutely no involvement with the management or investment activities of the firm or with any of its portfolio companies since the day of his depature." "Romney left quickly as the deal with the Olympics happened quickly; all 4 insisted he left in Feb of 1999 and they never saw him around the office or involved in any dealings." "Because Romneys leaving was so sudden it took about two years to get the new management team in place. They essentially had to split up the company, divided among the existing partners which took about two years and they insist that they were required according to law to leave his name on those documents."

[ame=http://www.youtube.com/watch?v=jSo5bTbwFoM]CNN Report Debunks Latest False Attack From Obama Campaign - YouTube[/ame]

Your John King thing is a broken record already.

Romney had a direct financial interest in outsourcing.

EXCLUSIVE: Romney Invested Millions in Chinese Firm That Profited on US Outsourcing | Mother Jones

This previously unreported deal runs counter to Romney's tough talk on the campaign trail regarding China. "We will not let China continue to steal jobs from the United States of America," Romney declared in February. But with this investment, Romney sought to make money off a foreign company that banked on American firms outsourcing manufacturing overseas.

On April 17, 1998, Brookside Capital Partners Fund, a Bain Capital affiliate, filed a report with the Securities and Exchange Commission noting that it had acquired 6.13 percent of Hong Kong-based Global-Tech Appliances, which manufactured household appliances in a production facility in the industrial city of Dongguan, China. That August, according to another SEC filing, Brookside upped its interest in Global-Tech to 10.3 percent. Both SEC filings identified Romney as the person in control of this investment: "Mr. W. Mitt Romney is the sole shareholder, sole director, President and Chief Executive Officer of Brookside Inc. and thus is the controlling person of Brookside Inc." Each of these documents was signed by Domenic Ferrante, a managing director of Brookside and Bain.
.

The SEC filings do not reveal how much Romney initially invested in Global-Tech (which is now known as Global-Tech Advanced Innovations). But Brookside first acquired 748,000 shares at a time when Global-Tech was mounting an IPO at $19 a share. If that was the purchase price Brookside paid, then Romney's firm originally invested $14.2 million in the company.

And nothing he's proposing to do..address the tide of outsourcing.

What he's promising to do..is the punish China for currency manipulation. Something Obama's been involving in doing for quite some time. And Obama proposes to change to tax code to punish companies for outsourcing.

Something Romney hasn't and won't talk about.

 

[hortysir]

I think there is a problem with corporate governance in this country. I do think CEOs and managements are generally not worth what they are paid. There is no correlation between performance and compensation. I think much of that is due to the agency problem of management profiting at the expense of shareholders.

However, I have no qualms whatsoever with whatever owners make. Owners can make as much as they want.

Totally agree with your first point.

Second point? Not so much. I'd be in favor of that if several things happened:

1. Removal of patents in perpetutity.
2. Removal of licensing laws.
3. Government stays out of labor negotiations.
4. Owners provide their own services and security.
5. Owner comes up with the idea or invention without drawing upon the government.
6. Owner must never enter into any contracts with the government.

Then?

They can pay themselves what they want.

Oh..and:

7. No more citizen's united. Money shouldn't buy power.

So you're all for overturning SCOTUS decisions YOU disagree with....

 

[Trajan]

I'm sure this has already been posted, but ...

Do Bain SEC documents suggest Mitt Romney is a criminal? - The Washington Post

EDIT - to clarify

Fortune magazine on Thursday reported that it had obtained the offering documents for Bain Capital funds circulating in 2000 and 2001. None of the documents show that Romney was listed as being among the “key investment professionals” who would manage the money. As Fortune put it, “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.”

A Key Man term in the documentation of an Offering Memorandum identifies those who are actively involved in the running of the funds and the firm. Romney wasn't identified as a key man. It means he wasn't actively involved.

Sorry lefties.

yes I posted this to earlier, that is the Fortune article which swept all of the portfolio brochures, market management information;

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

more at-



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

 

[Quantum Windbag]

What We Know About Romney and Bain, Explained
In an interview with local DC ABC affiliate WJLA, President Barack Obama says Romney should have to answer questions about his tenure at Bain:

Ultimately Mr. Romney, I think, is going to have to answer those questions, because if he aspires to being president one of the things you learn is, you are ultimately responsible for the conduct of your operations, but again that's probably a question that he's going to have to answer and I think that's a legitimate part of the campaign.

Now, my understanding is that Mr. Romney attested to the SEC, multiple times, that he was the chairman, CEO and president of Bain Capital and I think most Americans figure if you are the chairman, CEO and president of a company that you are responsible for what that company does.

I guess the ownership society has nobody home?

When is Obama going to answer questions about his grades? Does this mean we can demand answers about Fast and Furious?

 

[Sallow]

Totally agree with your first point.

Second point? Not so much. I'd be in favor of that if several things happened:

1. Removal of patents in perpetutity.
2. Removal of licensing laws.
3. Government stays out of labor negotiations.
4. Owners provide their own services and security.
5. Owner comes up with the idea or invention without drawing upon the government.
6. Owner must never enter into any contracts with the government.

Then?

They can pay themselves what they want.

Oh..and:

7. No more citizen's united. Money shouldn't buy power.

So you're all for overturning SCOTUS decisions YOU disagree with....

Well yeah..of course.

I never agreed with Dred Scott v. Sandford..

You?

 

[Sallow]

What We Know About Romney and Bain, Explained
In an interview with local DC ABC affiliate WJLA, President Barack Obama says Romney should have to answer questions about his tenure at Bain:

Ultimately Mr. Romney, I think, is going to have to answer those questions, because if he aspires to being president one of the things you learn is, you are ultimately responsible for the conduct of your operations, but again that's probably a question that he's going to have to answer and I think that's a legitimate part of the campaign.

Now, my understanding is that Mr. Romney attested to the SEC, multiple times, that he was the chairman, CEO and president of Bain Capital and I think most Americans figure if you are the chairman, CEO and president of a company that you are responsible for what that company does.

I guess the ownership society has nobody home?

When is Obama going to answer questions about his grades? Does this mean we can demand answers about Fast and Furious?

Well no and no.

Same with Romney.

He doesn't have to answer shit.

 

[Annie]

These Bainers are so like the Birthers, insane. All the fact checkers, Mother Jones, TPM, WaPo, even blinking NYT say 'nothing here...'

Yet, the Bainers just ask their 'questions' where the ultimate answer is did Romney lie or is he a felon? Sort of like, 'no proof' from any source is sound enuf for the Birthers.

The management will be on solid ground here when they start moving all these threads to 'conspriacy.'

 

[Trajan]

I don't think he was acting criminally. However, he is now acting criminally stupid. And he did change his story so it would look like he had nothing to do with Bain's outsourcing/offshoring on the one hand while on the other hand claiming he didn't retire from Bain so he could run for Governor without looking like he no longer had MA residency.

If the outsourcing was done after Feb. of 1999 he wasn't there and wasn't involved with Bain, he was on LOA doing the Olympics. LOA is not the same as retiring.

Not seeing the conflict here.



From the vid, below:



[ame=http://www.youtube.com/watch?v=jSo5bTbwFoM]CNN Report Debunks Latest False Attack From Obama Campaign - YouTube[/ame]

Your John King thing is a broken record already.

Romney had a direct financial interest in outsourcing.

EXCLUSIVE: Romney Invested Millions in Chinese Firm That Profited on US Outsourcing | Mother Jones

This previously unreported deal runs counter to Romney's tough talk on the campaign trail regarding China. "We will not let China continue to steal jobs from the United States of America," Romney declared in February. But with this investment, Romney sought to make money off a foreign company that banked on American firms outsourcing manufacturing overseas.

On April 17, 1998, Brookside Capital Partners Fund, a Bain Capital affiliate, filed a report with the Securities and Exchange Commission noting that it had acquired 6.13 percent of Hong Kong-based Global-Tech Appliances, which manufactured household appliances in a production facility in the industrial city of Dongguan, China. That August, according to another SEC filing, Brookside upped its interest in Global-Tech to 10.3 percent. Both SEC filings identified Romney as the person in control of this investment: "Mr. W. Mitt Romney is the sole shareholder, sole director, President and Chief Executive Officer of Brookside Inc. and thus is the controlling person of Brookside Inc." Each of these documents was signed by Domenic Ferrante, a managing director of Brookside and Bain.
.

The SEC filings do not reveal how much Romney initially invested in Global-Tech (which is now known as Global-Tech Advanced Innovations). But Brookside first acquired 748,000 shares at a time when Global-Tech was mounting an IPO at $19 a share. If that was the purchase price Brookside paid, then Romney's firm originally invested $14.2 million in the company.

And nothing he's proposing to do..address the tide of outsourcing.

What he's promising to do..is the punish China for currency manipulation. Something Obama's been involving in doing for quite some time. And Obama proposes to change to tax code to punish companies for outsourcing.

Something Romney hasn't and won't talk about.

so when do you address obamas outsourcing? ever?


and please list the jobs Romney outsourced, and please note there is a difference when Bain’s invests in co's over seas that create jobs (offshore jobs) that support exports from the US, opposed to shuttering jobs here and shipping those jobs overseas.......

 

[Quantum Windbag]

Joeb you're the lowest of the low. You run around pretending to be impassioned on the issues but all you are is a Mormon hater. At least TDM or Rderp are consistent in their idiocy. You pretend to be one thing then act like something else.

My dislike of Mormons is based on the fact that they are evil and a cult. That's more important to me than stupid arguments of supply siders vs. Keynesians...

Policies aren't that important because at the end of the day, our system pulls them to the center, anyway. But character is.

My problem with Romney is exactly the same problem I had with Bill Clinton. A lack of character.

Now. to expand, I think the GOP is wrong on a lot of stuff. Jeb Bush had it right, it's gone so far off the rails that Reagan and his Father wouldn't be welcome there anymore. But I was willing to consider it one more time, until you nominated Romney.

So really, all Romney's Whacky Cult beleifs are to me is the difference between holding my nose and voting for another clueless loser who can't tell me how many houses he owns (McCain, Dole) and a refusing to vote for an evil cult member with hidden agendas I don't trust.

I agree ... I was thinking the same exact thing ..that the Romney "explainations" on the tube yesterday sounded very "Clintonesque" trying to doubletalk his way around what "is"..."was".

No matter how shrill the response from the far right(wrong) in defense of thier candidate ...like they have any choice but to defend him ..... The damage has already been done never to be un done. How it came off to the Average American is that Mitten's denied involvement with Bain even though there was clear evidense to the contrary WITH HIS SIGNATURE ON said evidense.

Another aspect to his lame excuses which hasn't really been brought up is that Mittens supposedly "dropped everything" to save the Olympics aand ignore his responsibilities to Bain...Ya OK... What that tells me is that Willard cannot walk and chew gum at the same time.

OK...he got ahold of some money from the government to replace the stolen money to help save the Olympics.. THAT took three years to handle? MIttens...the MASTER at manipuilating money transfers took THREE YEARS to do something he would have done at Bain with a couple of phone calls?

Romney fucked himself yesterday with his own mouth. He would have been smarter to just ignore the thing entirely and not defy ALL of the logic and evidense suggesting that he was in fact in charge of Bain thru 2002.

Sorry Mittens... We already know that sometimes rich guys spew bullshit. Donald Trump is a recent example. Your money does not change the facts.

I am not defending Romney, I am mocking the idiots that ignore the facts, just like I do when I venture into the Conspiracy Forum. You guys are all a bunch of nuts that prefer living in a fantasy to the real world.

 

[Mustang]

Partisan

If you're talking about the defense of Romney, especially in light of his failure to offer a plausible explanation for why his name continued to be on the SEC filing documents for several years after he supposedly left Bain, you're correct.

I don't dispute that partisans from either party will grasp at anything (including straws) if they think they can use it to their advantage in a campaign PR war with the opposition.

But this issue isn't a metaphorical straw. It's real, and Romney, so far, has failed to address it head on. Instead, Romney is behaving as if he's outraged and is demanding an apology. I have a clue for you. In case you don't know it, righteous indignation is very often a sign that a person is guilty of a particular accusation. Behaviorist know that. So do cops and other people in the legal profession. But for some reason, a lot of people think that behaving in an indignant manner portrays and projects innocence and subsequent outrage at being accused. To people who know better, it shows that the person is cornered and is trying to buffalo his way out by turning the tables on the accusers.

So, let's put that all aside for a moment, and let's see what else Romney is doing independent of his immediate reaction. Some people, including supporters, have called on Romney to release his tax records for the years in question. In fact, the tax return issue has been going on since the primary. Romney could release his tax returns. But he refuses. Why? Well, we don't know the reason why he's refusing, but frankly it seems as if he's trying to hide something. In fact, everything Romney is doing is essentially reinforcing the appearance of a person who's trying to conceal something. So, what's keeping the story alive isn't Democrats. The story is being kept alive by Romney's reactions and behavior, and Romney's decisions.

 

[Trajan]

What We Know About Romney and Bain, Explained
In an interview with local DC ABC affiliate WJLA, President Barack Obama says Romney should have to answer questions about his tenure at Bain:

Ultimately Mr. Romney, I think, is going to have to answer those questions, because if he aspires to being president one of the things you learn is, you are ultimately responsible for the conduct of your operations, but again that's probably a question that he's going to have to answer and I think that's a legitimate part of the campaign.

Now, my understanding is that Mr. Romney attested to the SEC, multiple times, that he was the chairman, CEO and president of Bain Capital and I think most Americans figure if you are the chairman, CEO and president of a company that you are responsible for what that company does.

I guess the ownership society has nobody home?

When is Obama going to answer questions about his grades? Does this mean we can demand answers about Fast and Furious?

Well no and no.

Same with Romney.

He doesn't have to answer shit.

what answers do you want?

 

[Si modo]

OMG! I can't even catch up reading this thread it has become huge.

The Republicans must be peeing their pants over this. Mitten looks like a complete idiot.

If one reads through the thread, the recurring theme is the astonishment over the stupidity of folks over something they imagine.

Says the rabid, mouth-foaming partisan who calls Obama a murderer.

He is, as is ANYONE who kills another without any authority or right.

 

[Too Tall]

Of course you think its over-rated. You're clueless. When you walk around in a Fog of Hate, you are unable to see clearly. Confirmation bias isn't a good thing.

Bain's early funds were eye-popping. Gross returns on some of the earlier funds were as high as triple-digits. And no, it wasn't "because of Clinton" or "because it was shooting fish in a barrel." Their performance was why Bain charged amongst the highest fees in the industry. They did it by funding fast growing businesses. This is well known in the industry. They ventured into buyouts - the investments you always whine and bitch about - once they had become larger. But Romney made his name funding young, fast growing companies.

Romney made his name using his connections and Daddy's wealth to get into sweetheart deals most of us couldn't get into, and if he fucked over hundreds of working people, well, he didn't have a problem with that.

After all, they were only "gentiles". (What Mormons call the rest of us.)

Again, it isn't "hatred of rich people", it's doing what is right and fair and moral. As much as I knock some of the craziness of the Nuns and Priests who educated me, they did have the good sense to teach me that greed was a sin, and rather venal one.

Romney donated his inheritance from his father to Brigham Young University. How is that for doing what is right and fair and moral you ignorant uninformed pissant.

 

[Ravi]

These Bainers are so like the Birthers, insane. All the fact checkers, Mother Jones, TPM, WaPo, even blinking NYT say 'nothing here...'

Yet, the Bainers just ask their 'questions' where the ultimate answer is did Romney lie or is he a felon? Sort of like, 'no proof' from any source is sound enuf for the Birthers.

The management will be on solid ground here when they start moving all these threads to 'conspriacy.'

So many lies.

 

[Toro]

Can we talk about the economy now.

That is what this election is about.

 

[Quantum Windbag]

It's odd that people make money for doing nothing.

And Kerry..lost the election.

And Kennedy won.

Retired people don't do anything and make money. Is that odd?

Anyone who owns a business can do whatever they want with it. And they shouldn't apologize for it. This is America.

You're a Market guy, Toro.

You think Duncan Niederauer is worth 10 million a year? I been at meetings with the guy..worked with him. Nice guy..but I don't see it.

The NYSE lost market share..and the stock took a nose dive.

And still..he gets the same salary. I mean..he didn't start the company..and made that the first year he was there. And while I was there..he didn't get a pay cut.

So? Whatta think?

And his story isn't typical.

Is Drew Brees worth $40 million a year? The Saints think he is, which is all that matters. If he tanks they are the ones that are going to pay, not you.

 

[Sallow]

If the outsourcing was done after Feb. of 1999 he wasn't there and wasn't involved with Bain, he was on LOA doing the Olympics. LOA is not the same as retiring.

Not seeing the conflict here.



From the vid, below:



CNN Report Debunks Latest False Attack From Obama Campaign - YouTube

Your John King thing is a broken record already.

Romney had a direct financial interest in outsourcing.

EXCLUSIVE: Romney Invested Millions in Chinese Firm That Profited on US Outsourcing | Mother Jones

This previously unreported deal runs counter to Romney's tough talk on the campaign trail regarding China. "We will not let China continue to steal jobs from the United States of America," Romney declared in February. But with this investment, Romney sought to make money off a foreign company that banked on American firms outsourcing manufacturing overseas.

On April 17, 1998, Brookside Capital Partners Fund, a Bain Capital affiliate, filed a report with the Securities and Exchange Commission noting that it had acquired 6.13 percent of Hong Kong-based Global-Tech Appliances, which manufactured household appliances in a production facility in the industrial city of Dongguan, China. That August, according to another SEC filing, Brookside upped its interest in Global-Tech to 10.3 percent. Both SEC filings identified Romney as the person in control of this investment: "Mr. W. Mitt Romney is the sole shareholder, sole director, President and Chief Executive Officer of Brookside Inc. and thus is the controlling person of Brookside Inc." Each of these documents was signed by Domenic Ferrante, a managing director of Brookside and Bain.
.

The SEC filings do not reveal how much Romney initially invested in Global-Tech (which is now known as Global-Tech Advanced Innovations). But Brookside first acquired 748,000 shares at a time when Global-Tech was mounting an IPO at $19 a share. If that was the purchase price Brookside paid, then Romney's firm originally invested $14.2 million in the company.

And nothing he's proposing to do..address the tide of outsourcing.

What he's promising to do..is the punish China for currency manipulation. Something Obama's been involving in doing for quite some time. And Obama proposes to change to tax code to punish companies for outsourcing.

Something Romney hasn't and won't talk about.

so when do you address obamas outsourcing? ever?:rolleyes:


and please list the jobs Romney outsourced, and please note there is a difference when Bain’s invests in co's over seas that create jobs (offshore jobs) that support exports from the US, opposed to shuttering jobs here and shipping those jobs overseas.......

You guys should really learn the difference between investing with a foreign company to move jobs back to the US..and investing with a foreign company that is designed to move jobs out of the US.

Simple difference..in vs. out.

And read the article Trajan..

You expect me to chew your food too?

 

[Quantum Windbag]

Nope Toro that is what compassionate humans do.

we dont let the sociopaths run the world

Yet you vote for a guy that is conducting active military campaigns in more countries than anyone on the planet since WWII.

 

[Buford]

Your John King thing is a broken record already.

Romney had a direct financial interest in outsourcing.

EXCLUSIVE: Romney Invested Millions in Chinese Firm That Profited on US Outsourcing | Mother Jones



And nothing he's proposing to do..address the tide of outsourcing.

What he's promising to do..is the punish China for currency manipulation. Something Obama's been involving in doing for quite some time. And Obama proposes to change to tax code to punish companies for outsourcing.

Something Romney hasn't and won't talk about.

so when do you address obamas outsourcing? ever?:rolleyes:


and please list the jobs Romney outsourced, and please note there is a difference when Bain’s invests in co's over seas that create jobs (offshore jobs) that support exports from the US, opposed to shuttering jobs here and shipping those jobs overseas.......

You guys should really learn the difference between investing with a foreign company to move jobs back to the US..and investing with a foreign company that is designed to move jobs out of the US.

Simple difference..in vs. out.

And read the article Trajan..

You expect me to chew your food too?

You guys are in deep water and you're making a lot of noise and splashing around, but all you're doing is sinking deeper and deeper and..........................

 

[Sallow]

And Kennedy won.

Retired people don't do anything and make money. Is that odd?

Anyone who owns a business can do whatever they want with it. And they shouldn't apologize for it. This is America.

You're a Market guy, Toro.

You think Duncan Niederauer is worth 10 million a year? I been at meetings with the guy..worked with him. Nice guy..but I don't see it.

The NYSE lost market share..and the stock took a nose dive.

And still..he gets the same salary. I mean..he didn't start the company..and made that the first year he was there. And while I was there..he didn't get a pay cut.

So? Whatta think?

And his story isn't typical.

Is Drew Brees worth $40 million a year? The Saints think he is, which is all that matters. If he tanks they are the ones that are going to pay, not you.

Oh really?

Who paid for the building of the Superdome? How about the upkeep?

Sports is one of the most heavily subsidized industries in this nation.