Monday, July 16, 2012

NY Times: "No Evidence" Tying Romney To Bain After 1999

The traditionally liberal New York Times had this to say about Mitt Romney and Bain Capital.

Indeed, no evidence has yet emerged that Mr. Romney exercised his powers at Bain after February 1999 or directed the funds’ investments after he left, although his campaign has declined to say if he attended any meetings or had any other contact with Bain during the period. And financial disclosures filed with the Massachusetts ethics commission show that he drew at least $100,000 in 2001 from Bain Capital Inc. — effectively his own till — as a “former executive” and from other Bain entities as a passive general partner.

An offering memorandum to investors in Bain’s seventh private equity fund that was circulated in June 2000 also suggests that Mr. Romney was no longer actively involved in managing firm investments at the time. The memorandum, first published by Fortune, provides background on the “senior private equity investment professionals of Bain Capital.” Eighteen managers are listed; Mr. Romney is not among them.

On another filing with Massachusetts officials, Bain Capital listed all of Bain’s directors and officers for 2001. The form lists Michael F. Goss as “president, managing director and chief financial officer,” along with seventeen other managing directors. Mr. Romney is not among them, suggesting that while he still owned Bain’s management company, he was not an officer of the company.

By August 2001, Mr. Romney had announced that he would not return to Bain Capital. Talk was already swirling about a bid for Massachusetts governor; behind the scenes, Mr. Romney was negotiating his final departure from Bain. Mr. Romney’s partners agreed to pay him a declining portion of the firm’s profits in buyout deals and other businesses for 10 years. The deal, signed in 2002, incorporated a payout formula reflecting his passive role in the firm from February 1999 forward, officials said.

Will Obama apologize? Nope. In fact, he's ratcheting up the attacks. Would I believe Romney over Obama? You betcha.

So Romney, during his actual tenure at Bain, created a very successful company and is exactly what this country needs.

H/T Newsmax

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