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View Diary: Why Romney flip-flopped on Bain departure date (326 comments)

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  •  Why would he have actively participated in (0+ / 0-)

    running Lifelike and Staples as a board member and not have participated in the running of Bain, of which he was sole stockowner and CEO?  It doesn't pass the smell test.

    The influence of the [executive] has increased, is increasing, and ought to be diminished.

    by lysias on Thu Jul 12, 2012 at 04:43:57 PM PDT

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    •  CEOs (1+ / 0-)
      Recommended by:
      johnny wurster

      sit on boards of other companies all the time. For instance, Apple has Mickey Drexler from J Crew, Andrea Jung from Avon, and Robert Iger from Disney.

      Say one of them left their companies: e.g. Drexler left J Crew to start a new company. Apple still might keep him on its board, as he may have skills and a perspective they find valuable. In other words, his representation on their board isn't dependent on his position at J Crew.

      •  If Romney was simply the 100% stockholder (2+ / 0-)
        Recommended by:
        semiot, lysias

        of Bain, or even if he was "just" chairman of the board" or a "Director of the Board", you might have a point that he wasn't "in charge" of Bain.  I agree that you can own something and let others manage, or you can even be on the Board of a corporation and not actually be involved in the day to day business (you shouldn't be involved in operations as a Director).  But Romney's involvement in Bain is different.  He could have resigned his title as CEO or as President, and still been sole stockholder, and still Chairman.  

        But he has legally listed himself as "Chief Executive Officer and President" of Bain.  

        The purpose of all these weird inconsistent maneuvers was to provide him with political cover, not for any business benefit.  

        That he retroactively "retired" from Bain during the 4 years in question, even though he originally claimed he wasn't retired in 1999 but "on a leave of absence", is another example of how he engages in an act, then reframes it later, for political purposes.  

        I know of no company or corporation that allows an employee a one two three or four year "leave of absence" without signing a condition when you apply that you will return as a regular employee.  A leave of absence is not the same as an early retirement.  It would be interesting to read Bain's HR Handbook for that time, under the policy heading "Leaves of Absence".

        "Out of Many, One." This is the great promise of our nation -9.75 -6.87

        by Uncle Moji on Thu Jul 12, 2012 at 06:25:35 PM PDT

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