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View Diary: Adventures in Romney spin (172 comments)

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  •  Beyond the SEC documents & articles, (3+ / 0-)
    Recommended by:
    ferg, Stuart Heady, Beetwasher

    according to what I've gathered, Romney made the bulk of his fortune with Bain and that fortune was largely managed by Bain Capital which he appears to have owned and reportedly controlled.

    Along comes the 2002 Olympics. why would someone give up control of their fortune to manage the Olympics? There was no legal requirement for them to do so.

    Logically, it doesn't make sense nor does it follow Romney's pattern of wanting to maintain control. As well, depending on how it was done, it could compromise his bargaining position on getting out of Bain financially.

    As well, the Romney campaign claims the day-to-day operations of Bain were managed by others in 1999 and after. That's what general managers and a company president do. But the thrust into outsourcing would have been a board decision because that is a vision for direction of their investments. Romney was still chairman of the board delivering or overseeing that vision. And if Romney saw them going in the outsourcing investment direction and had a problem with it, he was in a position to be promptly informed of it and still had the power to do something about that if he thought it was wrong. Instead, he elected to profit from it.

    Meanwhile, Romney's Bermuda company, that represented his investment ties to Bain - that was not controlled by Bain, (fully owned by sole shareholder & Bermuda company president Romney), continued outsourcing investments from the time before Romney left Bain into the early 2000s. So the essence of Romney making money on the backs of US workers by outsourcing still sticks even if he were to wriggle out of the Bain SEC filing docs.

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