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View Diary: Bain Capital press release described Romney as 'part-time' in July, 1999 (158 comments)

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  •  how can you be a "part-time" CEO? n/t (10+ / 0-)

    "Daddy, every time a bell rings, a Libertaria­n picks up his Pan Am tickets for the Libertaria­n Paradise of East Somalia!"

    by unclebucky on Fri Jul 13, 2012 at 01:02:05 PM PDT

    •  to be fair (23+ / 0-)

      bush was a part time ceo, part time governor, and part time president.

      The cold passion for truth hunts in no pack. -Robinson Jeffers

      by Laurence Lewis on Fri Jul 13, 2012 at 01:04:39 PM PDT

      [ Parent ]

    •  He was part-time funneling (3+ / 0-)
      Recommended by:
      hyperstation, TexasDemocrat, Sharoney

      Sponsorships and kickbacks back to Bain and part-time signing off on lucrative outsourcing and medical waste deals.

      "There's an iPad 3 and a Mitt Romney 4 now. They've worked the bugs out. He's not killing hobos at night anymore."

      by muzzleofbees on Fri Jul 13, 2012 at 01:09:04 PM PDT

      [ Parent ]

    •  You could be a part-time CEO (17+ / 0-)

      but you would need to delegate a great deal of your authority to someone else, and that person would also be a "control person" within the meaning of the various SEC filings Mitt was making.  Where is his/her name?

      The issue is not whether Mitt was involved in the day to day decision making. As sole shareholder, he had the power to appoint all the executive officers of the company.  He appointed himself, and he chose to retain ultimate executive authority while he was running the Olympics.  Even if he didn't make the decisions, he can't credibly claim complete ignorance of them.  Who were the people who were managing the "day to day" reporting to, if not him, the president, CEO, chairman and SOLE shareholder?

      So maybe he didn't decide to invest in this or that. Maybe he didn't decide to outsource this or that. But was he completely ignorant? Was Bain in a de facto blind trust?  Because if it was, THAT should have been disclosed to the SEC. It wasn't, and I'm sure Mitt had good lawyers, so I think Mitt knew what was going on, even if he didn't "decide" what to do each and every day.

      Legally, an executive officer is not personally liable for everything a corporate employee does.  Many times, employees do things that subject the corporation to civil or even criminal liability without the CEO or other senior officers even knowing about it.  BUT if the senior officers knew about it, and did nothing, they may sometimes be personally liable even if they took no affirmative action.  Not all the time, but some times.  The test is generally "knew or should have known."

      So was Mitt collecting $100K+ for three years and not only removed from the day to day but completely ignorant of what it was doing?  Did he delegate so much authority that he left none for himself, but held on to the title and salary?  

      That'll go over well for the image of Mr. "Elect Me Because I'm a CEO and I Know How to Run Things" Romney.

      •  A part-time CEO ipso facto has not divorced (3+ / 0-)

        himself totally from the running of the business.  Only a no-time CEO could say that.

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

        by lysias on Fri Jul 13, 2012 at 01:35:04 PM PDT

        [ Parent ]

      •  Thing is, none of the details will matter. (3+ / 0-)
        Recommended by:
        ferg, harrije, NancyK

        Americans are not going to seriously question whether a CEO of a company was actually running the company or not.

        RomneyCo knows this. His campaign headquarters must be full of flinging monkey shit right now . . .

      •  The problem with this analysis.... (0+ / 0-)

        ....is that you are assuming there is one "Bain", and that entity was the one making investment decisions...

        It is more likely that he was CEO of the management company, which held office leases, paid some salaries, etc, but had no role in investments decisions.  

        Investment decisions were made within the individual funds, each one an independent legal entity.  Those funds could have sent fees to the management company, but it would have been run on a no/low profit basis.   The real economic event is from participating in the funds.  Recent reports note that the offering documents for the 2000-2002 period do not list Romney among their fund investors.

        So it is not necessarily inconsistent that he was listed as part time CEO of the management company as not much really goes on there.....

        •  it depends on the meaning of "Bain" (1+ / 0-)
          Recommended by:
          litigatormom

          I'm not sure that's an argument Romney wants to use.

          •  Agree... (0+ / 0-)

            ...I'm not saying it is great politics for Romney...in fact it is pretty ugly.  

            But I do think it is important for people here to understand the context...the management, both legal and operational, of an investment company that has an independent fund structure  is not at all similar to a typical operating company....

            •  Private Equity Funds (0+ / 0-)

              Private equity funds do not have separate and independent governance structures like a REGISTERED investment company. Bain and its Managers control investment decisions of the fund. Private equity funds ARE NOT independent of their sponsors.

              •  You don't understand my comment. (0+ / 0-)

                Bain's management company does not control the investment decisions of the funds.  The investment committee of each individual fund (which is an independent legal entity) does.  

                The confusion comes when you have individuals who are both employees of the management company, and investment professionals for each fund.  

                This is how I think Romney attempted to thread the needle - he gave up operational responsibility in the funds he was associated with, while retaining CEO, etc, titles for the management company, which as i state earlier, had no investment authority or responsibility.

      •  good comment upthread (0+ / 0-)

        Addington's Perpwalk: TRAILHEAD of Accountability for Bush-2 Crimes.
        * Join: OBAMA'S TRUTH TEAM *

        by greenbird on Fri Jul 13, 2012 at 02:28:56 PM PDT

        [ Parent ]

    •  Very easily (0+ / 0-)

      How much time is actually required to intone "Rape and pillage" in response to every question?

      In theory, there is no difference between theory and practice; but in practice, there always is a difference. - Yogi Berra En théorie, il n'y a aucune différence entre théorie et pratique, mais en pratique, il y a toujours une différence. - Yogi Berra

      by blue aardvark on Fri Jul 13, 2012 at 01:45:08 PM PDT

      [ Parent ]

    •  Where can I find a part time job like this (2+ / 0-)
      Recommended by:
      ferg, Sharoney

      to be CEO
      to be the President of the company
      to receive $100,000 or more in salary
      to not be responsible for anything
      and the bonus NEVER HAVE TO SHOW UP

      Seeking Awareness and Truth for all Americans

      by The Sheeping of America on Fri Jul 13, 2012 at 01:50:47 PM PDT

      [ Parent ]

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