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View Diary: Oh for God's sake, it isn't a swiftboating. (193 comments)

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  •  The thing is, Romney was director *and* (7+ / 0-)


    You're right that directors have oversight over how a corporation is run; but at least till 2002 Bain Capital, Inc. had one director (not a board of directors), and that was Mitt Romney. A very important function of directors is to elect officers; so Romney, as sole director, in turn elected himself as President and CEO. Under the law, it's fine for him to do that.

    But as the corporation's chief executive officer, Romney had the legal obligation to manage the corporation's day-to-day operations. CEO/President is, by law, not a figurehead position.

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