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View Diary: Is Mitt Romney a felon? A Q&A with MoveOn's lawyer. (171 comments)

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  •  ER Doc - no it's not (1+ / 0-)
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    ER Doc

    Signing a document, and being a corporate officer is not any indication of an "active" role. An active role is being engaged in the day to day activities, which for a private equity firm are easy to determine. These firms have meetings every Monday where they discuss what is happening in their portfolio and potential new investments. Materials are prepared and distributed. For new investment candidates lengthy due diligence reports are sent out for people to read prior to the meeting. At the meeting official votes are taken and recorded. It is my understanding that while he was running the Salt Lake City Olympics Romney rarely participated in any of those Monday meeting in person or by phone.

    "let's talk about that"

    by VClib on Mon Oct 01, 2012 at 08:55:29 AM PDT

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    •  Wouldn't documented participation (0+ / 0-)

      in one of those meetings constitute an active role in management? That's certainly not something a figurehead retired president would ever do, is it?

      -7.25, -6.26

      We are men of action; lies do not become us.

      by ER Doc on Mon Oct 01, 2012 at 03:56:47 PM PDT

      [ Parent ]

      •  ER Doc - no participation in a few meetings (1+ / 0-)
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        ER Doc

        over the course of a few years would not meet any legal definition of "active participant". The key for these firms is who votes on new deals because every senior partner has a veto. If Romney wasn't voting on new deals he wasn't active. However, if he was sent all the due diligence in the new investment binders and was voting on new deals then to me that is black and white evidence. My understanding is that he was sent none of that material and didn't vote.

        "let's talk about that"

        by VClib on Mon Oct 01, 2012 at 04:36:25 PM PDT

        [ Parent ]

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