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Republican presidential candidate Mitt Romney speaks at the NAACP convention in Houston July 11, 2012.    REUTERS/Richard Carson (UNITED STATES - Tags: POLITICS ELECTIONS)
Mitt Romney's Bain story takes another hit (Richard Carson/Reuters)
The thing that makes this story so interesting isn't so much that there's anything surprising about Mitt Romney's role at Bain while he was running the Salt Lake Olympics; it's that Mitt Romney has spent so much time and effort denying it.
Romney has said in financial disclosure statements that he “was not involved in the operations of any Bain Capital entity in any way” after Feb. 11, 1999. But he was still legally the CEO, with numerous duties and obligations that were his alone, until early 2002.

Interviews with a half-dozen of Romney’s former partners and associates, as well as public records, show that he was not merely an absentee owner during this period. He signed dozens of company documents, including filings with regulators on a vast array of Bain’s investment entities. And he drove the complex negotiations over his own large severance package, a deal that was critical to the firm’s future without him, according to his former associates.

According to the story, Romney was not a partner in investment funds launched by Bain while he was at the Olympics in 2000 and 2001, but he retained full ownership and therefore control of the business through 2002. Aside from signing documents and filings, his primary focus during that stretch was negotiating his retirement package:
Indeed, by remaining CEO and sole shareholder, Romney held on to his leverage in the talks that resulted in his generous 10-year retirement package, according to former associates.

“The elephant in the room was not whether Mitt was involved in investment decisions but Mitt’s retention of control of the firm and therefore his ability to extract a huge economic benefit by delaying his giving up of that control,” said one former associate, who, like some other Romney associates, spoke only on condition of anonymity because they were not authorized to speak for the company.

The story here is pretty much exactly what you would have expected: After leaving for the Olympics, Romney's day-to-day role with Bain was dramatically diminished. However, he maintained his stake in the firm and used his ownership leverage to drive as good a deal for his retirement as he could. Although he wasn't responsible for initiating new investments, because he was CEO and owner, they could not have been made without his support. And of course he supported those investments, as his financial future was directly linked to the firm's.

Again, none of that is surprising. What's surprising is that the Boston Globe had to do so much digging in order to put the pieces of the story together. And the reason they had to do so much digging is that Mitt Romney has staked his personal narrative on the clearly false claim that after Feb. 11, 1999 he had nothing to do with running Bain Capital. Clearly, however, he did. The question is: Why did he lie?

Originally posted to Daily Kos on Fri Jul 20, 2012 at 11:00 AM PDT.

Also republished by The Bain Files.

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Comment Preferences

  •  Because it's his nature? (52+ / 0-)

    Why does a leopard have spots? Why do birds fly? Why do dogs lick their balls? Why does Mitt Romney lie?

    Some people are intolerant, and I CAN'T STAND people like that. -- Tom Lehrer

    by TheCrank on Fri Jul 20, 2012 at 11:02:11 AM PDT

      •  Why did he lie? (8+ / 0-)

        Lady Macbeth said it best...

        "Oh, what a tangled web we weave,
        When first we practice to deceive."

        The trouble with telling fibs, especially ones that go to the heart of who you are as a presidential candidate, is that when they start to fray around the edges you have to tell more backup fibs.  Then more fraying occurs, until soon you have such a monstrous pile of falsehoods your whole time is consumed trying to keep your "game face" intact, while the reporters' questions rise around you like the flames of someone being burned at the stake.

        Romney is a lying sack of shit.  That, plus the fact that he is wedded to Paul Ryan's Destroy Medicare campaign, plus the fact that his party has shit upon women in every way there is to shit on them, plus his obvoius antagonism to people of color, plus his flip-flopping on every single issue dear to the tiny, cold hearts of teabaggers (i.e. abortion, gay rights, Robamneycare) makes his quest for the White House even tougher than John McCain's after he chose Frieda Fruitcake for his running mate.

        "The best lack all conviction, while the worst
        Are full of passionate intensity." --W. B. Yeats

        by Pragmatus on Fri Jul 20, 2012 at 12:03:37 PM PDT

        [ Parent ]

        •  Like in Watergate... (4+ / 0-)

's not the original crime but the coverup that brought down Nixon. The more Romney stonewalls, the worse he looks (and Ann wasn't of any assistance during her infamous "you people" interview because she said she didn't want folks to comb through their documents and find embarrassing (at best) information that could harm their campaign).

          "First they ignore you, then they laugh at you, then they fight you, then you win." --Gandhi

          by alaprst on Fri Jul 20, 2012 at 12:17:54 PM PDT

          [ Parent ]

      •  And he's been doing it so long (3+ / 0-)
        Recommended by:
        eps62, JG in MD, Orlaine

        that he can no longer recognize the difference between lying and telling the truth

    •  Do I smell a crime? (4+ / 0-)

      Romney has said in financial disclosure statements that he “was not involved in the operations of any Bain Capital entity in any way” after Feb. 11, 1999. But he was still legally the CEO, with numerous duties and obligations that were his alone, until early 2002.

      Isn't it a crime to lie on a financial disclosure statement? Just asking!

    •  Why does Mitt Romney lie? (4+ / 0-)
      Recommended by:
      JG in MD, MKSinSA, OleHippieChick, Orlaine

      Like Nixon, Bachmann and many others they really think they will not get caught.  So they double down, again and again - until their own perception of reality is distorted.

      Either that or they are just evil.

      "The right to be heard does not automatically include the right to be taken seriously." -- Hubert H. Humphrey

      by Candide08 on Fri Jul 20, 2012 at 01:32:40 PM PDT

      [ Parent ]

      •  Both (4+ / 0-)

        I've been thinking "evil" for a long, long time about "those people."

        They don't connect reducing Medicaid with people dying. They don't realize that if they reduce food stamps, even more actual human beings will go hungry, including thousands of children. It's unimaginable to them that people are even now suffering in this country at levels more common in third world countries.

        They think we're just whining, that this is the greatest country in the world, why would anyone be sick or hungry?  

        They would never, ever believe that the situation we're in now is causing women to be beaten by their husbands, children to live in awful situations that will haunt them for life, young adults to see their futures close down to the smallest point of light, and sometimes none at all.

        They think "you people" will be strong and energetic like they are (because they're healthy) if you overcome your character flaws. You just need to pull up your socks, stand up straight, and stride responsibly into a decent life.

        I weep.

        I suddenly started a blog.

        by JG in MD on Fri Jul 20, 2012 at 03:41:38 PM PDT

        [ Parent ]

  •  It was the Immaculate Deception (17+ / 0-)

    Mittens certainly worked in mysterious ways at Bain.

  •  Why did he lie? (36+ / 0-)

    First: perhaps there's no good reason at all. He may just be someone for whom lying requires little justification.

    Secondly: because Stericycle and offshoring firms are politically inconvenient. And if you have to explain, you are losing.

    Thirdly: Because smart people will ask to see his tax returns to understand just how much money he made by combining his two roles as Bain Capital owner and CEO, and head of the Olympic Games.

    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 20, 2012 at 11:04:18 AM PDT

  •  Why does he lie? (25+ / 0-)

    Because YOU PEOPLE have the audacity to question what he says. Who are you people to question Mitt the Magnificent?

    You people should know your place. When you people don't, it becomes necessary to tell you whatever Mitt cares to tell you.

    •  Perfect answer (1+ / 0-)
      Recommended by:
      Why does he lie? Because YOU PEOPLE have the audacity to question what he says. Who are you people to question Mitt the Magnificent?
      Exactly right.  I think this pretty much sums up Mitt the Magnificent's utter arrogance: "I meant whatever I said, whatever it was."

      I mean, really - do you expect the Magnificent One to tax his brain trying to remember something he said just for YOU? How dare you question HIM in the first place, you peasant?!

      "When someone shows you who they are ... believe them the first time." ~ Maya Angelou

      by Orlaine on Sat Jul 21, 2012 at 01:45:10 PM PDT

      [ Parent ]

  •  I'm unclear about this "retirement (18+ / 0-)

    package." If he's the sole owner, who's he negotiating with? Aren't you essentially taxing your own money twice by withdrawing it from your company's bank account and placing it into your own?

    "A cynical, mercenary, demagogic press will produce in time a people as base as itself." - Joseph Pulitzer

    by CFAmick on Fri Jul 20, 2012 at 11:05:43 AM PDT

    •  CFAmick I wonder who he was negotiating with, too. (3+ / 0-)
      Recommended by:
      laserhaas, eps62, Subterranean

      I don't know about the tax part, except that I'm 100% sure that Myth Romney did not tax his money twice.

      "'s difficult to imagine what else Republicans can do to drive women away in 2012, unless they decide to bring back witch-hanging. And I wouldn't put it past them." James Wolcott

      by Mayfly on Fri Jul 20, 2012 at 11:44:40 AM PDT

      [ Parent ]

    •  he's negotiating with other members of Bain (4+ / 0-)
      Recommended by:
      semiot, eps62, fumie, Subterranean

      who wanted to buy him out. in simplest terms, they could agree on a price of the value of the firm, pay him that, and he walks away. how that sort of thing gets structured is where it gets complicated. do they pay him a lump sum on a single day? do they pay it over a period of years? does he maintain a nominal role because his name still brings value and business into the firm? do they agree to give him a cut of new investment deals the firm makes? what compensation does he want for all of that?

      all of these things roll up into a packaged deal that likely included the purchase price, retirement and benefits, consulting compensation, etc. and the buy-out group likely planned on using future profits from of the firm's investments to pay for these things to reduce their up front costs and risks.

      in other words, he was negotiating as the current owner with the future owners, and to maximize his leverage over the future group, he maintained his control until the future group met his terms.

  •  I know the news is otherwise engaged ... (18+ / 0-)

    ... at the moment, and rightfully so.  But this information needs to be front and center once the media comes back to equilibrium a bit.

  •  10 year severance? Starting in 1999? (26+ / 0-)

    Reason number 134,350 he doesn't want to release any tax return prior to 2010.

  •  Will Kessler at WashPost finally concede Obama (23+ / 0-)

    ad was not a three pinochio, misleading ad?!!!!!!!!!!!

  •  He needs an alibi (9+ / 0-)

    He was at the Olympics NOT NOT NOT at the scene of the crime(s).

  •  Bain again? (2+ / 0-)
    Recommended by:
    eps62, JG in MD

    I see that Bain is what our democratic focus will be for some time to come.  But, even though it supposedly shows that it's having an impact on personal perception with regard to the Mittens, I'm not so sure that the more we continue this, the more it becomes something that loses its focus and meaning.  

    We've won our voters with Bain.  We won't win any more voters just going on and on about it.  Mitt was a scuzzbucket with Bain, who doesn't understand that.  I sense that the more it's presented, the less it will mean to the voters.

    Let's go on to something else.  There are just SO many other issues with Mitt that we can present.  

    The truth is sometimes very inconvenient.

    by commonsensically on Fri Jul 20, 2012 at 11:08:18 AM PDT

  •  cause he's dammed if they do or don't (9+ / 0-)

    at this point it's now a story, and his wife hasn't helped with her comments, only brought more scrutiny.

    In reference to their church tithes:

    she said 10%, someone calculated it as 16% of the reported income..

    but all this raises a bigger set of questions amongst us of the tribe of YouPeople

    so are they tax cheats but pay minimum or even more to the church...AND where are their loyalties?

    so are they church cheats but pay taxes like they should

    so are they all around cheats

    so how come they have all this money and still cheat, and do they have so much money because they cheat

    common word:


    From those who live like leeches on the people's lives, We must take back our land again, America!...Langston Hughes

    by KenBee on Fri Jul 20, 2012 at 11:08:24 AM PDT

    •  I'm convinced that Romney won't release (5+ / 0-)

      his returns because they will show that he didn't always donate a minimum of 10% of his income to the church, as is required from all Mormons.  He would rather suffer the wrath of the American voters than jeopardize his exalted position in the church, and in the Mormon version of the hereafter.

      •  I agree (4+ / 0-)
        Recommended by:
        KenBee, eps62, gffish, RomneydoubleTax

        that his LDS standing is a major part - especially after Ann was sure to announce the 10% dues they paid.  How messed up is that?

      •  I disagree with tithing amount. (2+ / 0-)
        Recommended by:
        RomneydoubleTax, JG in MD

        I disagree with Mitt Romney on all of his policies (now that he's severely conservative).

        And I even think he's a habitual liar.

        But I do not believe that he ever comes up short in giving to his church.

        I believe Mitt Romney to be a good Mormon.

        Bashing his religious beliefs is wrong.

        That being said - Morman = Koran....a third book.

        •  One thing for sure he's ashamed of a lot of things (1+ / 0-)
          Recommended by:

          He won't discuss any Bain specifics; although he's the one who brought it into the discussion as his "job creator" calling card.
          He won't discuss his time as governor because he tanked job creation as MA governor from 37th to 47th nationally, he won't discuss the Olympics because he funded it mainly with government pork... given he's the small government, no deficits candidate, he won't talk about that government handout funded Olympics which he proudly discussed on tape.
          He won't discuss his Mormon religion that he donates 10% to 19% of his money to, yet he'll use every trick in the book to game the system but HYPOCRITICALLY gives lip service about FIXING the economy and caring about deficits?? Right, it's because of people like Myth, their numerous tax cuts, education cuts, shipping jobs, bank accounts overseas that our economy sucks, our job creation lower than should be and US has lower innovation. GOTP keeps cutting education so they can have a dumbed down electorate that votes against itself for the oligarchs to get even more, so of course there'll be less innovation, and lesser numbers of good quality jobs. Duh.
          Everything is going according to plan as far as Myth and his crew of UN-American oligarchs are concerned.

      •  that might be part of it (3+ / 0-)
        Recommended by:
        KenBee, eps62, JG in MD

        but i doubt its the only reason. how many Americans know or understand the tithing requirements of the LDS, or would care if he was stiffing them? would Mormon voters really not vote GOP all of a sudden over it?

        I think the real issue is exactly what it appears to be. For his entire professional life, Romney has been very agressive in his tax avoidance strategy. releasing those returns will expose those strategies to the typical american voter in ways they can finally understand. think about it? when we got hit on 9/11 and had to respond, Romney was probably figuring out how to park money overseas to avoid paying for the bill. ditto iraq. ditto financial collapse and the TARP bailout. ditto the stimulus and the debate over extended unemployment.

        it would show how much money the switch from the Clinton tax rates to the W tax rates made to a guy like Romney, while regular voters would know it meant very little to them. the numbers will show that guy who has everything is still complaining about what he doesn't have.

        Occam's Razor applies here. he doesn't want to release them because they would undercut the entire GOP arguement for defending current tax policy and making it even more beneficial for the rich.

        •  and we'd see a B (3+ / 0-)
          Recommended by:
          KenBee, eps62, RomneydoubleTax

          as in BILLION.  Selling out his stake in Bain had to be worth way more than 250 million.  If he personally made $40 million on ONE deal per David Corn's story today, you know the real total numbers are just incredible!

          •  Re-engineering his financials (2+ / 0-)
            Recommended by:
            RomneydoubleTax, KenBee

            The press will begin re-engineering his financials, speculating and figuring this out. Got to think that Romney is probably a secret billionaire, assets divided among family members and hidden throughout a maize of foreign investments.

            What I also suspect that as this thing continues to leak out so will his tax returns, these things have a way of popping up where the crescendo will demand he disclose.

            The 2009 return with the amnesty deal potential and final year of the buyout will be very revealing us 'you people'.

            They that can give up essential liberty to obtain a little temporary safety deserve neither safety nor liberty~Ben Franklin

            by RWN on Fri Jul 20, 2012 at 01:28:29 PM PDT

            [ Parent ]

          •  True but Americans don't care about the B word (2+ / 0-)
            Recommended by:
            JG in MD, gffish

            Trump's a billionaire, still he was a favorite until he started opening his divisive, racist birther hysteria mouth then he became just another irrelevant conspiracy theorist Birther.
            Americans don't mind a very wealthy president who has  compassion, we just don't want a wealthy plutocrat as POTUS, one who wants to be president to game the system in his favor & favor of his fellow 1%ers, we don't want a president who just wants to give himself breaks at our expense.
            JFK, Bushes, Roosevelt were all wealthy but we loved them because they actually cared about the middle class, and the poor, and the rich too. They cared about everybody not just one slice of the electorate.

            If Myth cared about the country he would be campaigning on raising taxes NOt further tax cuts to add to the deficit , a talking point he keeps blabbing and pandering to Tea'ers about... his actions show the deficit is clearly a talking point doesn't care about beyond the pander effect.

            •  The difference is so stunning (1+ / 0-)
              Recommended by:

              between Mitt Rmoney and John Kennedy & Franklin Roosevelt. They both had catastrophic health issues, but even without those they would have cared about people. Noblesse oblige isn't a dirty word.

              I suddenly started a blog.

              by JG in MD on Fri Jul 20, 2012 at 03:55:10 PM PDT

              [ Parent ]

  •  BREAKING! video of $Romney at BAIN!!!...... (3+ / 0-)
    Recommended by:
    sfbob, DEMonrat ankle biter, eps62

    "You can't think and surf at the same time" Yogi Surfdog

    by surfdog on Fri Jul 20, 2012 at 11:10:44 AM PDT

  •  David Corn has new data (16+ / 0-)

    "In March 1999, shortly after Romney left Bain to take over the troubled Winter Olympics in Salt Lake City, Brookside Capital Investors Inc., a Bain-related entity wholly owned by Romney, filed a report with the Securities and Exchange Commission that listed dozens of companies in which Brookside held a stake the previous quarter. The roster included investments in Singapore-based Flextronics International ($13 million) and Florida-headquartered Jabil Circuit Inc. ($41 million), two companies that were leaders in the fast-growing field of outsourcing electronics manufacturing and offshoring production to low-wage countries. Together, these two investments represented almost 10 percent of Brookside's $559 million portfolio.

    "They were two of a handful of companies that, according to the Los Angeles Times, "exploited the boon in high-tech outsourcing, or 'stealth' manufacturing," producing components or products for American businesses including Hewlett-Packard, Cisco Systems, Sun Microsystems, and Microsoft. When Romney was acquiring stakes in these two companies, they were hot tickets for investors. During the second half of 1998, the leading electronics manufacturing contractors—including Flextronics and Jabil Circuit—averaged an 85 percent boost in stock prices. That year, Flextronics doubled its revenues."

    •  and he left in February, so his hands (1+ / 0-)
      Recommended by:

      are clean I guess. Guess that whole outsourcing venture was conceived, planned, researched and implemented between March 1st and the filing dates some time later the same month. Like Dan Rather said on Maddow the other day, "That dog just won't hunt!".

    •  The FORM 13F says that Romney is the sole (0+ / 0-)

      stockholder of Brookside, and that the investments were made at the "manager's sole discretion."

      Mittens, this happened for the quarter January 1, 1999 to march 31, 1999, when YOU WERE AT BAIN.

      You were the 100% owner of BAIN, AND the 100% owner of the Brookside subsidiary.

      Here is what the form says:

      Institutional Investment Manager Filing this Report:

      Name:     Brookside Capital Investors, Inc. *
      Address:  Two Copley Place
                Boston, MA  02116

      *Brookside Capital Investors, Inc. is the general partner of Brookside Capital Investors, L.P., the general partner of Brookside Capital Partners Fund, L.P. Brookside Capital Investors, Inc. is wholly owned by W. Mitt Romney.

      For those of you unfamiliar with partnership law, the General Partner usually holds all the cards, and the Limited Partners are silent investors, who put up money and generally shut up as to management decisions.

      You CAN'T make up stuff worse than this if you WANTED to lie about R-MONEY.  

      But you don't have to.  Mittens did it to himself.

      "The battle, sir, is not to the strong alone; it is to the vigilant, the active, the brave." -- Patrick Henry

      by BornDuringWWII on Fri Jul 20, 2012 at 01:44:43 PM PDT

      [ Parent ]

    •  It just keeps piling on Myth, the bleeding cont.. (0+ / 0-)

      His best political move would be to come clean, cop to it and prmise to improve. It could work but the window is very slim. In another 2 weeks, nothing Myth can say will save him, not even low job numbers.
      Myth's giving himself kick in the gut after kick in the gut with his sinister, shadowy figure rich guy stunts & secrets.
      Myth's campaign will implode within 2 weeks, if he doesn't come clean. yesterday I would have said 1 week, but he gets a reprieve because of the Aurora tragedy buying him a couple days.

  •  Is DKos a quiet room? (8+ / 0-)

    No.  No it is not.  You people need to move along.

  •  Mitt is a liar (4+ / 0-)
    Recommended by:
    Mayfly, laserhaas, eps62, RomneydoubleTax

    Plan and Simple. Everytime he opens his mouth lies fall out.

  •  Mitt is a Republican (1+ / 0-)
    Recommended by:

    and Republicans lie.  I don't have to post the fable of the scorpion and the frog again, do I?

    -7.75, -8.10; All it takes is security in your own civil rights to make you complacent.

    by Dave in Northridge on Fri Jul 20, 2012 at 11:19:47 AM PDT

  •  This part is pissing me off. (9+ / 0-)
    According to the story, Romney was not a partner in investment funds launched by Bain while he was at the Olympics in 2000 and 2001...
    Possibly true, in the sense that he may not have put together the packages; but as sole shareholder of virtually every Bain entity, he profited from every blessed one of them; and, as has been documented here and here and here, Romney personally participated in the deals, through Sankaty High Yield Assets Inverstors, Ltd., a company that was magically transferred to Ann Romney's "blind" trust the day before McDuck became McGovernor.

    Geez, I'd love somebody in the MSM to point that out.

    Après le thé, le déluge. -- Glenn Beck, aka Napoleon XIV

    by mspicata on Fri Jul 20, 2012 at 11:23:58 AM PDT

  •  Oh my. (3+ / 0-)
    Recommended by:
    dougymi, Mayfly, RomneydoubleTax

    What will John King and his off-the-record-but-totally-believable-because-they-are-Democrats sources say regarding this?

    One positively shivers with anticipation.

    Democracy is often an indictment of the voting populace.

    by electricgrendel on Fri Jul 20, 2012 at 11:27:01 AM PDT

  •  If he's the "sole owner" and CEO, who exactly (3+ / 0-)
    Recommended by:
    DRo, Mayfly, eps62

    was he "negotiating" with for his golden parachute?

    Is it like my dog who looks in mirror and doesn't know it's him?

  •  My head is hurting from the insanity of Mitt's (3+ / 0-)
    Recommended by:
    Mayfly, eps62, JG in MD


    For Mitt's argument to make sense, we have to accept that Bain went rogue after 1999.  He's saying, "I had nothing to do with those terrible fetus disposal investments."  In other words, Bain was a saintly, god-fearing company until February 1999, when it became the spawn of the devil.

    Accepting that, he's throwing his partners under the bus as well.  Unlike the pure as the driven Olympic snow Romney, Ed Conrad and his buddies from the '80 and '90s suddenly went over to the dark side in 1999, indulging in an orgy or outsourcing and fetus destruction.

    It's total and utter nonsense, no matter what Romney's status at Bain was in 1999.

    The GOP: "You can always go to the Emergency Room."

    by Upper West on Fri Jul 20, 2012 at 11:27:25 AM PDT

  •  Will he stand up to dictators hostile to the US (2+ / 0-)
    Recommended by:
    Mayfly, eps62

    when he did not even stand up to outsourcing Bain managers hostile to US workers?

    Romney can continue to claim that 'I had nothing to do with investing in any outsourcing firms that Bain acquired.'

    But in that claim he tacitly admits, as CEO of Bain, that he did nothing to stop those managers.  As far as we know, he did not fire anyone who made those investments on Bain's behalf. So we must conclude he approved of their actions.

    The United States does not need an absentee buck passer right now.

    We need a leader who leads; one who will take responsibility for decisions made under his watch.

    The choice of our lifetime: Mitt Romney, It Takes A Pillage or President Barack Obama, Forward Together.

    by FiredUpInCA on Fri Jul 20, 2012 at 11:28:49 AM PDT

  •  Romney is a pathological liar... (5+ / 0-)

    Here I thought he was being coy about his stances on issues because he hadn't decided where he stood on them yet.  Or because he couldn't remember what he thought of them before because he's kind of a weathervane on issues.  But now I think it's because he just doesn't have a ethical center.

    He views the presidency as just another job where he can enrich himself.  And his campaign will do and say anything to take him there... just as if it were some acquisition or buyout of a company.  What parts of the nation will he sell off to the highest bidders to make himself more powerful?  Who knows.

    And for those of us who are wringing their hands about more Bain ads and more Bain attacks and more information... if you've got a winning issue, which attacks the opposing candidate's self-declared signature reason for running for office, you don't unilaterally disarm by talking about something else.  Not until the winning issue has run its course, and this Bain story has some long legs.  If you're worried about these Bain attacks, my advice is to tune out until the next round of attacks from Romney and Obama.

    I wouldn't mind Bain coverage all the way up until the conventions, especially after this morning's revelations in London about Barclays bank officials (involved, or not [you choose] in the LIBOR rate fixing scandal) fundraising and bundling for Romney.

    The most dangerous... programs, from a movement conservative's point of view, are the ones that work the best and thereby legitimize the welfare state. Krugman

    by BasharH on Fri Jul 20, 2012 at 11:30:34 AM PDT

    •  BasharH, "He views the presidency as just another (2+ / 0-)
      Recommended by:
      eps62, BasharH

      job where he can enrich himself."  I think you nailed it.

      "'s difficult to imagine what else Republicans can do to drive women away in 2012, unless they decide to bring back witch-hanging. And I wouldn't put it past them." James Wolcott

      by Mayfly on Fri Jul 20, 2012 at 12:42:16 PM PDT

      [ Parent ]

    •  They've said it out loud (1+ / 0-)
      Recommended by:

      Who was it in the House of Representatives who said "We'll do the work, all he has to do is sign on the dotted line"?

      They've put him up as a rubber-stamp President. Nothing on his own, all comes from his handlers.

      Hey handlers, how's that workin' for ya?

      I suddenly started a blog.

      by JG in MD on Fri Jul 20, 2012 at 04:04:33 PM PDT

      [ Parent ]

  •  Move forward with new ads (2+ / 0-)
    Recommended by:
    Mayfly, eps62

    I think at this point, The Obama camp should move forward with new ads ripping Romney for all damaging Bain Capital activity during this time period, just as if Romney had come out and confirmed what we know is true anyway. Keep Romney on the defensive. Make him deny that he had the power to sign off  on any of this activity. Keep him on his heels........

  •  Venture capitalists: Romney is not one of us (3+ / 0-)
    Recommended by:
    Mayfly, greenbird, eps62

    This is entertaining.

    "Work for something because it is good, not just because it stands a chance to succeed." -- Vaclav Havel

    by greendem on Fri Jul 20, 2012 at 11:35:18 AM PDT

  •  I think we can outsource the focus of Bain (2+ / 0-)
    Recommended by:
    Mayfly, eps62

    to DNC people (pun intended).  The Obama campaign needs to stick to its message.  In tough economic times, the priority is to maintain a connection with the voters that the candidate understands their problems and has a vision of how we get to a better economic future.

    If all of this Bain stuff ends up crowding out Mitt's message, that will make our job a little easier.

    I do think that Bain has hurt Romney's ability to make blue states competitive.  It has also prevented him from making a compelling case in battlegrounds and could hurt his enthusiasm among GOP base voters across the board.  We're starting to see some polling that shows the impact.  States like CA, NJ, NY, WA seem pretty safe for the President, with polling that approaches 2008 numbers.  Battlegrounds like NV, WI,  seem like lean Obama states, which means that other similar states that were part of the 2008 coalition will likely follow suit.  And if you look at VA, aside from the Q poll, the President has led in something like 15 out of the last 18 polls taken there so you have to say he's in a good spot there as well.  

    Bain can really help in Iowa and NH as the President took a beating from the GOP primary and has yet bounced to a lead of somewhere between 3-5 points.  He won by around 10 points in each state last time.  Bain could pave the way for the President to gain a wider audience for his message and allow him to get back up to his 2008 performance.

    Alternative rock with something to say:

    by khyber900 on Fri Jul 20, 2012 at 11:38:45 AM PDT

  •  Colorado is unfortunate, but temporary distraction (4+ / 0-)
    Recommended by:
    DRo, Jane Lew, Mayfly, eps62

    ...Romney will ironically be the temporary beneficiary of the Colorado shooting incident, because until at least sometime early next week, it sucks up most of the available media oxygen and public attention.  BTW: I am especially mindful of the tragedy since my older daughter is a first-year resident physician at U. Colorado Medical School in Aurora, and of course my first impulse this morning was to hope she and her boyfriend were not among those at the theater last night, although probably she's involved in treating some of the victims, given where she's been assigned to work her current rotation.

     But I cannot help also think what a lucky ducky Romney is that something has at least momentarily changed the subject from Bain and his taxes.  However, I think this is a quicksand from which he cannot escape without damage, unless he's able to show there's truly "nothing there".  There's an outside possibility Bain and his taxes could all be a Rovian trap that he'll spring in another week or so by releasing his taxes knowing nothing really damaging is there, but OTOH if that was the case the timing for release would have been far more optimal a couple of days ago.

  •  Item 1 that Romney did in 1999 - The Learning (4+ / 0-)

    Company merger with Mattel.

    It lost Billions and Romney got stock control of Mattel.

    Mitt Romney was CEO of Bain until Aug 2001. Proof of Bain & Romney Fraud

    by laserhaas on Fri Jul 20, 2012 at 11:41:11 AM PDT

  •  Item 2 Romney doesn't want you to see - eToys (4+ / 0-)

    went public in 1999 for astronical monies.

    The law firm Morris Nichols (MNAT) that merged The Learning Company with Mattel (therefore connected to Bain/ Romney) - also LIED to become the eToys Debtor's counsel in a phoney bankruptcy case to sell eToys for free to Bain/ Kay Bee.

    Mitt Romney was CEO of Bain until Aug 2001. Proof of Bain & Romney Fraud

    by laserhaas on Fri Jul 20, 2012 at 11:43:16 AM PDT

  •  Item no 3 - Stage Stores Bankruptcy in 2000 (4+ / 0-)

    Mitt Romney owned the controlling shares.

    He was also directors with Jack Bush and Michael Glazer

    Michael Glazer was also CEO of Kay Bee Toys at that time.

    Plus Barry Gold worked for the directors of Stage Stores

    and then Mr. Gold hired Paul Traub (his secret partner).

    Mitt Romney was CEO of Bain until Aug 2001. Proof of Bain & Romney Fraud

    by laserhaas on Fri Jul 20, 2012 at 11:44:54 AM PDT

  •  Item 4 - Bain Cap acquired Kay Bee Toys in 2000 (4+ / 0-)

    While Mitt Romney owned stock in Mattel Toys

    and Bain Capital was planning to monopolize the independent retail toy industry.

    Remember, Michael Glazer is CEO of Kay Bee Toys

    Mitt Romney was CEO of Bain until Aug 2001. Proof of Bain & Romney Fraud

    by laserhaas on Fri Jul 20, 2012 at 11:46:08 AM PDT

  •  Item 5 - eToys goes Bankrupt March 7, 2001 and (4+ / 0-)

    Bain Capital/ Kay Bee Toys acquires it


    Because MNAT (Bain/ Romney attorney in Delaware during the merger of The Learning Company with Mattel) - LIED to the Chief Federal Justice in order to become the eToys Debtors counsel.

    Then MNAT along with Paul Traub from Stage Stores hires Barry Gold as President & CEO

    With success of those schemes & artificies to defraud- MNAT, Traub & Gold then sell eToys to Bain/ Kay Bee for FREE (where Michael Glazer is CEO)

    Mitt Romney was CEO of Bain until Aug 2001. Proof of Bain & Romney Fraud

    by laserhaas on Fri Jul 20, 2012 at 11:48:51 AM PDT

  •  Item no 6 - The fraud is discovered in eToys (5+ / 0-)

    and in August 2001 - Mitt Romney resigns.

    Also at the same exact period of time, a law firm partner (Colm Connolly) of MNAT becomes the United States Attorney in Delaware (August 2, 2001) (GWB nomination now federal archived as proof)

    For 7 years Colm Connolly NEVER mentioned the fact that he was partners with MNAT and may have worked with Bain/ Goldman Sachs

    the very firm & parties he refused to investigate or prosecute for 7 years.

    Mitt Romney was CEO of Bain until Aug 2001. Proof of Bain & Romney Fraud

    by laserhaas on Fri Jul 20, 2012 at 11:51:14 AM PDT

  •  BTW those are all Facts that can be Checked in (5+ / 0-)

    the Public Records.

    Isn't REAL strange that no one is mentioning them?

    Mitt Romney was CEO of Bain until Aug 2001. Proof of Bain & Romney Fraud

    by laserhaas on Fri Jul 20, 2012 at 11:54:58 AM PDT

  •  "Although he wasn't responsible for initiating (5+ / 0-)
    Recommended by:
    Jane Lew, laserhaas, Mayfly, greenbird, eps62

    new investments, because he was CEO and owner, they could not have been made without his support."

    I've worked in M&A. These deals have closing dates and shadow management for a reason.

    Imagine selling a house with a closing date. After the deal is signed, the owner trashes or burns down the house. Is the buyer stuck with a trashed or burned down house? Hardly.

    In the business case, particularly where inside management is involved in buying the business, the seller has to protect themselves too. So what they arrange is mutual approval of  key business decisions: hiring & firing of key personnel, buying or selling key assets and entering or terminating key contracts, entering into financial liabilities, etc. Romney had to have a say in ALL the key decisions to protect his money or the sharks that worked for him could have effectively cleaned him out (trashed or burned down the house of Bain).

    There is simply no other way to do a deal of this nature. And the long buyout period served a few purposes along those lines:
    1 - it helped Bain cashflow - a key to their ability to flip companies -
    2 - it helped Romney's taxes by spreading the hit over a number of years
    3 - it protected Romney from his "partners" hiding deals until after the closing date.

    A major hunk of Romney's life earnings were tied up in Bain. Anyone who thinks he just walked away from that to micro-manage the Olympics leaving the sharks his $250 mil to play with without any significant Romney oversight is terribly naive.

    And given their history at putting together deals, it didn't take them 3 years to figure out a deal. It was probably a heck of a lot closer to 3 minutes or 3 days to come up with the framework because they had done so many and most of the parameters had to be fairly obvious under the circumstances. All they had to really nail down was tweaking the formula over a time frame to get agreement.

    This hands off claim is bunk based upon the expectation that most won't understand how wildly bogus it really is from the actual business practice. From what I've read of the media on this, it was a pretty good projection.

    •  Further to this: (3+ / 0-)
      Recommended by:
      Mayfly, greenbird, eps62

      What the media should do is get some M&A people to review Romney's claim and cite how many deals like that they worked where the owner just walked away for three years leaving his $250 mil behind without any oversight. I dare them to find one similar claimed by an honest M&A exec.

    •  I'd add one other aspect to this in my (1+ / 0-)
      Recommended by:
      JG in MD

      experience representing owners.

      This was Romney's life work to that date in time. It represented a major hunk of his net worth to that point in time. He was cashing in his chips on 22-25 years of effort.

      Selling a company you started or had a big hand in growing is an immensely emotional event. There are some parallels to it with a divorce. I've never seen any other transaction in business that is comparable - a gigantic sale might come somewhat close but that's more like just a game winning home run.

      There are usually massive egos involved on both sides. Nearly always, it represents the most money the owner has seen for themselves in their lifetime on a deal (probably including Romney). Folks are on pins and needles because it can blow up at any time - the tension can be incredible. Key management often gets big bonuses to fall in line with the sale so they're also on pins and needles - while juggling the possibility the change in ownership may cost them their job under the new ownership ....  The M&A guys get big money via commission only if the sale goes through so they're on tense pins and needles.

      To me, the event is the Super Bowl of a business for the selling owner. It's a very, very big deal for the owner - the crowning moment if the business has been successful.

      And Romney is trying to convince the American people he didn't dress for that game and let others play in his place - which wouldn't say much for him as a President and leader anyway.

  •  Mitt lied because he was responding to (3+ / 0-)
    Recommended by:
    laserhaas, eps62, JG in MD

    criticism of Bain activities that resulted in forced bankruptcies, layoffs, outsourcing, and of course, my favorite, profiting from aborted fetus disposal.

    All he had to do was say, fuck it, business is business. I wasn't directly involved. Instead, because he can't stand to let any hint of criticism stay standing, he had to issue his bullshit blanket denial

    All this said, it's not going to make any difference at all in the campaign, unless Obama can figure out how to use it correctly, which is to point out that the guy is a reflexive bullshitter. It doesn't much matter what Bain did those two years, or how much "control" Romney had; it matters that he's full of shit.

    Two hundred million Americans, and there ain't two good catchers among 'em. --Casey Stengel

    by LongTom on Fri Jul 20, 2012 at 12:06:39 PM PDT

    •  LongTom, love your sig line. nt (1+ / 0-)
      Recommended by:

      "'s difficult to imagine what else Republicans can do to drive women away in 2012, unless they decide to bring back witch-hanging. And I wouldn't put it past them." James Wolcott

      by Mayfly on Fri Jul 20, 2012 at 12:55:42 PM PDT

      [ Parent ]

      •  Tx. I think he meant two good AVAILABLE (0+ / 0-)

        catchers. There's always been at last two good catchers somewhere, if only on other teams. Though it is the hardest position to fill adequately.

        Two hundred million Americans, and there ain't two good catchers among 'em. --Casey Stengel

        by LongTom on Sat Jul 21, 2012 at 05:13:08 AM PDT

        [ Parent ]

  •  Ten year retirement package? (2+ / 0-)
    Recommended by:
    Mayfly, eps62

    Perhaps there is something about that package, which has run out in the last year or so, that he doesn't want the world to see.  Presumably, his income was greater before it ran out and it wouldn't be unusual for such a long-term plan to pay more at the beginning than at the end.

    The trouble with the world is that the stupid are cocksure and the intelligent are full of doubt. Bertrand Russell

    by accumbens on Fri Jul 20, 2012 at 12:08:33 PM PDT

  •  Does anyone know when Stericylce started the (0+ / 0-)

    aborted baby disposal service? Some have said it was after Bain sold it.  If it was in that business while owned by Romney that would be a big deal.

    Ask top al Qaeda leaders about Obama's foreign policy. Wait, you can't. They're dead. -Paul Begala

    by Fickle on Fri Jul 20, 2012 at 12:33:23 PM PDT

    •  Fickle, except in extreme medical circumstances, (0+ / 0-)

      babies are not aborted. A common example of extreme circumstance is the fetus has developed into a baby without a brain or some other fatal malady (often caused by environmental toxins.)  "...aborted fetus disposal..."  would be more accurate. Roe v. Wade does not allow late-term abortion except in the most dire circumstances.

      I know this sounds like hair splitting, but it matters. I'm sure you did not knowingly endorse the R-Wing argument against women's right to informed choice and compassionate medical care.

      "'s difficult to imagine what else Republicans can do to drive women away in 2012, unless they decide to bring back witch-hanging. And I wouldn't put it past them." James Wolcott

      by Mayfly on Fri Jul 20, 2012 at 01:05:36 PM PDT

      [ Parent ]

  •  Wow, it's looking more and more (2+ / 0-)
    Recommended by:
    Mayfly, eps62

    like the tidbit that Rmoney is petrified about revealing appears in his 2009 tax return. His ten year retroactive retirement package began in 1999 and culminated to it's ending in 2009. Team McCain didn't see that one, nor did the reviewers of the ones he submitted prior to his Governorship. He probably made a massive amount dispite the crash in 2008 which his accountants no doubt were creative enough to avoid taxes on. The People would obviously not like to see that while their retirements were being dessimated and their home values were plummeting due to the greed of the wealthy, the Republican nominee made a killing and managed to all but avoid taxes. Yep, the damaging stuff is most definitely in his 2009 return.

    Also, as to his role between 2000-2002, his retirement package would rely on the company profiting going forward, right?. Seems his biggest profits came from the practices his company implemented from 1998 and onward, specifically outsourcing and driving good companies into bancruptcy through running up their good credit to the limit and raiding employee pensions. He might not have been involved in the tiny details but the broad-brush moves and final decisions of Bain's business deals fell directly on Rmoney...the sole President, stockholder and ceo until 2002.

  •  Rachael Maddow's Blog quotes Jed Lewison (3+ / 0-)
    Recommended by:
    greenbird, Mayfly, eps62

    Everyone give Jew a hi 5

    Mitt Romney was CEO of Bain until Aug 2001. Proof of Bain & Romney Fraud

    by laserhaas on Fri Jul 20, 2012 at 12:47:16 PM PDT

  •  Mitt appears to have been too clever (2+ / 0-)
    Recommended by:
    Mayfly, eps62

    for his own good.  There should be calls for an investigation by the SEC.  If someone can find just a few well placed emails about decisions on outsourcing jobs during his fake absence, we could have a derailed GOP campaign for Prez.   At the very least, the Dems should keep this issue on the front burner.

  •  something, something... (2+ / 0-)
    Recommended by:
    Mayfly, eps62


    of you people,
    by you people,
    and for you people.

    what a concept !!

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

    by greenbird on Fri Jul 20, 2012 at 12:55:00 PM PDT

  •  What Mitt believes (2+ / 0-)
    Recommended by:
    eps62, RomneydoubleTax

    Why did he lie? Because Willard Mitlington "Mitt" Romney believes very deeply in one thing; Mendacity.

  •  Oh dear, Mitt is beginning to look cross-eyed (2+ / 0-)
    Recommended by:
    eps62, RomneydoubleTax

    The first (visible) symptom of brain-wasting disease?

  •  Let's say for example that (2+ / 0-)
    Recommended by:
    RomneydoubleTax, laserhaas

    John McCain or one of his people shared Romney's tax returns with Karl Rove when vetting him. Do you think it's beyond someone like Rove or others like him in the GOP to say "look Mitt, you do what we want you to do or we'll sink you with your tax returns."

    Does America want their President beholden to men like that?

    Think about it.

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