Let me start by saying Mitt Romney is a Pathological Liar.
Bloomberg news service reported Friday,
"Romney is named as one of two Managing Members of Bain Capital Investors LLC in Annual Reports filed in Massachusetts as late as 2002, “adding a new corporate entity to a growing number of Bain-related investments and funds that list the Romney as controlling the company three years after he said he left it.”
I explain, in general terms, the legal liability of the LLC listing Romney as Managing Member through 2002 below the jump.
February 1999 Part-Time CEO, Leave of Absence Agreement?
Did Romney have a written and approved "Part-Time CEO, Leave of Absence Agreement" that outlined he would be a part-time CEO who would continue to provide input on investment and key personnel decisions because on February 12, 1999 CEO Romney told the Press:
Romney said he will stay on as a part-timer with Bain, providing input on investment and key personnel decisions. But he will leave running day-to-day operations to Bain’s Executive Committee.
~Boston Herald, Feb 12, 1999
Did Romney, the Bain Executive Committee members and/or the Board of Directors sign an Agreement and/or issue a Letter granting the "Part-Time CEO, Leave of Absence" outlining expectations and duties of Romney and the Executive Committee that would hold up in a court of law if Bain had been sued for, say, defrauding clients or any other such lawsuit?
Revised Leave of Absence Agreement and/or Sabbatical Agreement?
Once Romney realized he was not competent enough to run the Olympics and at the same time provide input on investment and key personnel decisions, was a new Revised "Leave of Absence Agreement" signed that outline exactly "who" at Bain had final say and final authority on investments and key personnel decisions -- and that would release Mitt Romney, and his heirs, of any personal or professional legal liability in the event the "new" decision makers defrauded Bain's clients and/or any other such lawsuits against Bain?
Did Mitt Romney, or his lawyer, draft a Sabbatical Agreement/Proposal which outlined an Operations Plan, Decision-making hierarchy, and Compensation Plan for Romney's leave?
Can Mitt Romney show us a copy of any written Agreement he entered into with Bain when he allegedly began his Part-Time CEO, Leave of Absence period and a second Revised Agreement that enabled him to earn over $100,000.00 + per year for doing absolutely nothing?
If there were no written Agreements outlining: operations plan, decision-making hierarchy and compensation plan, then did Romney just get the Board of Directors, Executive Committee and non-Managing Members together and say:
ok guys, it's me, Mitt Romney, and I own this joint and I'm going to take off for 3 years and we're going to have just this "verbal agreement" - no signed documents - as to how the next 3 years will go down.
Ready, here's the deal: I'll get paid a sh!t load of money for doing absolutely nothing for Bain -- oh, but don't worry, my lawyer tells me that I'll still be subject to legal liability for any fraud you guys perpetrate as I'll still sign as: CEO, Sole Owner and Chairman of the Board and I won't even bother to read any documents you put in front of my face for me to sign.
That means, you can enter any type of deal you want, put the transactional documents in front of me to sign and I won't ask a gawd-damn thing about any part of the deal -- that's right, no questions asked -- I'll just blindly sign any deal and any document you all make.
Here's where it gets even sweeter for you guys. My lawyer tells me that everyone of you non-Managing Members of Bain can sue me personally because Bain Capital Investment LLC will list me as Manager Member on our Annual Reports through 2002. Now, my lawyer tells me that what that exactly means for me, Mitt Romney, to be listed as Managing Member on our Annual Reports while I have zero involvement with Bain or Bain Controlled Companies is this:
IF: by my, Mitt Romney's, negligence of not making any decisions in Bain or Bain's Controlled Companies, yet still blindly signing SEC documents as CEO, Sole Owner and Chairman of the Board, if any transaction goes bad - which in turn would harm Bain's reputation and/or harms the reputation of any non-Manager Member of Bain - then all you non-Managing Members can sue the pants off of me, and my heirs personally ... don't you love my lawyer!
~Mitt Romney's potential verbal Agreement with Bain
Bain Capital Investment was an LLC (limited liability)
In general, the Managing Member of an LLC is exposed to higher liability than a non-Managing Member. Managing Members can be held personally liable when their negligent or intentional behavior causes injury to another person. Furthermore, Managing Members may be sued personally by the LLC when their behavior causes injury to the company, thereby prejudicing the interests of the non-managing members.
Steve Jobs Did Enter an Agreement and was Granted Permission for his Part-Time CEO status:
On January 17, 2011, the Press printed Steve Jobs' letter stating he would continue on as CEO and would be involved in major decisions for Apple but not the day-to-day activities.
Jan 17, 2011
At my request, the board of directors has granted me a medical leave of absence so I can focus on my health. I will continue as CEO and be involved in major strategic decisions for the company.
I have asked Tim Cook to be responsible for all of Apple's day to day operations. I have great confidence that Tim and the rest of the executive management team will do a terrific job executing the exciting plans we have in place for 2011.
I love Apple so much and hope to be back as soon as I can. In the meantime, my family and I would deeply appreciate respect for our privacy.
Ok, that sounds like Romney's February 12, 1999 press comment where he too was becoming a Part-Time CEO on leave of absence but would still be providing input on investment and key personnel decisions while relinquishing day-to-day operations to Bain's Executive Committee.
Does Mitt Romney have a document that shows the Board of Directors granted him part-time CEO status?
Currently, Romney's Team are saying Romney stayed on as CEO for 3 years because anything less was just too dang complicated --- yawn ---
Here's what Steve Jobs did in August 2011
Notice, only 7 months had passed and Apple had a Succession Plan that was to be used in the even Apple needed to replace one CEO and enlist and name another CEO.
To the Apple Board of Directors and the Apple Community:
I have always said if there ever came a day when I could no longer meet my duties and expectations as Apple’s CEO, I would be the first to let you know. Unfortunately, that day has come.
I hereby resign as CEO of Apple. I would like to serve, if the Board sees fit, as Chairman of the Board, director and Apple employee.
As far as my successor goes, I strongly recommend that we execute our Succession Plan and name Tim Cook as CEO of Apple.
I believe Apple’s brightest and most innovative days are ahead of it. And I look forward to watching and contributing to its success in a new role.
I have made some of the best friends of my life at Apple, and I thank you all for the many years of being able to work alongside you.
Grant it, Mitt Romney is a pathological liar, and his lame excuses are making Romney lawyers appear incompetent and inept.
First, when no party is hostile, transferring ownership of an LLC might take months but not 3 years.
Second, Romney was Chairman of the Board and sole owner. Meaning Romney had sole authority got to pick the CEO and Mitt picked himself. Mitt never, in 3 years, picked someone else to be CEO as Mitt was CEO.
So, my question is: Where are any and all documents showing Mitt's Agreement(s) with Bain outlining: Operations Plan, Decision-making hierarchy, and Compensation Plan during Romney's 3 year leave?
Mitt Romney clearly thinks Americans are stupid. In fact, Romney thinks Americans are so stupid that they will believe Romney was CEO with no legal liability and no involvement and blindly signed federal government documents as CEO.