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Saturday
Nov 22nd

Obama for America: SNAPSHOT: Coverage of Romney's big Bain lie

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CHICAGO, IL – While running for both Governor and President, Mitt Romney has consistently claimed that he couldn't be held accountable for bankruptcies and layoffs resulting from Bain investments after February 1999 since he departed for the Olympics. But this morning's Boston Globe report exposes Romney's big Bain lie.

According to the report, we now know that he wasn't telling the truth. As noted in the Globe and in official Bain filings to the SEC, Romney didn't leave Bain until 2001. He remained on the payroll, and continuously signed government documents representing himself as the head of that firm. This puts him at the center of responsibility for troubling investments involving outsourcing and bankruptcies. It also raises serious questions about why he misrepresented the date of his 'departure,' and whether he is concealing his tax returns because there is still more about this period and beyond that he doesn't want people to know.

Below is a snapshot of coverage from today's report:

Mitt Romney stayed at Bain 3 years longer than he stated
Boston Globe // Callum Borchers and Christopher Rowland
Government documents filed by Mitt Romney and Bain Capital say Romney remained chief executive and chairman of the firm three years beyond the date he said he ceded control, even creating five new investment partnerships during that time. Romney has said he left Bain in 1999 to lead the winter Olympics in Salt Lake City, ending his role in the company. But public Securities and Exchange Commission documents filed later by Bain Capital state he remained the firm's "sole stockholder, chairman of the board, chief executive officer, and president." Also, a Massachusetts financial disclosure form Romney filed in 2003 states that he still owned 100 percent of Bain Capital in 2002.

To Bain or not to Bain: Report disputes when Romney left
Los Angeles Times // Kathleen Hennessey
Just when you thought reporters had scrubbed all of Mitt Romney's time at the helm of Bain Capital, the Boston Globe suggests there's more to scrub. The Globe reports today that for three years after Romney says he left the firm, Bain filed documents with the government that listed Romney as the CEO and chairman. Romney's signature appeared on paperwork creating five new investment entities during that three-year period, the Globe reports, and Romney reported receiving income from Bain for his work as an "executive." "A Massachusetts financial disclosure form Romney filed in 2003 states that he still owned 100 percent of Bain Capital in 2002," the Globe reported.

Report: Romney at Bain Three Years Longer Than He Claimed
National Journal // Jonathan Miller
Mitt Romney has long maintained that he left the private equity firm Bain Capital in February 1999 to work on the Salt Lake City Olympics, but government documents uncovered by The Boston Globe suggest he may have been active in the company for three more years. A Massachusetts financial disclosure form Romney filed in 2003 said he still owned 100 percent of Bain Capital in 2002, The Globe reported. Another state disclosure form indicates he earned roughly $100,000 as an "executive" at Bain in both 2001 and 2002 – apart from his investment earnings. Romney's exact departure date from the company has become a critical issue in the campaign because he has claimed that he was not involved with the company when some of its holdings went bankrupt and had to lay off workers.

Romney's true Bain tenure raises questions
Politico // Dylan Byers
The Boston Globe is out with a potential game changer today, reporting that Mitt Romney stayed at Bain Capital three years longer than he said he had. "Government documents filed by Mitt Romney and Bain Capital say Romney remained chief executive and chairman of the firm three years beyond the date he said he ceded control, even creating five new investment partnerships during that time," Globe reporters Callum Borchers and Christopher Rowland write. "Romney has said he left Bain in 1999 to lead the winter Olympics in Salt Lake City, ending his role in the company. But public Securities and Exchange Commission documents filed later by Bain Capital state he remained the firm's 'sole stockholder, chairman of the board, chief executive officer, and president.'" The report is especially significant because Romney has used the date of his departure from Bain as evidence that he was not responsible for the firm's involvement with companies that went bankrupt or reportedly specialized in outsourcing.

Mitt Romney's Bain Capital Exit Date Called Into Question By Filings
Huffington Post // Luke Johnson
When did Mitt Romney leave Bain Capital? The presumptive Republican presidential nominee has said that he left the private equity firm in 1999, but new reports indicate that he may have stayed on until 2002. The Boston Globe reported Thursday on SEC filings dated after February 1999 that state that Romney is the firm's "sole stockholder, chairman of the board, chief executive officer, and president." A 2003 Massachusetts disclosure form says that he owned 100 percent of the company in 2002, and forms indicate that he earned $100,000 as an "executive" in 2001 and 2002, apart from investments.

Mitt Romney at Bain for Three Years Longer Than He Said He Was?
Vanity Fair // Juli Weiner
What's trickier for Mitt Romney's presidential campaign than his 22 years at Bain Capital? Answer: a potential 25 years at Bain Capital. The Boston Globe is reporting that Mitt Romney's tenure at Bain lasted three years longer than he said it did, overlapping with Romney's heroic rescue of the Olympics from itself: "Government documents filed by Mitt Romney and Bain Capital say Romney remained chief executive and chairman of the firm three years beyond the date he said he ceded control, even creating five new investment partnerships during that time. Romney has said he left Bain in 1999 to lead the winter Olympics in Salt Lake City, ending his role in the company. But public Securities and Exchange Commission documents filed later by Bain Capital state he remained the firm's "sole stockholder, chairman of the board, chief executive officer, and president."

New questions about when Romney officially left Bain Capital
ABC // Holly Bailey
Government filings say Mitt Romney may have worked at Bain Capital longer than he's publicly suggested. Romney has repeatedly said he left Bain in 1999 to lead the Winter Olympics in Salt Lake City. But according to the Boston Globe, Bain's filings with the Securities and Exchange Commission say Romney remained the firm's "sole stockholder, chairman of the board, chief executive officer, and president" until 2002. The Globe also reports Romney's financial disclosure forms filed in Massachusetts list him as the sole owner of Bain Capital in 2002 and say he earned money as a Bain "executive" in 2001 and 2002.

Forms Show Romney Ran Bain for Longer Than He's Claimed
The Atlantic // Adam Martin
Mitt Romney was still making decisions at Bain Capital, and still getting paid for it, for at least three years longer than he's previously said, the Boston Globe reported on Thursday. The story, from reporters Callum Borchers and Christopher Rowland, cited a 2001 SEC filing which stated that Romney remained remained the firm's "sole stockholder, chairman of the board, chief executive officer, and president" after 1999, when he's always said he left to go run the Winter Olympics in Utah. They also point to a Massachusetts financial disclosure form from 2003 that said he owned 100 percent of the firm in 2002. They write, "Romney's state financial disclosure forms indicate he earned at least $100,000 as a Bain "executive" in 2001 and 2002, separate from investment earnings."

The Globe's Bain Revelation: Drip Drip...
Daily Beast // Michael Tomasky
What's clear from the Globe article is this much. Romney owned 100 percent of Bain Capital in 2002 and was paid $100,000 in salary that years (that's besides other compensation). His campaign has responded by saying the article was wrong, SEC filings are really complex. But doesn't this seem to mean at the very least that he was paid a salary for doing nothing?

Romney's Resume: Left Bain When?
Bloomberg // Mark Silva
The timing is important, the paper notes, because Romney's campaign has maintained he was not responsible for Bain-owned companies that went bankrupt or laid off workers after he left. Democrats, and President Barack Obama's campaign in particular, have pointed to those job losses in TV ads and Web-videos challenging Romney's self-styled image in the presidential campaign as a job creator.

Romney's Bain lie
Salon // Alex Seitz-Wald
Mitt Romney stayed at Bain three years longer than he claimed: As we've previously noted, Mitt Romney twice told the Government Ethics Office that he left Bain Capital in February 1999, but there has been plenty of evidence suggesting otherwise. When he left Bain is a critical question, both because a different date than the one he claimed could mean he lied on official forms, and also because Romney has used the early departure date to insulate himself from attacks on Bain's practices during the early 2000s.

 

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