When did Romney leave Bain?
The documents, filed with the U.S. Securities and Exchange Commission, place Romney in charge of Bain from 1999 to 2001, a period in which the company outsourced jobs and ran companies that fell into bankruptcy.
But at least three times since then, Bain listed Romney as the company's "controlling person," as well as its "sole shareholder, sole director, chief executive officer and president." And one of those documents — as late as February 2001 — lists Romney's "principal occupation" as Bain's managing director. The Obama campaign called the SEC documents detailing Romney's role post-1999 a "big Bain lie."
And Obama deputy campaign manager Stephanie Cutter said the presumptive GOP nominee may have even engaged in illegal activity. "Either Mitt Romney, through his own words and his own signature, was misrepresenting his position at Bain to the SEC, which is a felony," Cutter said, "or he is misrepresenting his position at Bain to the American people to avoid responsibility for some of the consequences of his investments."
Mitt could mitigate this problem by releasing all of his tax returns but he as refused to do so thus far.
Why?
15 comments:
Even if he were, why is this significant?
It's significant because he's keeping it secret. Since he's hiding this information, we can't say for sure why it's significant, we can only guess. But if he actually did lie on the SEC forms it's significant because it's illegal.
Remember that in the tax return Romney did make public, he only paid 13% in taxes. In all likelihood previous years' returns won't show anything truly illegal. But they'll most likely reveal that he paid next even less tax in those years, through all the gimmicks the wealthy can use that are unavailable to regular joes. (Like the Cayman Island accounts and the $100 million IRA account, to which Bain contributed 10 times the normal contribution limit of mere mortals.)
During his Bain years he may have done things like manipulate his salary, capital gains and dividends to minimize his tax burden (capital gains are taxed at only 15%), something which ordinary people can't do. It is this lower capital gains tax rate that's the most spectacularly unfair thing about the Bush tax cuts, because pretty much only the wealthy benefit from it. And the most common form of capital gains, the sale of stock on the stock market, does absolutely nothing to stimulate the economy.
Romney's tax records will underscore the incredibly preferential treatment that the wealthy receive compared to the rest of America. Since Romney is calling for even lower taxes on the wealthy, releasing his tax records will not help his case.
If Romney were some moneybags banker sunning on the beach after his retirement it would be a non-issue, because everyone expects that kind of scumbaggery. But he's running for president. To get elected, presidents not only have to abide by legal standards, but also by moral and ethical standards of conduct and fairness.
Romney has received special treatment his whole life, and now he's telling us that people like him need even more special treatment, otherwise they'll take their ball and go home.
the sale of stock on the stock market, does absolutely nothing to stimulate the economy.
Interesting. Does the purchase of stock, in your considered opinion, do anything to stimulate the economy?
To get elected, presidents not only have to abide by legal standards, but also by moral and ethical standards of conduct and fairness.
Bullshit! Case in point - Obama...unless lying is moral and ethical.
We all would prefer presidents to abide by legal, moral, and ethical standards but seems that is difficult.
During his Bain years he may have done things like manipulate his salary, capital gains and dividends to minimize his tax burden (capital gains are taxed at only 15%), something which ordinary people can't do.
Wait, you actually said this?! You really ought to get out more. You live in some liberal fantasy world where talking points are actually true and real life doesn't intrude. Good grief.
You guys care to devote as much attention to your jobs czar as you are to what happened at Bain a decade ago?
Like I said...
dave, Mitt Romney is running on the idea that he can do a better job with the economy and jobs than President Obama. So, we need to check his background as a businessman to see his record and gauge whether or not this is true. If he was, in fact, in charge of Bain and actively working there from 1999-2002, then he needs to take responsibility for the downside of what happened there during that time (lost jobs and outsourcing). How does that then make him a preferred alternative to the president?
But you are correct but likely not in the way you think. The spread of free markets around the world means a larger pool of labor from which to draw. That means high unemployment here as we experience these growing pains. Of course, our government could take steps to improve this but we all know why that is not happening:)
>So, we need to check his background
You didn't check Obamas background in 2008. Now checking backgrounds is important again.
How exactly was that not done, rld? Sadly, you have bought into that myth that Obama has not been "vetted." Yet there were thousands of stories in 2008 about Jeremiah Wright, birth certificates, muslimyness, and Bill Ayers. The problem wasn't that he wasn't vetted. The problem was (and still is) that there is no there there.
http://prospect.org/article/vetting-obsession
And here is my own link that shows the facts which torpedo the lies.
http://markadelphia.blogspot.com/2012/05/still-waiting.html
You like FactCheck.org, right? Perhaps spend a couple minutes there when you have a minute.
Were you aware its not a crime to be a passive owner?
PS: Obama was dealt a bad hand, but we've had 3 1/2 years to see how he'd do. Next!
Of course it's not a crime to be a passive owner nor CEO? Yet doesn't he bear ultimately bear responsibility as CEO for the choices they made?
If you want to give a shot at fixing the economy, then you have to look at his record during his time at Bain which he is touting as the reason why he can fix the economy. Do you think his record there demonstrates that he can do a better job than the president?
Thanks for at least admitting that the president was dealt a bad hand. I don't think he has been a failure considering where we were and where we are now. It's sluggish but not a depression. There is growth and jobs added every month...just not at a fast rate. I don't think anyone could have done any better.
Well, OF COURSE Mr. Obama inherited a bad mess. But being a good steward, he is preserving his inheritance fo posterity. Now lay off his record, you racist crackers!
Of course it's not a crime to be a passive owner nor CEO?
Of what is the question. The filings I've seen images of indicate he was sole owner - which means it was one of the Bain companies - not THE Bain company.
Thanks for at least admitting that the president was dealt a bad hand
Oops!… Obama’s Top Bundler Jonathan Lavine Was In Charge of Bain During GST Steel Layoffs
Obama has investments in companies that ship jobs overseas
Post a Comment