Romney stayed longer at Bain
Firm’s 2002 filings identify him as CEO, though he said he left in 1999
Nine SEC filings submitted by four different business entities after February 1999 describe Romney as Bain boss. (David L. Ryan/Globe Staff file 1993)
By Callum Borchers and Christopher Rowland
Globe Correspondent Globe Staff / July 12, 2012
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. And 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 timing of Romney’s departure from Bain is a key point of contention because he has said his resignation in February 1999 meant he was not responsible for Bain Capital companies that went bankrupt or laid off workers after that date.
...
I just saw John Sununu discuss this. At the time in question, Romney was fully occupied managing the 2002 Winter Olympics, and while his name still appeared on the managing credits of Bain, he was
not managing the outsourcing done.
Even a Democrat on the board of Bain at that time, who has also run for political office
as a Democrat, has said that for Obama and his slandermeisters at the DNC to allege this is outrageous and a clear distortion.
