Friday, July 13, 2012

Romney Lies About Missing 3 Years at Bain

Believe anything this candidate says at your own risk ! 

 A reporter for the Boston Globe wrote "In Romney's 2002 race for governor, he testified before the State Ballot Law Commission that his separation from Bain in 1999 had been a 'leave of absence' and not a final departure" (Rowan July 12, 2012).

 In other words, he lied. He had filed a state of Utah tax return during his stint at the Olympics, but had to refile a Massachusetts return and repay those taxes so as to appear legit when he decided to run for governor.

 From 1999 to 2002, he retained sole ownership, drew an executive salary from Bain in addition to huge "passive" investments. He listed his "Principle Occupation" on SEC filing documents as Managing Director of Bain Capital, Inc., and his titles included CEO, President, and Marketing Director during all this time. Romney never made a new filing during these 3 years to the SEC.
 In reality, Romney was the sole stockholder and manager of a portfolio in what had grown to be a major investment firm. It appears to be unheard of to be an inactive portfolio company owner & CEO in any Wall street firm.

 In a publicly held company, inversely the stockholders elect officials and decide who will be the CEO and company directors decide who will be the chairperson of the board. Romney never designated anyone else to run his interests at Bain (perhaps at Brookside, it's twin in the offshore dealings), and this failing to achieve delegation of authority is a serious management failing or suspect of underhanded financial dealings for someone running for chief executive at this time.
 Rowan of the Boston Globe wrote that "Romney did not finalize a severance agreement with Bain until 2002, a 10-year deal with undisclosed terms that was retroactive to 1999. It expired in 2009" (Rowan July 12, 2012, above).

 Prior to and during these "missing" years, Romney's company(s) of which he remained the sole owner and CEO made incrementally higher investments in a Chinese company based in Hong Kong called Global-Tech Appliances, whose business depended on outsourcing U.S. jobs back to China. During these times, he also apparently had an investment initiative including several U.S. owned companies in the early flight of outsourcing jobs to China and India. (Corn July 11, 2012).

 It is also during this time that Bain sucked dry a U.S. steel company in Kansas which resulted in it's closure and lost jobs. Reportedly, Romney's highly successful and growing outsourcing efforts were conducted much earlier than his abrupt move to manage the Olympics. Much of this wealth extraction was then allegedly sunk into the "Bermuda Triangle" of his offshore holdings and accounts. We will probably never know just how much he profited from the loss of U.S. jobs to Asia during that lucrative time for these types of operations.

 So, is this the "captain of industry", the model corporate mogul who we would trust to lead us through the new era of hope for economic recovery ? I think not.

 Will we hand over the reins of our executive branch to a political chameleon who is chiefly surrounded by advisors directly from the Bush/Cheney administration, that group of military interventionist neocon bumblers ? I certainly hope not.

 I wouldn't trust this man to run a tiny developing country, much less to be the most powerful man in the Western world.



  2. Great post! He is such a low-life, lying liar. Scuzzy dog-abusing, bully snake-oil salesman.

    1. Thank you so much for your comment, I have no prize, but you're the first one to do so !