Willard Romney’s Bain Capital Lie

Rich boy, Willard “Mitt” Romney’s “corporate raider” career at Bain Capital, which he owned and ran as chief executive, is the cornerstone of his business campaign for the Republican presidential nomination — the credential, he argues, that showcases his management skills and business acumen that America needs to revive a stalled economy. Creating jobs “by Outsourcing jobs”, Mr. Romney says, is exactly what he knows how to do.

At Bain Capital’s direction, Dade International quadrupled the money it owed creditors and vendors which lead to the businesses bankruptcy. And in waves of layoffs, as a result 1,700 workers in the United States lost their jobs at a plant in Massachusetts as a result of Mr. Romney’s business skills.

The White House is presenting a less flattering portrayal, framing Willard Romney’s record at Bain as evidence that he would pursue slash and burn economics and that his business career thrived by enriching the elite at the expense of the working class.

A few months before the dirty deeds, in February 1999, Mr. Romney claimed to retire from Bain Capital to oversee the Olympic Games in Salt Lake City. He nevertheless benefited from the transaction, a financial disclosure form indicates. Records show that until at least 2001, he remained the chairman, CEO and President of Bain Capital.

Yet when it came to his considerable personal wealth and leadership, Mr. Romney never really left Bain. In 2001, Mr. Romney announced that he had formally transferred his ownership of Bain Capital Inc. to other partners.

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.

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.” Bain Capital made Willard Romney a very wealthy “vulture capitalist”.

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.

Today Willard demanded an apology from President Obama for making what he called “reckless” and “absurd” allegations about his record while repeating his insistence that he left Bain Capital in 1999 to run the Olympics.

Instead, Mr. Obama on Friday added his voice to the attacks on Mr. Romney’s record at Bain Capital, telling a local news anchor in Virginia that Mr. Romney should answer lingering questions about what his role was at the firm.

“I think most Americans figure if you are the chairman, C.E.O. and president of a company that you are responsible for what that company does,” Mr. Obama said, “Ultimately Mr. Romney, I think, is going to have to answer those questions.”
Mr. Obama is running millions of dollars in television advertisements calling on Mr. Romney to reveal more about his personal taxes, offshore bank and investment accounts, and linking him to investments made at Bain from 1999 to 2001, when

Mr. Romney says he was no longer at the company. On Thursday, the president’s aides said Mr. Romney was either lying on federal documents or to the American people.

Corporate raider Willard Romney will have to do a better job of explaining “lying” his way out of this lie. Several months ago when Willard Romney said, “Lies are not sins; they are business plans” he was actually telling us the truth about Willard “Mitt” Romney being a lier.

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