Romney Lied About Departure from Bain

Mitt Romney stayed at Bain Capital for three years after he previously said he resigned, according to a report in the Boston Globe. The revelation, based on Securities and Exchange Commission filings and Massachusetts financial disclosures, directly contradicts the Romney campaign’s argument that Romney was not involved in Bain’s activities after early 1999.

Romney was listed as “sole stockholder, chairman of the board, chief executive officer, and president” in SEC filings after Romney claimed to have stepped down. Romney also stated in a 2003 financial disclosure form that he owned 100 percent of Bain Capital. Romney earned $100,000 in income as an “executive” at Bain in 2001 and 2002, not related to his investment income.

The report could shed light on why Romney has steadfastly refused to release more than one years’ worth of tax returns. It also exposes Romney to potential criminal prosecution based on contradictory filings with the FEC that said Romney was no longer active in the company.

The Romney campaign said that the report was inaccurate. Romney spokesperson Andrea Saul said, “Governor Romney left Bain Capital in February of 1999 to run the Olympics and had no input on investments or management of companies after that point.”

“You canít say statements filed with the SEC are meaningless. This is a fact in an SEC filing,” former SEC Commissioner Roberta Karmel told the Globe. “It doesnít make a whole lot of sense to say he was technically in charge on paper but he had nothing to do with Bainís operations.”

Romney has been under withering pressure from the Obama campaign over his personal finances and his unwillingness to disclose more financial information. Romney has been revealed to have had off-shore bank accounts in Switzerland, the Cayman Islands, and Bermuda, all places seen as tax havens.

Obama campaign deputy manager Stephanie Cutter sharply attacked Romney in a conference call Thursday.

Cutter said that Romney had either lied in SEC filings by “misrepresenting his position” with Bain, or he was “misrepresenting his position at Bain to the American people.”

Cutter noted that lying to the SEC is a felony, and added that if Romney was lying to the public, “thatís a real character and trust issue.”

Cutter renewed the Obama campaign’s calls for Romney to release tax returns.

“If the SEC filings arenít accurate, then prove it,” she said.

Romney has used his claimed 1999 departure from Bain as a defense against some of the toughest assaults on his record at the company. Romney was attacked over Bain’s shutdown of the GST steel mill by former Massachusetts State Treasurer †Shannon O’Brien during their 2002 gubernatorial campaign. Romney was attacked again earlier this year by the Obama campaign over the same plant. Both times, Romney defended himself by saying the shutdown came in 2001, after he had left Bain.

This report indicates that Romney was far from a disinterested party by 2001, however. Indeed, the report shows Romney was still listed as the head of the company and sole stockholder in 2001 SEC filings.

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Image Credit: Bain Capital


Lori Ann Hone
Lori Hone3 years ago

I will never understand how people really belive if they lie about something, that makes it the truth. Republicans are seriously sick people and all the Republican politicians need to be recalled.

Barbara Ostrand
Barbara Ostrand3 years ago

Romney is a liar. What else is new?

karl s.
karl k.3 years ago

Repub's DON'T like to be caught with there pants down,they lie to cover up a lie!!!!!

Beth K.
.4 years ago

Rose L must indeed be a paid troll, as she follows all the rules; the other option is that she is one of the most gullible people in the world.

Grover S.
Grover S.4 years ago

Rose L
You sound like a paid troll.

Maggie R.
Maggie R.4 years ago

Rose L has a most appropriate name, "Rose".(rose tinted glasses) She must be working for the campaign because the garbage she posts is straight from some of his propaganda. By the way Rose you left out a lot of interesting things especially the one where Romney killed a passenger in his car while supposedly doing missionary work. What he was actually doing was dodging the draft. Rich boy was too good to be sent to Vietnam! That 27 yrs of "unpaid service" is so laughable that it surprises me that even you would include it. He was making plenty of money (estimated $230 MILLION) and hiding it in the Cayman Islands and it's still there....dodging his fair share of the taxes needed to operate this country. Some hero you have there Rose. He is a draft dodging, tax evading liar of the first order. While I was typing this that "unemployed" Mr. Romney made a few more million to hide away to avoid what you and I have to pay. Tell me Rose did you get a $77,000 deduction for a pet (horse, dog, etc) of any kind at any time in your working life? I assume that you work. That assumption may be totally wrong. If I was being paid what you are to spend the day posting this drivel I wouldn't have to work either.

Maggie R.
Maggie R.4 years ago

Anyone who believes that Romney was CEO, president, etc., of Bain during those years and knew nothing aout what was happening within that company, deserves to have him for president. However the rest of the country does not deserve this lying, conniving, crook doing his dirty deeds using the title of president of the United States.

Rose L.
Rose L.4 years ago

@ Beth K: “Romney's allegiance is first to the church, second to his money, and possibly third, to the country. Or maybe fourth or fifth, or tenth. “

Mitt Romney has given at least 27 years of unpaid service to his community, his church, and his country! He worked as an unpaid intern at the governor’s home for eight (8) years, was an overseas missionary for two (2) years, served as an unpaid bishop and state president for his church for ten (10) years, took no salary as president of the Olympics for three (3) years, and took no salary as governor of Massachusetts for four (4) years. Romney is a true giver & his allegiance to his country is clearly evident!

Rose L.
Rose L.4 years ago

Sure, the Obama team demands tax returns - asks what is Romney hiding?! The bigger questions is this - Why this diversion Mr. President? Why did you use Executive Privilege to hide documents / info related to Fast & Furious? What are you and Holder hiding?

Fast & Furious resulted in the deaths of many innocent people, including a Border Patrol agent. His parents still have no justice. What is the president hiding and covering up?

Romney's tax returns are a small matter in comparison to the F&F cover up!

Rose L.
Rose L.4 years ago

@ Mitch D: "You have to love comments like Rose's- are we supposed to believe the raving lunatic that is Rose!?"

What?! You attack me personally for posting information I found at CNN? And for which I provided a link?

I think you need to look in a mirror to find the "raving lunatic". LOL!