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What was Romney's relationship with Bain Capital during '99-2002? Does it matter?

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othershoe1030

othershoe1030
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.

http://bostonglobe.com/news/politics/2012/07/11/government-documents-indicate-mitt-romney-continued-bain-after-date-when-says-left/IpfKYWjnrsel4pvCFbsUTI/story.html

othershoe1030

othershoe1030
Here is more of the story that looks as if Romney was up to his eyeballs in outsourcing. These events happened in 1998 showing Romney as a key player in outsourcing. It looks as if he is going to have a bit of a stretch wiggling out of this one.
David Corn reported today that “According to government documents reviewed by Mother Jones, Romney, when he was in charge of Bain, invested heavily in a Chinese manufacturing company that depended on US outsourcing for its profits—and that explicitly stated that such outsourcing was crucial to its success.”

Corn reports that on “April 17, 1998, Brookside Capital Partners Fund, a Bain Capital affiliate, filed a report with the SEC saying it acquired 6.13 percent of Hong Kong-based Global-Tech Appliances, which manufactured household appliances in a production facility in the industrial city of Dongguan, China.” SEC filings identified Romney as the person in control of this investment. Each of these documents was signed by Domenic Ferrante, a managing director of Brookside and Bain.

At the time Romney was acquiring shares in Global-Tech, the firm publicly acknowledged that its strategy was to profit from prominent US companies outsourcing production abroad. Global-Tech’s 1998 sales were $118.3 million. It manufactured household appliances for Hamilton Beach, Mr. Coffee, Proctor-Silex, Revlon, and Vidal Sassoon, and its chief exec was hoping for more outsourcing from these and other American firms.

http://www.examiner.com/article/new-evidence-supports-outsourcing-despite-romney-denials

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