What Happened When Mitt Romney Left Bain Capital

The Boston Globe:

Shortly after Mitt Romney took a leave of absence from Bain Capital to run the Olympics in February 1999, he made a trip to Palm Beach, Fla.

Read the whole story at The Boston Globe

Comments

[computerguyllc]

06:59 PM on 07/20/2012

Tell you what. You give me 10 million dollars and I'll leave to run for President....

Mitt Romney

[dgtrust]

06:10 PM on 07/20/2012

Put political correctness aside when future of this country and each and every of us are at stake: Romney is a LIAR.

He lies for the Lord as a perfectly groomed Moron.
He lies for profits as a shroud businessman.
He lies for advantage as a shameless politician.

Being a liar is Romney’s nature. Don’t let him succeed in his lies one more time – he will benefit, we won’t.

[illini74]

06:49 PM on 07/20/2012

f/f

[aowens2009]

05:21 PM on 07/20/2012

It's me again seeking education - If you are the "owner" are you not still responsible?

He retained control. I cannot believe someone so worried about "leaving the golden goose" would not have input with that management committee.

[ArkayMI]

04:06 PM on 07/20/2012

What was Boston Globe doing when Romney ran for governor in 2002. I cannot believe the MA press did not dig this up in 2002 and the voters were gullible enough to elect him.

[illini74]

07:08 PM on 07/20/2012

f/f!

Maybe his lies were just starting then and were missed? Naw I don't think so...

[Man Thrax]

03:10 PM on 07/20/2012

They need to drop Romney and bring back Ron Paul or Rick Santorum. He'll never make it. After this election they need an IRS audit of Romney.

[Missella]

02:10 PM on 07/20/2012

He appropriates all those resources to enrich himself on other people's backs while our measly IRAs are limited to a few muppet choices and bled constantly with "management fees".

[Talmag]

01:53 PM on 07/20/2012

In the state of Illinois...Freeport, Ill. Bain is closing a factory sending 170 jobs to China. Some people have worked all their lives in this factory and do not understand what they did to deserve this and some are too old to find another job in this economy. They are pleading to Romney to speak to Bain and request they not do this. This is the policy which was established while he ran Bain and this is the result of that policy. One man worked here for 43 years...what does he do now? If we cannot as a community feel for the people of our state...what have we become? Some republicans feel this is normal and fine...I say it is time to stop the bleeding of jobs to other countries. The Chamber of Commerce told other countries in 2010, if the republicans get back in, your jobs are safe...I guess they did not tell a lie. what about our jobs and our country.....?????

[Talmag]

01:46 PM on 07/20/2012

If you check this out...if Romney said he worked in the same company for 25 years that puts him working at Bain until 2002 when he says he left Bain in 1999. The problem here is he was paid a salary during the years from 1989 thru 2002 and why would be be getting a salary? I think people are not only interested in the dates but what he created at Bain. He was a pioneer in outsourcing...plain and simple...he set those policies in place and they continue. That is the most important factor here...he encouraged his rich corprate people to do the same and they found loopholes to open off shore accounts, hide their money in places where no taxes were applicable leaving the country he now wants to run holding the bag on any taxes he and his friends want to escape....the country he loves...but does not want to support by paying taxes.

[Linda from Deerfield]

11:19 AM on 07/20/2012

For all your "delusions of grandeur", Mr. Romney, I think you should have a humbling sit-down with Bob Nardelli, who launched his career playing football on a scholarship at Western Illinois University and negotiated a departure check when he left Home Depot as big as the entire Mitt Romney alleged fortune. Don't get me wrong -- I wouldn't vote for Bob Nardellie for President, either.

[Big O]

11:17 AM on 07/20/2012

Given that it is established that Romney will opportunistically lie, it follows that whatever happened at Bain after his retroactive retirement will induce more lies about it. Period. Whatever tax returns he might release, one would properly expect more lies about them, too.

[mtomasic]

11:13 AM on 07/20/2012

The story fills in many of the holes.

Among other things, this answers the $100,000,000 IRA question.

Assuming that the Romneys contributed as much money as legally possible into a tax-deferred IRA, the Romneys would have accumulated about $1.5 - $2.0 million, tops in their IRA. Instead, it has been written that their IRA is around $100,000,000.

The only way that this could have occurred legally, without his having contributed the maximum for about 20,0000 years, is for him to ROLL-OVER his 401K retirement package.

So obviously, they spent three years negotiating and figuring out how to have a retirement account that would produce $100,000,000 for Mitt Romney without also paying other members of his company on some proportionate basis into their retirement accounts as the law would require.

Ergo, Chairman of the Board of Directors, Chief Operating Officer, President and sole shareholder and sole employee of XYZ company, an affiliate of Bain Capital, or otherwise the entity acquired by Bain Capital when Romney departs.

Now, the $100,000,000 can "ROLL OVER" without paying current taxes on the deferred earnings of his employment. Nice way to convert offshore dollars into 401K, into IRA with no taxation until he draws it out.

He's right, this get complicated. Whatever you do, don't release those closing documents from the sale of Bain Capital, or else.

[Linda from Deerfield]

11:12 AM on 07/20/2012

I admit that it's mostly idle curiosity on my part, but it would be interesting to know how Romney became sole owner of Bain, as it did not start out that way, and some transparency regarding how an owner goes about negotiating with himself over becoming an ex-owner might give a lot of small business owners some ideas. It is absolutely unclear to me how you can have "partners" who are not owners, and who the owners are now.

[tacsfel]

11:10 AM on 07/20/2012

He has severe delusions of grandeur. He undoubtedly believes he's the one spoken of in Mormon prophecy. http://www.cuttingedge.org/news/n2226.cfm

[Linda from Deerfield]

11:25 AM on 07/20/2012

Very interesting -- you made me realize that "delusions of grandeur" describes Romney pretty well, but I hadn't realized there could well be a whole other level to the delusion.

[keramos]

11:08 AM on 07/20/2012

Come on Assa, here's a criminal you can chase after.

[Matt12]

11:07 AM on 07/20/2012

Romney, the master of obfuscation, needs to come clean. How can the public trust him?