WASHINGTON - A coalition of current and former employees at companies purchased by Bain Capital will spend the next month rolling through the swing states of Ohio, Florida, Pennsylvania, and Virginia protesting Bain's business practices and the economic plan of its founder and longtime chairman, Republican presidential nominee Mitt Romney.
The "Bain Workers Bus Tour," organized by Democratic-leaning groups, began last week in Ohio and has spent eight days on the road while Romney has campaigned in the Buckeye state. Participants include current and former employees from Sensata, a tech company; the Burlington Coat Factory chain; Michaels, a chain of craft stores; Outback Steakhouse restaurants; and Dunkin Donuts, according to the group's website.
"Bain workers know firsthand what a Romney-Bain Economy looks like," the group wrote on its website. "Outsourcing the good jobs to China, [and] leaving mostly low-wage jobs with limited benefits here in our communities."
In Detroit on Thursday, about 140 tour participants rallied outside a Burlington Coat Factory store, where a Romney impersonator handed out symbolic pink slips.
Calvin Johnson, a Detroit native who teaches music at the Bain Capital-owned Guitar Center, told the crowd how difficult it is for him to live on the $8 an hour wage he earns. “I’m worrying [about] how I’m going to pay this bill, that bill and nobody should have to worry about that. I joined this movement to raise awareness that we really need to raise the minimum wage," Johnson said, offering one of the group's rallying cries. "We can’t survive on $7.25!”
The group also includes representatives from labor unions and workers rights groups. Their mission, they said, is to "warn voters about the dangers of a Romney economy."
Romney frequently points to his leadership of Bain as one of his key qualifications to be president, writing in an op-ed last month that "The lessons I learned over my 15 years at Bain Capital … would help me as president to fix our economy, create jobs and get things done in Washington."
But in a 1985 video of Romney unearthed on Thursday, the former Massachusetts governor can be seen explaining Bain Capital's purpose. The partnership, he says, "was formed to invest in startup companies and ongoing companies, then to take an active hand in managing them and hopefully, five to eight years later, to harvest them at a significant profit."
During the years Romney led Bain Capital, the firm invested in a variety of companies. Some of them were successful, and created thousands of jobs. But others shuttered U.S. call centers and manufacturing plants and transferred jobs overseas to cut costs. A few notable examples, like American Pad and Paper, known as Ampad, were dismantled and sold off after being saddled with debt.
The Bain Workers Bus Tour will be in Ohio until Oct. 2. Then it will travel to Pennsylvania and New York before arriving in Florida in late October.
SEC Filings List Romney As 'Chief Executive Officer'
According to the <em><a href="http://www.boston.com/news/politics/articles/2012/07/12/government_documents_indicate_mitt_romney_continued_at_bain_after_date_when_he_says_he_left/" target="_hplink"><em>Boston Globe</em></a></em>, Securites and Exchange Commission documents filed by Bain Capital after February 1999 list Romney as the private equity firm's "stole stockholder, chairman of the board, chief executive officer, and president."
The <em><a href="http://www.boston.com/news/politics/articles/2012/07/12/government_documents_indicate_mitt_romney_continued_at_bain_after_date_when_he_says_he_left/" target="_hplink">Globe</a></em> also found financial disclosure forms filed by Romney that indicate he still owned 100 percent of Bain in 2002, and earned at least $100,000 as an "executive" for the firm in 2001 and 2002.
As <a href="http://www.huffingtonpost.com/2012/07/12/mitt-romney-bain-departure_n_1669006.html?utm_hp_ref=politics" target="_hplink">The Huffington Post</a> reported, sworn testimony given by Romney in 2002 undermined his claims that he left Bain in 1999. In that testimony, given as part of a hearing to determine if he had sufficient Massachusetts residency to run for governor, Romney said that he "remained on the board" of the LifeLike Co., which Bain held a stake in at the time. LifeLike's 2000 <a href="http://www.sos.state.co.us/biz/ViewImage.do?fileId=20001165127&masterFileId=19961077091" target="_hplink">corporate filing</a>, filed with the state of Colorado, lists Romney as a director.
More SEC Filings
HuffPost's Jason Cherkis and Ryan Grim identified at least <a href="http://www.huffingtonpost.com/2012/07/13/mitt-romney-bain-sec_n_1671819.html" target="_hplink">six documents</a> filed by Bain Capital with the SEC from 1999 to 2001 that were signed by Mitt Romney. Most of the documents refer to Romney as the "reporting person."
'Managing Member' In 2002
HuffPost <a href="http://www.huffingtonpost.com/2012/07/15/mitt-romney-bain-capital_n_1674209.html?utm_hp_ref=politics" target="_hplink">reported</a> on a 2002 corporate document filed with the state of Massachusetts that shows Romney listed as one of two managing members of Bain Capital Investors, an entity of the private equity firm.
Signed Documents After 1999
Romney signed an SEC filing in November 1999 pursuant to Bain's partial acquisition of medical-waste firm Stericycle, <em><a href="http://www.motherjones.com/politics/2012/07/mitt-romney-bain-financial-disclosure" target="_hplink">Mother Jones</a></em> reported. The filing noted that he was the "sole shareholder, Chairman, Chief Executive Officer and President" of the Bain entities involved in the $75 million deal.
2001 & 2002 SEC Filings
<a href="http://talkingpointsmemo.com/archives/2012/07/no_romney_didnt_leave_bain_in_1999.php" target="_hplink">Talking Points Memo</a> uncovered two SEC filings from July 2000 and February 2001. In both, Romney lists his "principal occupation" as "Managing Director of Bain Capital, Inc."
1999 News Reports
As Slate's <a href="http://www.slate.com/blogs/weigel/2012/07/13/did_the_romney_campaign_create_the_swift_yachting_story_.html" target="_hplink">Dave Weigel</a> pointed out, Romney's campaign has cited news reports from 1999 that clearly state that Romney left Bain in 1999. However, those same news reports state that Romney would still be involved with the company. "Romney said he will stay on as a part-timer with Bain, providing input on investment and key personnel decisions," read one such report from the <em>Boston Herald</em>
Former Partner Speaks Out
A former Bain Capital partner, Ed Conard, said during an appearance on MSNBC's "<a href="http://upwithchrishayes.msnbc.msn.com/_news/2012/07/15/12751962-former-bain-capital-partner-says-romney-was-legally-ceo-of-bain-capital-until-2002" target="_hplink">Up W/Chris Hayes</a>" that Romney was "legally" the CEO and sole owner of Bain Capital until 2002, as an ownership battle dragged on after Romney left to take over the Salt Lake City Olympics. "We had a very complicated set of negotiations that took us about two years for us to unwind. During that time a management committee ran the firm, and we could hardly get Mitt to come back to negotiate the terms of his departure because he was working so hard on the Olympics," Conard said.
Relationships With Problematic Companies
HuffPost's Sam Stein <a href="http://www.huffingtonpost.com/2012/07/16/mitt-romney-bain-capital_n_1677133.html" target="_hplink">reported</a> that SEC filings link Romney to politically problematic companies after his alleged 1999 departure from Bain: <blockquote>A Huffington Post review of SEC files unearthed six separate occasions in which Romney was listed as a member of "the Management Committee" of both Bain Capital Investment Partners and BCIP Trust, "deemed to share voting and dispositive power with respect to" shares held of DDi. In one of those filings, Romney is listed as president and managing director of Bain Capital, Inc. The dates of those filings range from April 14, 2000 to May 10, 2001 -- all after Romney had left for Salt Lake City. In one March 2001 filing, Romney signed the document as the "reporting person."</blockquote>
According at a <a href="http://www.huffingtonpost.com/2012/07/16/mitt-romney-bain_n_1677259.html" target="_hplink">document</a> filed with the California Secretary of State's office in July 1999, Romney was listed as a "general partner" at Bain Capital Partners. Romney's signature appears on the document. Romney remained on record as a general partner until California was notified of his resignation in June 2003.