As Bain Capital has said, as Gov. Romney has said and as has been confirmed by independent fact checkers multiple times, Gov. Romney left Bain Capital in February 1999 to run the Olympics and had no input on investments or management of companies after that point. -- Andrea Saul, the Romney campaign
So was Gov. Romney lying to the government when he signed filings with the Securities and Exchange committee identifying himself as the Chairman, Chief Executive Officer and sole shareholder of Bain during all of 1999, 2000 and 2001 -- intensifying the controversy over Romney's true status during those years with respect to the operations of Bain?
Or is he lying to the American people to avoid having to accept even more responsibility than is already rightly his for Bain's dubious business practices? That seems more likely.
While Gov. Romney flits around London's Olympics this week, the controversy continues at home over whether and when he supposedly "left" Bain to begin work on the Salt Lake City Winter Olympics in 2002. Romney says he did actually retire then and had no involvement in the management of Bain after that time. Thus he claims he cannot be held responsible for Bain's controversial business conduct during 1999-2001 -- the plant closings, firings and sending jobs overseas -- that so many find disturbing.
When critics pointed out the inconsistency between Romney's claimed non-involvement and the legal filings he signed as the Chairman/CEO of Bain, Romney claimed he was being accused of committing a crime by lying to the SEC. That's not true. He was being accused of telling the truth to the SEC and lying to the American people to avoid having to accept even more responsibility than is already rightly his for Bain's dubious business practices.
A corporation's bylaws (its rules of operation) establish who runs its operations by setting forth the duties of its corporate officers. Bain was incorporated in Delaware. Delaware corporate bylaws normally provide that "the Chief Executive Officer shall have general supervision and direction of the business affairs of the corporation [and] shall be responsible for corporate policy and strategy." So -- a couple questions for Romney:
Here's an educated guess: Romney knew he was not coming back to Bain when he left for the Utah Olympics, but he was nevertheless the CEO and owned 100 percent of the company. He had a huge personal economic interest to protect. He keeps the title and the power of the CEO position so that when he finally negotiates his formal exit and his payout package, he controls the process. It was about lining his pockets, which is what has made him one of the wealthiest major party presidential candidates in the history of American politics.
At least he did not commit a felony by lying to the SEC; he was Chairman and CEO of Bain as the SEC filings he signed stated. But that means he is not telling the truth now in claiming he had no involvement in Bain's business during 1999-2001, because Bain's corporate bylaws charged him as its CEO with direction and supervision of that corporation's business, policies and strategy. The layoffs, bankruptcies, off-shorings and other reprehensible things that Bain is becoming famous for absolutely happened on his watch. When is he going to defend them?
William S. Lerach was for three decades one of the nation's leading class action attorneys specializing in corporate securities misbehavior. He lives in San Diego.
Liberal business model, over pay and provide benefits not affordable. Make a product that is now so expensive it's unsellable. How long does this business last?
Is it not the goal of a business to make money or am I missing something. So a CEO should not take in all expects of a business plan and make money. Not only for investors but the employees.
If they can't be viable as is, Changes need to be made to the culture, make up of the company. People are employed and payed regularly. The company doesn't owe the individuals anymore any less. Individuals are dispensable, one leaves a new person comes in takes over does as good or a better job.
What some employees don't get is there is competition for product and services provided by any company.
Obama outsourced jobs to several foreign countries by sending tax dollars to those countries to build products which could and should have been made in the US. No uproar from the left on that issue. 29 Billion Of tax dollars sent out of the country.
In five or ten years the unions will put GM back as a bailout company. Wait until tarp runs out.
Where are his tax returns for the years after he allegedly left Bain? Why was his name still listed as the owner, sole stockholder, CEO and President of Bain 3 years after he "retroactively retired" from Bain? Why are his signatures on Bain documents after 1999, indicating that he was still part of the decision-making process?
If what happened at Bain is just the way business works, as some have suggested, then why won't Romney own up to it?
Maybe we should have paid more attention to Gingrich and Santorum when they were trying to warn us about Romney!
Just like Obamneycare was his only policy accomplishment.
Come to think of it, Willard makes Sarah look almost Presidential...
Every company can be considered a take over target and sold off one piece at a time untill the cash ia all gone and stock is worthless. Then its loans are never repaid.
I always wondered how the Boards of all these companies let these Vultures in and why,, its Bribery and corruption, I watched it take down a company I spent 17 years at- I heard all the semi valid excuses why this need to happen. In the end the new look to the company had not changed still havVP's and new CEO , in the end no cash left and tons of DEBT- Tidewater - except with them is was 2 Equity stake partners , that bought in and installed a CEO that steered them to sell everything profitable in the company. Get rid of the 20 plus year employees to stop the pension plans,, now today they are scrambling for those 20 year employees,, me better off on the internaional market- as they say- you made your bed now sleep in it- they say Greed is good, well its because of there greed I get twice the day rate - so there is a silver lining to Bain style greed- op
Mr. Lerach found funds for the victims of Enron's debacle and other pensioners and investors with American technology and investment banks. In the 90s Mr. Lerach was one of the first legal minds that blew the whistle on the greed of our Banks, investment houses and all financial companies that the Republican party de-regulated! He told, then Speake, r Newt Gingrich that the de-regulation of those industries will be a financial disaster in the near future. HE WAS RIGHT!!!
Look at our economy now! Look at banks that the American taxpayer bailed out and they're getting larger and ever more powerful! We bailed them out and they won't or refuse to stimulate our economy. So, anyone can look up Wikipedia. The best way to judge Mr Lerach's motives is to read law journals and law reviews and the American public will see he works for our best interests!
Pardon W S Lerach! I want to start a committing or be part of one! (written by a true Republican not a overly religious, right wing zealot).
1.Inviting the Republicans to the table! Trying to be bipartisan was just dumb.
2.Squandering the goodwill that Americans felt toward the new president and their anxiety about an economy hemorrhaging jobs with a lackluster stimulus that included repugo sponsored tax cuts; a full third of the stimulus went to the wealthy as tax cuts!
3.Allowing a popular idea — that no American should have to choose between a home and medical care to be recast as a government takeover of health care!
In all fairness, hind sight is 20/20 and useless to the Democrats in the short term due to time constraints and the fact that the majority of Democrats bore the brunt of the Bush depression and are in no way able to match the BBC (Billionaire Boys Club) in campaign financing!
If one thing can be learned from hindsight it is that modern day republicans (teabags and neocons) are similar to rattle-snakes, you don't trust them, you don't pet them and you never get in bed with them!
Just saying!
Reminds me of an old parable of the wolf who agreed to carry the snake across the river. When they got to the other side, the snake bit the wolf. The dying wolf asked the snake why, and the snake replied "What did you expect? I'm a snake."
So I ask...
When is it acceptable for a company to have layoffs?
When is it acceptable for a company to declare bankruptcy?
When is it acceptable for a company to to send jobs overseas?
Companies send jobs overseas in order to compete with other companies so we Americans can shop cheaply at Walmart....pretty simple concept but easy to miss if you allow yourself to get caught up in the inflammatory rhetoric spewed by politicians and focus your blame on fricken Romney.
OTOH, if you set your house on fire to collect the insurance (essentially the same as what Bain Capital did), you go to jail?
If Romney truly believes that the the actions of Bain were immoral or in someway wrong, is it not his responsibility to at least try to make it right? After all he got 100% of the profits which were substantial.
The only conclusion is that Romney is either lying or forsaking his personal responsibility or both. I personally believe that Romney is lying and that he is willing to profit from the misery and destruction of other people's lives.
Not the kind of man I want as president of the United States.