Was Romney at the helm of Bane after 1999?
By VICTORIA JONES
Talk Radio News Service
WASHINGTON – Is Mitt Romney’s repeated claim that he played no part in executive decision-making related to Bain Capital after 1999 false? Can you be chairman, CEO and president of a company and not be responsible for what it does?
The drip, drip, drip of information coming out about Romney’s involvement in Bain after 1999 (he also took a salary) is not only irritating the Romney campaign, but worrying Republican politicians and strategists who want Romney to counter punch, hard.
Why does it matter whether Romney was involved or responsible? The campaign claims he cannot be held responsible for bankruptcies and job losses in any companies Bain took over that happened after 1999 (they’re taking credit for job gains, however).
The new timeline, brought to the fore by the Boston Globe Thursday suggests Romney remained at the helm through 2002. As an example, KB Toys, a retail chain bought by Bain in 2001, lost up to 3,500 jobs; GS Industries, a steel company, closed its plant and eliminated 750 jobs in 2001; Dade International went bankrupt, costing more than 1,700 jobs – Bain received $242 million for its stake in the medical supply company.
Romney’s own testimony in June 2001 states that he admitted to sitting on the board of the Lifelike Co, a doll maker that was a Bain investment during the period. The hearing was to determine whether he had sufficient residency status in Massachusetts to run for governor.
Romney’s lawyer at the hearing said ”What happened to his private and public ties to the Commonwealth of Massachusetts? And the answer is they continued unabated just as they had.” And Romney testified that, “there were a number of social trips and business trips that brought me back to Massachusetts, board meetings, Thanksgiving and so forth.” He testified he remained on the boards of Staples and Marriott, as well as Life Like.
However, in the August 2011 federal disclosure form filed as part of his presidential bid, his campaign stated: “Since February 11, 1999, Mr. Romney has not had any active role with any Bain Capital entity and has not been involved in the operations of any Bain Capital entity in any way.”
However, again, a Fortune report on Thursday afternoon said Romney did not manage Bain’s investments after he left in 1999.
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