"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.


The timing of Romney’s departure from Bain is a key point of contention because he has said his resignation in February 1999 meant he was not responsible for Bain Capital companies that went bankrupt or laid off workers after that date.

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Bain Capital and the campaign for the presumptive GOP nominee have suggested the SEC filings that show Romney as the man in charge during those additional three years have little meaning, and are the result of legal technicalities. The campaign declined to comment on the record. It pointed to a footnote in Romney’s most recent financial disclosure form, filed June 1 as a presidential candidate.

'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,' according to the footnote. Romney made the same assertion on a financial disclosure form in 2007, during his first run for president.

According to a statement issued by Bain Wednesday, 'Mitt Romney retired from Bain Capital in February 1999. He has had no involvement in the management or investment activities of Bain Capital, or with any of its portfolio companies, since that time.'

[But Romney continued to accept a six figure income from Bain; he was listed as the CEO and managing director; and it was his principal occupation according to filings with the SEC.]


Evidence emerged last week in reports by Mother Jones that Romney had maintained an ongoing leadership role at Bain beyond February 1999. Citing SEC documents, the magazine said Romney had played a role in Bain investments 'until at least the end of 1999' and that a 2001 document listed him as a member of the 'management committee' of Bain funds. Talking Points Memo reported this week on additional SEC filings listing Romney’s position with Bain in July 2000 and February 2001.

A former SEC commissioner told the Globe that the SEC documents listing Romney as Bain’s chief executive between 1999 and 2002 cannot be dismissed so easily.

'You can’t say statements filed with the SEC are meaningless. This is a fact in an SEC filing,' said Roberta S. Karmel, now a professor at Brooklyn Law School."

It all depends on what the meaning of the word "retired" is.


Visual source: Newseum

"Either Republican presidential candidate Mitt Romney was 'sole stockholder, chairman of the board, chief executive officer, and president' of Bain Capital from 1999-2002, when all sorts of ugly outsourcing and vulture fund activities were taking place, or he was just listed as 'sole stockholder, chairman of the board, chief executive officer, and president' on the company's documents, which means he was simply a figurehead collecting cash generated by said ugly outsourcing and vulture fund activities.

There really isn't a viable way for Romney to spin the facts...even if we knew definitively what the facts were."