It seems to me that Ed Gillespie made the mistake of telling the truth yesterday about Mitt Romney’s departure from Bain Capital. He said that there “may have been a thought at the time that it could be part time, but it was not part time,” and that “He took a leave of absence and in fact he ended up not going back at all, and retired retroactively to 1999 as a result.”
This is probably exactly how it went down. He took a leave of absence to run the Olympics, then started negotiating his pay package while the legal CEO until 2002, and when he finally finished up the Olympics and squeezed as much out of Bain as he could, he relinquished control. It was the leverage of owning the company that allowed him to maximize that pay package. And maybe it was better for tax purposes for him to push the retirement date back to 1999. Or maybe he didn’t want to be associated with certain layoffs and plant closures that happened in the 1999-2002 period.
All this is relentlessly political, and not even all that relevant. As former Bain Capital partner Ed Conard said yesterday, everything Bain was doing from 1999-2002 reflects everything they were doing before 1999 – gaming the tax system to make massive profits and push the losses onto the public sector.
The reason this matters to me is that Romney signed an FEC document just last year stating that he “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,” and yet the documents revealed since show that to be a falsehood. Everyone is focused on SEC documents – with horrible people like Bob Woodward saying that “they are camouflages for what’s really going on,” which is nice for us little people to know – but that’s completely beside the point. It’s the FEC document that’s the problem.
There’s no ambiguity in the statement “not had any active role” and “not been involved in the operations of any Bain Capital entity in any way.” And yet we have numerous forms – 142 – which Romney personally signed that have to do with Bain Capital and various entities. That’s what the sole shareholder, chairman and CEO would have to do in that situation. Ryan Grim and Jason Cherkis found another one over the weekend.
A corporate document filed with the state of Massachusetts in December 2002 — a month after Romney was elected governor — lists him as one of two managing members of Bain Capital Investors, LLC “authorized to execute, acknowledge, deliver and record any recordable instrument purporting to affect an interest in real property, whether to be recorded with a Registry of Deeds or with a District Office of the Land Court.”
In August 2011, Romney told federal authorities, as part of the financial disclosure process, that he “retired from Bain Capital on February 11, 1999 to head the Salt Lake Organizing Committee [for the 2002 Winter Olympics]. 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.”
Bain Capital Investors is a Bain Capital entity.
There are close to a dozen documents out there like this, documentary evidence that the categorical on Romney’s FEC form is simply false. Brad DeLong is missing the point, by the way, guilty of exactly what he keeps pestering Glenn Kessler about. Romney didn’t write that he was not “an active manager of Bain Capital,” he wrote that he “has not been involved in the operations of any Bain Capital entity in any way.” This is false. DeLong pretty clearly did not read the language on the FEC form. Why oh why can’t we have more careful readers at UC-Berkeley!
David Corn gets this right:
That would suggest that Romney’s declaration on his disclosure form—no involvement “in any way”—is inaccurate. The Romney camp maintains that a few signatures here or there are no big deal. But Romney declared in a document submitted to the US government that he had nothing to do with Bain operations after February 1999. In light of that, those signatures are not nothing.
Let the Obama and Romney campaigns play out the debate over outsourcing – the Obama campaign has a leg up in that department. I am more interested in lying on a federal form. As I recall, Republicans impeached a President once over perjury.




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Could it be that a clear majority of voters this time around will be casting their vote against the “other” candidate, whichever it might be? If so I wonder if that would be the first time ever.
Better to simply do a write in or third party?
Romney lied on a federal form.
Now, who will sit on that truth and do nothing?
If lying on a federal form is “bad form”, then what is the consequence?
Who is responsible for answering THAT question?
If the “answer” is “yes” … then who is responsible for doing something?
Is anybody, specifically, responsible for that doing?
What does it suggest if nothing is done?
Who is responsible if nothing is done?
If Romney lied on a federal form, and nothing is done, then is the federal government not concerned, or interested, when someone, or anyone, lies on a federal form?
If there is no federal “response”, then is Barack Obama not somehow, some way … in that old, “The buck stops here”, perspective … turning a “blind eye” toward the entire thing?
Is this bipartisan comity?
Or is it, as so many of the current President’s defenders say, after having been appraised of failure after failure, “Well, the President can only do so much, you know?”
So what if Romney lied and Obama does nothing about it?
It is often said, “The people get the government they deserve.”
Therefore, if Romney lies and Obama does nothing about it, then are they, Romney and Obama, not equally acceptable to the people and equally “upright” in their moral perspectives?
By the way, if we strip away “political debate”, on just about ANY topic, what, really, do we find “underneath”, or “beyond”, or even possibly, “above” that “debate”?
Perhaps we should strip more often, simply to lay bare what might actually be “there”?
Ah, well …
Thank you DDay for your coverage of this riveting “debate”, when you are not opening other cans of worms about the “financial” sector. One does wonder, at times, if it might not turn out that there is, or might be, a connection, of sorts, between those two things?
DW
What’s difference about Martha Steward lies she went to prison for then and these lies ?
C’mon, David. When a member of the 0.1% does it, that means that it is not illegal.
It’s obvious to anyone that has a functioning brain that Mitt is not Presidential material. He would, however, make an ideal candidate for Donald Trump’s “Celebrity Apprentice.” Would be great to see him and Tim Geithner competing against one another. A classic duel of the “titans.”
Martha Stewart was a Democrat. IOKYAR
So the FEC is going to pursue the matter, right?
If a perjured form falls on an FEC desk and nobody pursues the matter, did Romney break the law?
What is the presidential election except a political version of Celebrity Apprentice? They’re all just auditioning for a measly-paying internship before heading to Goldman Sachs anyway.
The first rule of a plutocracy is “do no harm to fellow plutocrats if at all possible.” I suppose if Mitt was molesting children on a playground the DOJ might do something but for lying? Crickets
Is it true also that in 2010(?) Romney voted in Massachusetts while having had declared residence in New Hamsphire (presumably to avoid Mass State Income Tax)?
Would that be another reason not to show related Federal Tax Forms?
What benefits did the Bain company & investors receive from the Romney name at the helm during these three years?
Romney “works hard for the money”? When will Americas stop worshiping the rich because they are rich?
yes…they would have us believe Ann and he lived in one of his son’s basement. And the address listed (if it isn’t the Bain Co. address) , too, is an interesting detail.
It’s impolite of you to ask. You should apologize to Romney. /s
Little people – like this engineering professor at the University of Wisconsin – have been sent to jail for lying on NSF grant renewal applications.
thank you for your reporting, David. just listening to discussion of voter i.d. laws and gained this insight: voter i.d. laws are part of ongoing war on the poor.
Tax cheats and lying sacks of shit = our betters.
What gets most people prosecuted gets Romney and the other 1%ers a wink and a nod. If it isn’t equal it isn’t justice.Time to end this system of oppression.
MY recent survey, accurate to +/- 20%, taken down at the local Hooters, indicated that about 27% of the survey were voting against Romney and about 29% were voting against Obama. And 3% were voting against Hillary.
DW…that’s a lot of questions…….
I think that falls under the auspices of the attorney general.
Does anyone know who that is?????
DWTS!
George Will yesterday said, “It’s very simple. Romney is taking heat over NOT releasing his tax returns because he’d get MORE heat if he DID.”
Parking ticket. Move along nothing to see here folks.
Wasn’t it his Bain activities that made him a Massachusetts ‘resident’ to run for Governor, even though he was living & filing taxes in Utah?
David,
I made exactly this point to Kessler yesterday in a letter. Kessler’s own excuses for Romney actually assert the contradiction between the FEC statement and other statements, and in Kessler’s own words, a false SEC statement “would be a felony”.
It’s beautiful how even those defending Romney can only make his situation worse.
Here’s something else that will make it worse: when Romney tries to distract us with a VP pick, it will only raise the issue again. Either his VP choice will show us his returns, or to avoid looking better than Romney will have to hide them, too.
Eh? A tempest inna tea pot. Mittbot’s a member of the .0001% club. He’s got a Get Out of Jail Forevah Pass, and ain’t nothin’ bad’ll happen to that bad boy.
I’ve said it numerous times before: the 1% want Obama to continue in the “job.” Why change horses in mid-stream. With an AA “Democratic” POTUS, it’ll be a LOT easier to steal our hard-earned Soc Sec & Medicare.
That’s why the 1% is engaging in this Kabuki Show about MittBot’s illegalities to be exposed by his tax returns. Who cares? Doesn’t really mean shit.
Suggestion to “R Money”, “Swiss Mitt”, or, as I like to call him, “Mormon Gekko”:
Why doesn’t he “retire proactively” from the presidency of the United States?
Maybe I’ve skimmed too fast, both here and at David Corn’s Friday piece–I’m assuming that the FEC statement he signed – the not-in-any-way form, is signed under penalty of perjury? I’m sure the SEC forms are signed that way, and probably the FEC form, too, but don’t see a specific mention in either place.
Assumption correct?
as usual, flyig off, will look back later for more info.
Too bad rMoney isn’t eligible for impeachment just yet (in a way).
“Swiss Mitt”…….that’s very good. I hadn’t heard that one before.
Can I use it????
I don;t know about that. Catchin’ lots of air as they say down at the skateboard park.
Could end up being a tornado in a shithole.
You wanna know who’s pissed off? I’ll tell who’s pissed off.
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Roger Clemens. That’s who.
It’s not mine. “Mormon Gekko” is, though. You can use that.
Yes, correct. If Glen Kessler, who wishes to understate the seriousness of the matter, says lying on the FEC form is a felony, I don’t need to know any more.
Kessler’s column yesterday says that Romney declared uncategorically that he had absolutely nothing to do with Bain, while all other statements indicate he had “essentially left” or “hadn’t fully extricated himself” from Bain. That’s sure true.
Kabuki Show. Nothing will happen to Mitt. You can count on it. He’s damned rich. The end.
Didn’t mean to take away from David Dayen, who quotes the FEC form more fully than Kessler here. It’s just that more people who matter are reading Kessler, and Kessler, attempting to defend Romeny, actually calls into question the truth of his sworn FEC assertions.
“. . .Now, who will sit on that truth and do nothing?
If lying on a federal form is “bad form”, then what is the consequence?. . .”
———————
Good questions.
If there’s no consequential followup then this is merely a masturbatory adventure. It would detract from the purveyor as well as the target.
So. . .who files what, and where, and when? For starters shouldn’t the DOJ certainly look into fraud filed on a Fed form? Maybe the rest of it as well.
I think I understand now: During 2000 and 2001, the United States had a HUGE financial scandal involving . . . false reporting of financial statements. It involved Enron, Tyco, WorldCom, Adelphia, and a slew of others. The venerable firm Andersen took the fall. In 2002, Congress was so concerned about corporate lying that they passed Sarbanes-Oxley.
Now Bain was ‘private’ and not subject to all of Sarbanes-Oxley regulations, but it is helpful to remember how seriously Congress and the public took the issue of corporate honesty. So for Romney to dismiss the signing of such documents as being a minor issue, it was not ‘minor’ at the time he was signing them. On the contrary, it was the most serious legal issue a corporate officer was expected to perform — and was personally liable for the outcome.
Anyone seriously investigating Romney’s signatures should investigate this angle.
“Stripping away Political debate”? FDL? Unless FDL’s visitors have been grossly dumbed down, this assertion is just plain laughable. FDL conceded any pretense of political objectivity quite a while back.
Willard had to establish residency in MA to run for gov and testified he made regular trips back to MA from Utah, you know Thanksgiving, etc.
Was he flying Southwest or Bain airlines?? Something to check into.
That’s not the end. The end is, Obama should be reelected because the alternative is “so scary”, and all Democrats voting to reelect him should smile as he cuts back social security and medicare programs.
If only we had a “Woodward & Bernstein” and a “Deep Throat”.
See my #19.
Doesn’t anyone know who the attorney general is???? It must be written down somewhere.
I say let’s subpoena the dog.
By Jove!!!
You gots the spirit, bailey, “on board” with “looking forward”.
I anticipate permanent ear-to-ear grins, and a spate of dislocated shoulders resulting from certain folks patting themselves on the back-side.
I tell ya, this is going to be the most entertaining presidential erection ever. Prolly last us another four years before we gots the gumption to do it again.
Politics in the USA, is one hoot of a hell.
And “political debate”, here, in the Hopeland? Why, land sakes o Goshen! (which is a small town on the “Main Line”, btw) it’s a stirring thing, it is … of course, we could get the same result just tossin’ folks into cement mixers …
DW
At least one chuckle a day is a very good thing to look for, thx.
MOTUs Explained.
They do not operate, as we do, constrained by Newtonian physics. They are beings of the quantum realm, able to bend space-time to their will.
Was Willard at Bain in 2000?
Like Schrödinger’s cat, it depends entirely on the observer. If a nice man who owns a hedge fund, or an SEC official looks in the Bain box, not only is Willard alive and well, but omniscient and omnipresent. He is Chairman, CEO, Ultimate stock-holder and super active board member of many Bain creatures. He’s not just at Bain. He is Bain.
If a voter or an FEC official should look in the box, Willard is gone. He is a memory, a legend and the great creator of jobs, wealth and healthy companies. But he is most definitely NOT in the Bain box. He has moved to next realm, where as an ascended being he no longer saves companies, but the Olympic movement, States and Nation States.
There is no contradiction here. He both was and wasn’t at Bain. His retroactive retirement demonstrates his skill with space-time. In this he is not unique, but is a high master of the MOTU arts.
The only problem he has yet to deal with is how to properly convey his ability to both be and not be, to simultaneously believe and not believe in things. Those of us who can’t retroactively change our lay-off dates for the purposes of unemployment insurance simply refuse to understand.
IOKIYAR.
DW and MickSteers, good stuff. I especially took the Schrodinger’s cat in the box analogy. I now understand how mitt controls time and space but I can have no such ability.
Perjury is lying under oath. However the Martha Stewart law (18 USC 1001) has no oath requirement. The gist of it is, a false statement to a federal agent or on a federal form is felony punishable by up to 5 years in prison.
I think it would be better to eliminate him right now rather than try to impeach him at a later date.
If Mitt says he didn’t do any work I believe him. I mean we’ve all had a job someplace where a lazy, no talent, frat boy type with connections would have the big title and the big paycheck and not do a goddamn thing. That’s the sort of executive Mitt says he was and just the sort of president he’d be. Anyone who can’t handle that is promoting class warfare.
Actually that quoted filing doesn’t say he was involved. As as has already been acknowledged, he stepped down from active management when he was Chairman/CEO, which as Chairman/CEO, you’re authorized to do a great deal of things, but it doesn’t mean you’re actually doing them. The same also goes for the Managing Partner bit, which merely says “authorized” – being authorized to do something, doesn’t actually mean that you did something. It might come out subsequently that he was actively involved in Bain, but a document showing that he was “authorized” to be involved is not it. Having authority to do something and actually doing something are two different things.
Ha! You got there first and I missed it scrolling. . .
The timing isn’t optimal, I think. After the GOP Convention would be better.
Still, an October surprise on some issue or other could keep us from falling asleep.
If I was Donald Segretti, BUT, working for the democrats, and I’m just spitballing here, I’d throw an extra wife and/or maybe an illegitimate Romney child “out there”. Look how well that worked on Edwards.
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Might even be true.
See my #53.
Absolutely.
Bain gave Mitt $100,000 to sign his name. Chump change to him and who knows it might have given him carpel tunnel and ruined his weekend plans he had with his fellow .0001%ers.
America haven’t you learned by now that nothing the rich do is a crime?
That has been my argument since this “broke”. And, I’ve yet to get a cogent answer.
Thanks for invoking Martha Stewart. I’m not a fan of her goofy artsy craftsies but I have long held her to be a great unsung heroine for marching off to jail.
ROFL! I understand just about enough about Schrodinger’s Cat to get that.