The Bain Of This Campaign, Ctd

Jul 12 2012 @ 3:35pm

Dan Primack has received "confidential firm documents" from Bain Capital which he says prove Romney wasn't managing the Bain funds in question:

Now Fortune has obtained new evidence that supports Romney's version of events. Bain Capital began circulating offering documents for its seventh private equity fund in June 2000. Those documents include several pages specifying fund management. The section begins:

Set forth below is information regarding the background of the senior private equity investment professionals of Bain Capital. Also listed are certain investment professionals responsible for the day-to-day affairs of the Brookside and Sankaty funds, which are affiliated funds of Fund VII.

It then goes on to list 18 managers of the private equity fund. Mitt Romney is not among them. Same goes for an affiliated co-investment fund, whose private placement memorandum is dated September 2000.

But this isn't the relevant question.

The relevant question is why Romney was listed as CEO and sole owner and chairman for three years after he says he stopped having anything to do with Bain. I don't believe he was SuperMan, running the Olympics and a political campaign while involved in Bain's day-to-day operations. But either you own the company or you don't. And saying one thing to the SEC and another thing to us needs to be reconciled. Even if the shift was abrupt with Romney's departure for the Olympics, it's stunning to see it took Bain three years to correct the record. Legally, Romney is responsible for everything that happened while he was sole owner of the company. Which is what he told the SEC.