Independent Fact Checkers destroy Obama’s Bain attacks against Romney

Posted: July 13, 2012 in Barack Obama, Mitt Romney
Tags: , , , , , , , , , , , , , , ,

By Alex Thorne

Several articles today blast the Obama campaign for its Bain Capital attacks against Mitt Romney.    These stories come on the heels of a devastating fact check article by The Washington Post yesterday that thoroughly debunked the Obama campaign’s new attack.

Today, The Washington Post ran another article, “Do Bain SEC documents suggest Mitt Romney is a criminal?”  The article concluded:

“…the weight of evidence suggests that Romney did in fact end active management of Bain in 1999. He stated that in a federal disclosure form he signed, under threat of criminal penalties. He said he was a “former employee” in a state disclosure form. A state commission concluded 10 years ago that he did, indeed, leave Bain in 1999. Investors in Bain funds were told he was not part of the management team.”

CNN’s John King wrote his own article that goes further:

But first, is there anything other than the SEC filings to suggest a hands-on Romney role at Bain post-February 1999?

No is the word from four sources who communicated with CNN on Thursday — all of whom have firsthand knowledge of Bain’s operations at the time in question. Three of the four are Democrats, and two of the four are active Obama supporters in Campaign 2012.

All four told me Romney is telling the truth.

Only one, Bain Managing Director Steve Pagliuca, would talk on the record. The others spoke only on condition of anonymity, citing either Bain’s low-key culture or the desire not to anger friends in the Obama campaign.

Pagliuca, a Democrat who unsuccessfully ran for Senate in 2010, told CNN: “Mitt Romney left Bain Capital in February 1999 to run the Olympics and has had absolutely no involvement with the management or investment activities of the firm or with any of its portfolio companies since the day of his departure.”

In explaining the SEC documents filed in 2000 and 2001, Pagliuca said, “Due to the sudden nature of Mr. Romney’s departure, he remained the sole stockholder for a time while formal ownership was being documented and transferred to the group of partners who took over management of the firm in 1999. Accordingly, Mr. Romney was reported in various capacities on SEC filings during this period.”

Another Bain Democrat who did not want to be identified by name said Romney had no role after taking the Olympics post.

“Nothing. Nothing. Nothing. He was just gone. And it happened very suddenly. … After that, he was not on calls or writing memos. He was gone.”

CNN also ran another article, “Massachusetts Commission’s finding: Romney left Bain in ’99.”

Politico’s fact checking article, “Former Olympic colleagues defend Mitt Romney,” reports in its leading paragraphs,

Some of Mitt Romney’s colleagues who organized the 2002 Winter Olympics said Thursday they’re skeptical that he also could have been moonlighting as CEO of Bain Capital.

Getting the Salt Lake City games into shape after an international bribery scandal was a grueling task that demanded nearly all of Romney’s time, former colleagues from both sides of the political aisle said. They said they didn’t see any evidence to back up The Boston Globe and other media accounts suggesting Romney may have been pulling double duty as head of the Olympic effort and as chairman and chief executive of the Boston investment firm he co-founded.

“He was working more than full time on the Olympics,” former Salt Lake City Mayor Rocky Anderson said. “I worked with him on a regular basis and it seemed to me he was giving everything he had time-wise, energy-wise to the Olympics.”

“Regardless of whatever political differences Mitt and I have, having worked with him as closely as I did, I was extremely impressed with the diligence and competence he brought to that drive,” added Anderson, who left the Democratic Party to run for president this year for the newly formed Justice Party.“He really rolled up his sleeves and seemed personally engaged in many of the details that others might have pushed off onto underlings.”

And Erick Erickson at Red State summed the whole issue up very well in his article, “Meet the Bainers, the New Birthers”

The geniuses at Team Obama are showing their complete ignorance of private enterprise, the law, and the one well vetted part of Mitt Romney’s career — his tenure at Bain Capital.

It is well established that Mitt Romney left Bain to go salvage the Salt Lake City Winter Olympics. It is also well established that his name remained on some SEC documents. This stems from winding down his partnership interest in Bain Capital. It is a quirk in the law. It has been well vetted. Even and the Washington Post are unpersuaded by Team Obama’s hyperbole.

  1. […] Independent Fact Checkers destroy Obama’s Bain attacks against Romney ( […]

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