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Romney Campaign Denies Report He Stayed At Bain Longer

Agnus Dei Farrant |
July 12, 2012 | 11:33 a.m. PDT

Executive Producer

Mitt Romney (Creative Commons).
Mitt Romney (Creative Commons).
Mitt Romney’s campaign denied Thursday’s Boston Globe article that reported he did not leave Bain Capital in February 1999 as he has said, but remained with the firm until 2002. The article stated a review of public records showed Romney remained the firm’s “sole stockholder, chairman of the board, chief executive officer and president.”

The newspaper reported that according to documents filed with the Securities and Exchange Commission, Romney held those titles in the creation of five new Bain partnerships for three years after Romney said he relinquished all control and received at least $100,000 in 2001 and 2002, separate from investment earnings.

According to CNN, Romney’s campaign said the article “is not accurate.”

From CNN: 

The timing of his end-date at the firm remains an important focal point in the presidential race, as Romney argues he left the company before it was involved with the shuttering of certain businesses that led to job losses.

Romney spokeswoman Andrea Saul said in a statement: “As Bain Capital has said, as Governor Romney has said, and as has been confirmed by independent fact checkers multiple times, Governor Romney left Bain Capital in February of 1999 to run the Olympics and had no input on investments or management of companies after that point.”

CNN reported that they confirmed an SEC filing from 2001 that listed Romney as the “sole shareholder, sole director, Chief Executive Officer and President of Bain Capital.”

Bain’s managing partner, Steve Pagliuca, told the news organization Thursday that Romney has “absolutely no involvement with the management or investment activities” of the firm after his February 1999 exit, but continued to be the sole stockholder.

“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," Pagliuca told CNN.
"Accordingly, Mr. Romney was reported in various capacities on SEC filings during this period.”

 

Read more of Neon Tommy's coverage of Mitt Romney here.

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