Opinions, Context & Ideas from the TPM Editors TPM Editor's Blog

No, Romney Didn't Leave Bain in 1999

Eyprh0wrlfiqxctjtycw
Newscom

The gist of the disagreement comes down to this: There's no question that numerous public filings and some contemporaneous press references say Romney was still running things at Bain after 1999. But his campaign insists that whatever securities filings may have said, in practice, he was so busy running the 2002 Winter Olympics that he actually had no role at Bain after early 1999. That's possible in theory. But there's no evidence for it besides self-interested claims by Romney. And there's plenty of documentary evidence to the contrary. After all, what you tell the SEC is really supposed to be true.

But here's the thing. I've found yet more instances where Romney made declarations to the SEC that he was still involved in running Bain after February 1999. To the best of my knowledge, no one has yet noted these.

The documents go into different aspects of Romney's ownership of various Bain and Bain related assets. But in both Romney had to say what he currently did for a living.

Here are two SEC filings from July 2000 and February 2001 in which Romney lists his "principal occupation" as "Managing Director of Bain Capital, Inc."

image content

Romney's argument is that it doesn't matter what he said on these SEC filings. Whatever they say, he really wasn't at Bain anymore. But absent of any evidence, how is it that anyone can be expected to disregard what Mitt actually told the SEC at the time?