SEC filings still showed Mitt Romney as legally part of Bain Capital in 2001, accused by Obama as outsourcing jobs.
Romney claimed he left company in 1999. Said he was too busy running the Olympics to run Bain Capital.
Technically it is a felony to lie on SEC filings about your role in a company to investors.
Obama’s campaign has said that, “If he was, in fact, not the chief executive, the president, the sole shareholder at the company at the time, and that’s what was filed, that would be a felony.”
The Obama campaign said they will not apologize for campign staffer Stephanie Cutter’s remarks about Romney’s time at Bain Capital:
“Either Mitt Romney, through his own words and his own signature was misrepresenting his position at Bain to the SEC, which is a felony, or he was misrepresenting his position at Bain to the American people to avoid responsibility for some of the consequences of his investments,”
“We could hardly get Mitt to come back and negotiate the terms of his departure because he was working so hard on the Olympics,’’ said Edward W. Conard, a managing director at Bain from 1993 to 2007 who contributed $1 million to a PAC for Romney’s presidential election run.
Victor Fleischer, a corporate tax law specialist at the University of Colorado, said in an interview yesterday:
“For the Romney camp to dismiss that he would have anything to do with Bain because he was in Salt Lake City, that would seem to run counter to the relationship that Romney has as CEO of the management company, and the duties he has to the limited partner investors,’’ “If they are saying he had completely left, that is inconsistent with the legal duties he has toward the investors. You can’t be an absentee CEO, legally.’’
Romney’s wealth is estimated to be at least $250 million from the investments his company Bain Capital made.
The Obama camp is calling for Romney to release 23 years of tax returns that he provided John McCain when he was seen as a potential running mate in the 2008 presidential elections.