#1 BAINGATE Explained: People, this is no joke and SEC should press the tax issue07-12-2012, 06:26 PM
Legs, Toast, Coffee...
Thu Jul 12, 2012, 03:26 PM
BAINGATE Explained: People, this is no joke and SEC should press the tax issue
Last edited Thu Jul 12, 2012, 03:49 PM USA/ET - Edit history (8)
1.) Romney said in SEC and other filings he was NOT operationally leading Bain.
2.) Bain said in Federal filings rMoney WAS operationally leading Bain
3.) Tax Returns would show if rMoney took tax benefits from ....OPERATIONAL control of Bain making him either have to explain to the SEC wtf is up or explain to the IRS wtf is up....either way....that's not good for prez candidate.
4.) rMoney will not SHOW taxes from that period....as of the Boston Globe Story rMoney NOW has something tangible to hide
Lying to SEC is serious offense, Martha Stewart was jailed for less....
I miss anything?
P.S. How this ties into FactCheck is FactCheck pretty much said the same thing I said above but left out the tax returns issue. If rMoney took TAX benefits from control of Bain that would be an ESTABLISHMENT in writing that rMoney was OPERATIONALLY controlling Bain and not just a prima facia controller of the company (controller in name only) as both WAPo and FactCheck claim rMoney to be.
As FactCheck stated rMoney could go to jail for a clip if rMoney was in operational control of Bain during that period and it wasn't just on the face control cause he was "busy with the Olympics"
This is interestingMay the FORCE be with you!
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07-12-2012, 06:53 PMBain Capital sends the following statement, following today's Boston Globe article reporting that MItt Romney was CEO there until 2002:
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. 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."
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07-12-2012, 09:45 PM
The more these people talk the more funny they get. Correct me if I'm wrong but weren't their feelings on Charlie Rangel somewhat different: http://online.wsj.com/article/SB1000...592601036.htmlThe Obama Administration: Deny. Deflect. Blame.
07-12-2012, 10:41 PMFORTUNE — Mitt Romney did not manage Bain Capital’s investments after leaving to run the Salt Lake City Olympic Games, according to confidential firm documents obtained by Fortune.
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The timing of Romney’s departure from Bain became a lightning rod earlier today, when The Boston Globe published an article suggesting that Romney remained actively involved with the firm longer than he and his campaign have claimed. The sourcing is largely SEC documents that list Romney as Bain Capital’s CEO and sole shareholder through 2002 — or three years after Romney officially left to run the Salt Lake City Olympic Games.
These claims are very similar to ones made last week by David Corn in Mother Jones, which we disputed at the time.
Now Fortune has obtained new evidence that supports Romney’s version of events.
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07-12-2012, 11:13 PM
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What's not true out of what the DUmmies are howling about: everything else.
What actually happened: Romney left Bain basically without notice. He was asked to come fix the Olympics and nine days later he was in Salt Lake City straightening out the mess. He left without making a plan for disposing of his interest in Bain, arranging a smooth transfer to another entity, etc. In short, he just split and went to take care of the Olympics, which were circling the bowl and headed for the big hole in the bottom in a rapid fashion. In doing so, basically, Bain kept everything in "stasis" as far as ownership and such goes. This is a requirement of the Securities and Exchange Commission. You can't own a whole shitload of stock in some company that the SEC regulates and just decide that you're going to sell it all tomorrow and that's that. It doesn't work that way. There are about ten thousand little regulations involved to prevent all sorts of things, from insider trading to someone pulling a pump-and-dump to someone fleeing justice if they knowingly produced a product that was dangerous to people. IOW, supposing that Romney had tried to sell his interest in Bain before he went to Salt Lake, he couldn't have done so legally. He was stuck on the corporate documents for quite some time no matter what.
About the closest likely example would be if someone who owned some company subject to SEC regulation were to die suddenly. While everything would wind up saying "the estate of John Smith" after John Smith keeled over from a heart attack on the squash court at 48, the mechanics are pretty much the same: the whole thing would have to go through a ton of probate and there have to be a boatload of notifications sent and hundreds of lawyers are involved and the SEC has to approve everything and the whole experience takes years.
In short, the entire meme is a complete crock of shit. It turns out that this whole thing was shot to shit ages ago. Now we have incontrovertible proof that the Globe staff are working in concert with the Obama campaign, and the Obama campaign is flat-out lying their asses off.Olde-style, states' rights conservative. Ask if this concept confuses you.
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