Romney kept reins on Bain, bargained hard on severance during absence

Romney kept reins on Bain, bargained hard on severance during absence

articles.boston.com

Shortly after Mitt Romney took a leave of absence from Bain Capital to run the Olympics in February 1999, he made a trip to Palm Beach, Fla. The firm Romney founded was meeting to celebrate its 15th anniversary as well as the men he had helped make extraordinarily wealthy.
Romney and his partners had decided that, in his absence, five managing directors would oversee the company. And in Palm Beach it became clearer that Romney was unlikely to return — but would retain his title as chief executive officer and sole shareholder.
The Palm Beach meeting, which has not been previously reported,

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The Boston media just keeps coming back and attacking Romney. Not surprised as Romney was often quite hostile to the media as Gov.

Romney is truly toxic. He's his own worst enemy and Obama's best asset. Truly this was a pathetic crop of GOP candidates this year, and like Dems in 2004, the Republicans have chose their John Kerry.

An easy win for Obama I'd bet.

articles.boston.com
(visit the link for the full news article)

Romney appears to have misrepresented the nature of his association with Bain during his fabled absence from the company.

reply to post by longlostbrother


Did you even read the article.

And in Palm Beach it became clearer that Romney was unlikely to return — but would retain his title as chief executive officer and sole shareholder.

Indeed, by remaining CEO and sole shareholder, Romney held on to his leverage in the talks that resulted in his generous 10-year retirement package, according to former associates.

He was not a partner in the new private equity funds launched in 2000 and 2001, meaning he had no role in assessing new investments, his partners said — a departure from his having previously had the final say on every deal.

Basically Romney had nothing to do with Bain and retained power to get a good severance deal. Exactly what he said. He is clearly a genius when it comes to economics. When was the last time you got a 100% return on ALL your investments every single year. This article tries to discredit Romney with its biased added opinions, but all the actual facts and quotes support Romney in every single way.

Bain’s funds nearly doubled investors’ money annually during Romney’s tenure.