“What are you going to do when the Chinese leader says something? Or Putin says (something critical) to you? You’re going to whine…You cannot do that. And as Mitt Romney said once to his own Republican colleagues: Stop whining. I’ll give him his own advice: Stop whining.” — Rahm Emanuel on Romney demanding an apology from the Obama campaign over suggestions that he may have committed a felony about his time at Bain Capital in Securities and Exchange Commission filings.
“No, we will not apologize. Mr. Romney claims he’s Mr. Fix-It for the economy because of his business experience, so I think voters entirely legitimately want to know what is exactly his business experience. Mr. Romney is now claiming he wasn’t there at the time except his filings with the SEC listing says he was the CEO, chairman and president of the company.” — President Obama, in an interview with WAVY-TV in Portsmouth, Virginia, the AP reports
Think Progress: “On Monday, Romney’s senior adviser couldn’t say who was running the company in his absence. “You should check with Bain, but it wasn’t Mitt Romney,” Eric Fehrnstrom told Reuters’ Sam Youngman. Romney claims to have turned over day to day management of Bain to a management team after he left for the Olympics, though the company continued to list Romney as its CEO well into 2002.”
Andrew Sullivan | Yes, Romney perjured himself : “If there was a good deal of time back and forth in the first few months and some business conducted all the way through to December (‘pretty much exclusively’), and if Romney’s own lawyer tells an inquiry that Romney’s work for Bain ‘continued unabated just as they had,’ then it is incontrovertibly true that Romney’s statement under oath that he was not involved ‘in any way’ in Bain business after February 1999 was a lie under oath.”
Ed Gillespie, a senior campaign advisor for Mitt Romney, appeared on Meet the Press this morning to answer questions about Romney’s tenure at Bain Capital, and unveiled a new excuse for why Romney should not be held responsible for the company’s actions during a time in which he remained CEO and president:
GREGORY: He was still financially linked to Bain. And of course, a lot his fortune is due to his time with Bain. Even when he was on leave, does he stand by the business decisions that were made by the firm he created?
GILLESPIE: He actually retired retroactively at that point. He ended up not going back to the firm after his time in Salt Lake City. So he was actually retired from Bain.
“Last week, the Huffington Post reported that Romney, in sworn testimony during a 2002 Massachusetts hearing to determine if he met the residency requirement to run for governor, declared that he had remained on the board of a company in which Bain was an investor. This scoop received much attention. Still, the Romney camp did not directly respond to it, and in interviews with the major television networks on Friday, Romney insisted, as he told ABC News’ Jonathan Karl, that he had “no role with regards to Bain Capital after February 1999.” He maintained that all the questions regarding his stint at Bain were merely part of the Obama campaign’s “kill-Romney” strategy.” — Romney’s Account of His Departure From Bain Undercut By…Romney Testimony | Mother Jones
Mitt Romney’s come under fire after records showed that he may not have retired in 1999 from Bain Capital, as he’s stated, instead being involved with the company until 2002, a time in which the firm outsourced many jobs over seas. This letter of resignation should clarify things.
“In 1992, Bain Capital bought American Pad & Paper by financing 87 percent of the purchase price. In the next three years, Ampad borrowed to make acquisitions, repay existing debt and pay Bain Capital and its investors $60 million in dividends. As a result, the company’s debt swelled from $11 million in 1993 to $444 million by 1995. The $14 million in annual interest expense on this debt dwarfed the company’s $4.7 million operating cash flow. The proceeds of an initial public offering in July 1996 were used to pay Bain Capital $48 million for part of its stake and to reduce the company’s debt to $270 million. From 1993 to 1999, Bain Capital charged Ampad about $18 million in various fees. By 1999, the company’s debt was back up to $400 million. Unable to pay the interest costs and drained of cash paid to Bain Capital in fees and dividends, Ampad filed for bankruptcy the following year. Senior secured lenders got less than 50 cents on the dollar, unsecured lenders received two- tenths of a cent on the dollar, and several hundred jobs were lost. Bain Capital had reaped capital gains of $107 million on its $5.1 million investment.” — Romney’s Bain yielded private gains, socialized losses – Bloomberg
Vulture capitalists love the concept of socialism when it comes to financial losses: when profits are privately reaped by the few, while losses are absorbed by everyone, the few sneak away with everything.
There should be no question in anyone’s mind that Mitt Romney has a lot to hide.
Think Progress reports that Romney appeared on Fox & Friends this morning to respond to the growing list of conservatives who are calling for him to release his tax returns. Romney said the public will see just two years of returns and no more, before appearing to admit that the records may contain something politically damaging:
ROMNEY: “The Obama people keep on wanting more and more and more. More things to pick through, more things for their opposition research to try make a mountain out of and to distort and to be dishonest about. We’re going to put out two years of tax returns.”
Uh huh. Here’s what we learned from just ONE return:
“Here’s what he should do. He should release the tax returns tomorrow. This is crazy… you’ve got to release 6, 8, 10 years of back tax returns. Take the hit for a day or two. Then give a serious speech on Thursday.” — Bill Kristol, joining other prominent Republicans calling on Romney to release his tax returns, such as Alabama Governor Robert Bentley, former Mississippi Governor Haley Barbour, strategist Ana Navarro, Matt Dowd, George Will, and John Weaver.
Or as Rahm Emanuel said over the weekend: “He has only released one year, to the McCain campaign he released 23 years. And he’s telling the people, ‘I’m not going to give you what I gave John McCain’s people in 2008.’ And when he gave them 23 years, John McCain’s campaign looked at it and went, ‘Let’s go with Sarah Palin.’ So whatever’s in there is far worse than just the first year.”
What’s “crazy” is that MORE Republicans haven’t laughed Romney’s ass off the stage for thinking it’s okay to release only ONE return so far – especially the conservative base voters who claim to be so patriotic. This proves substance means little to them — all they need is a facade (which explains George W. Bush winning a second term and Sarah Palin’s popularity). And they wonder why most people don’t take their opinions seriously.