10 Questions Romney must answer about Bain

There are numerous questions surrounding Mitt Romney’s dealings with Bain. Here is a list of 10 such questions we think Romney must answer fully in order for this issue to go away. This is by no means a comprehensive list, but it does represent a good beginning.

1. Are you asking us to believe that an individual can be “disassociated” from a company or classified as not having any “formal involvement” with a company if he or she is the sole stockholder, CEO, president and managing director of that company?

2. According to earnings filings with the State of Massachusetts, aside from investment earnings you earned at least $100,000 a year from Bain in 2001 and 2002. Can you cite any other company that you know of that pays an individual or individuals a six figure income who has nothing to do with the company? And if in fact this is true, doesn’t that mean the management at Bain violated their fiduciary duty by paying you a salary for doing nothing?

3. Are there any other companies that have paid you in the past or currently pay you a six figure income for which you have no involvement?

4. According to the Boston Globe,

“Romney also testified that ‘there were a number of social trips and business trips that brought [him] back to Massachusetts, board meetings’ while he was running the Olympics. He added that he remained on the boards of several companies, including the Lifelike Co., in which Bain Capital held a stake until 2001.”

You have testified that while running the Olympics you took a number of business trips to Massachusetts for board meetings for companies including Lifelike that Bain had a stake in until 2001. Are you saying that as a stockholder in Bain that you can attend a board meeting for this company, partially owned by Bain, that somehow this had nothing to do with Bain?

5. Also according to the Boston Globe, “In a November 2000 interview with the Globe, Romney’s wife, Ann, said he had been forced to lessen, but not end entirely, his involvement with Bain Capital.” Did your wife issue a retraction? Do you have any records confirming you requested the Boston Globe issue a retraction or publish a correction?

6. The Boston Herald reported the day after you took over the Winter Olympics that “Romney said he will stay on as a part-timer with Bain, providing input on investment and key personnel decisions.” Do you have any record of having written them asking for them to make a correction to their story, or to issue a retraction?

7. Bain Capital issued a news release on July 19, 1999 about the resignation of two managing directors which described you as the CEO of the company and “currently on a part-time leave of absence to head the Salt Lake City Olympic Committee.” As you now contend this is not true, do you have any records of having written them asking for them to make a correction to their story, or to issue a retraction?

8. Every time you are asked why you were listed by Bain in SEC documents as the CEO in 2000-2002 you respond that everyone knows you were no longer the active manger after Feb. 1999. That may or may not be true, but it doesn’t answer the question as to why Bain listed you as CEO, president and managing director. Why won’t you answer that simple question that involves basic facts that are undisputed according to federal filings?

9. Why do SEC documents claim you were Chief Executive Officer, President, and Managing Director of Bain Capital 2000 and 2001 if you were only the sole owner and otherwise “disassociated” from the company? Did you sign this document? If not, doesn’t that mean someone is guilty of lying to the SEC? If so, isn’t that a felony?

10. When asked if you attended any board meetings for Bain subsequent to 1999 you have responded by saying “I did not manage Bain after 1999” or that you did not attend any meetings involving things like firing people. Doesn’t this suggest the possibility that you did attend Bain meetings in 2000 and 2001 where you made other decisions dealing with matters such as investments or other decisions? If not, then why don’t you just state for the record that you never attended a single board meeting for Bain after Feb. 1999?

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