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Monday, May 22, 2017

On Thursday Gawker released a trove of 950 pages of documents related to Mitt Romney’s dealings at Bain Capital. These papers reveal that Bain is not what most Americans would think of a as a conventional business. Instead it’s “an intricate suite of steadily proliferating inter-related holding companies and limited partnerships, some based in Delaware and others in the Cayman Islands, Luxembourg, and elsewhere, designed to collectively house roughly $66 billion in wealth in its many crevices and chambers.”

One revealing document shows that Romney’s retirement plan includes holdings in a company that wasn’t created until 2002, in the heat of his campaign for governor. This confirms what a Bain employee revealed to Chris Hayes on MSNBC’s Up With Chris Hayes earlier this summerRomney remained CEO of Bain until 2002, three years after he “left,” in order to maintain leverage as he negotiated his retirement package. This fact is crucial as it implicates Romney is some of Bain’s most controversial layoffs — including those at GST Steel and KB Toys.

Another gem is a 2010 Powerpoint presentation from Sankaty Advisors LLC, the credit affiliate of Bain Capital. A slide called “Market Opportunities/Altered Landscape” says “Regulation will improve liquidity and transparency.” The regulation this document refers to is the Dodd-Frank Act, the Democratic banking reform law passed in response to the financial crisis.

But Romney now promises to repeal Dodd-Frank. His website says, “President Obama’s expansive agenda has brought the costs of excessive regulation into high-resolution focus. A number of his major initiatives like Dodd-Frank and Obamacare represent a quantum increase in the scale of the regulatory burden on the American economy.”

This directly contradicts Bain’s own finding in 2010.

Romney left Bain in approximately 2002. He loves to claim credit for any good they did long after he left or Bain sold a company. But you won’t see him taking credit for this sensible presentation.

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Copyright 2012 The National Memo

44 Responses to Bain Capital Document Dump Affirms Dodd-Frank Act

  1. Why don’t people remember that he was for Gay’s when he ran for gov.and after in office he was all of a sudden against them that was the first political lie that I knew about and it snow balled after that but people are naturally forgiving in this country even at death’s door


      That is how two-faced Mormons really are.

      My neighbor who is from Boise told me that no one in Utah trusts the Mormons because of their shady ethics.

      • Having lived in SLC in 1959, I can attest to that. We had Mormons knocking at our door all the time, offering ball game tickets and other incentives to get us to come to church. In our conversations, they told us how much they owned as a church, the biggest cattle ranch, enough food store in the mountains of Utah that they could build a fence around Utah and survive. Never once was Jesus Christ ever mentioned in the conversations! People don’t realize just how much money and power that church has . . . it needs to be realized by everyone!

    • Why isn’t somebody reminding them of all the lies…Bain needs to come back in the limelight along with all the rest of these lies and the twisted facts they present as the truth!

    • Romney has always opposed same-sex marriages and had urged Congress to pass the Defense of Marriage Act, (DOMA). When Gov. he supportes same-sex partnership benefits.

      • There will be no network coverage of the convention on monday night. You really should watch it on msnbc. Will be a really important night!

    • Because he panders to whatever group he is speaking to. In the case of becoming Governor of Massachusettes, he had to pander to the left because it is a left leaning State. When he ran against Senator Kennedy, he really had to lean left. Now, as he is seeking the Republican nomination for President, he is having to really lean right. How in the world can we ever judge just what he would do as President when I don’t think HE really knows what he believes in other than money and power?

  2. Saddly, the GOP has succeeded in distracting us fand deflecting attention from Mitt Romney personal and professional record with issues such as the selection of a VP, welfare, MEDICARE, dancing horses, and outlandish statements about legitimate rape and mysterious female mechanisms. Romney-Ryan have narrowed the gap only 2-3 point in most polls due, in part, to the fact that Ryan brought with him the conservative credibility the Tea Party was looking for, but also because we are no longer focusing on Romney’ tax returns, his tax plan, Ryan’s MEDICARE dismantling plan and its effects, the potential end of the mortgage deduction, planned reductions in Pell grants, and other issues of critical importance to the middle class.

    • WE are still focusing on his tax returns! I signed a petition sponsored by Sen. Barbara Boxer of California today that had 100,000 signatures on it and was to be hand delivered to Romney’s expensive house in California today! This issue will not go away. AND we are still focusing on all of the above- new ads coming out almost hourly. Obama has a new ad out today on the cost of a college education. I am in a swing state – Colorado – so I guess I am seeing more of this. The narrowing of the polls is only a narrowing of the overall – popular vote. As of now, Obama is projected to have safely 233 electoral votes – 270 needed, to Romney’s 181. Obama is leading in Virginia, Florida, Ohio, and Colorado. That would more than put him over.

      • Maggie, I am a Democrat, I plan to vote for President Obama, and I support him 100%, but I wish I could be as confident as you are about the outcome of this election. I live in Florida, a swing state where we have been bombarded by political ads the last couple of months, and where our governor (Rick Scott, the Tea Party founder of Columbia HCA, the company that got the largest fine for fraud in the history of the USA) is actively trying to supress voting. He first came up with a list, worthy of Joe McCarthy or Hitler, to ensure illegal immigrants did not vote. The list included large numbers of Hispanics born in the USA as well as naturalized Hispanics. He curtailed the number of early voting days, canceled early voting the Sunday before the election, which happens to be the day most African Americans voted in 2008, and is demanding pictured voter ID knowing full well that many minorities and senior citizens don’t own a car and don’t have a drivers license. Romney is airing at least twice as many ads as President Obama. The worst part is that most seniors are convinced President Obama is planning to destroy MEDICARE and are planning to vote for Romney. Romney signs are popping up throughout the neighborhood where I live, I have not seen a single Obama sign anywhere. The same goes for Jacksonville. Hopefully there are enough Democrats in Southern Florida to offset what is going on in Central and North Florida because otherwise this state is going red in November.

        • Dominick, I live in South Florida and you can count on my vote and that of my family for President Obama but I agree with you that the State of Florida is sadly up for grabs. I am also seeing the bombardment of deceitful Romney TV ads. I have not been sleeping well lately just worrying about the wrong direction our country will take under a Romney/Ryan Presidency. On a positive note, the Hispanic media seem to be doing their homework and educating the public about the candidates. It is my opinion that Latinos in our state (with the exception of a minority of misguided older Cuban-Americans) will strongly support President Obama. I believe that younger and middle-age Cuban-Americans will also vote for the President. Another matter that may help in my area is the publicized ongoing FBI investigation of David Rivera, the Republican congressman for my district. He is being questioned for funding the campaign of one of an obscure Democratic candidate in the recent primary election so that he in turn could defeat the front-runner candidate Joe Garcia who fortunately won by a large margin. This investigation is being well covered by the Miami Herald and El Nuevo Herald and it showcases the shenanigans that some Republicans will use to win elections. Let’s hope that there are no more voting road blocks imposed by our universally disliked Governor Rick Scott and pray for a favorable outcome to this election.


    HA, HA, HA This is soooooo funny.

    Hey Obozo, show your ugly face in here and deny this mess.

    Funny how the American Taliban Republicans spend $250 million in advertising and in two days Akins and RoMoney manage to make like it was flushed down the crapper.

    Nice to see the Koch Bros. money being so well spent.

    Ha, Ha, Ha….the ATR is such a bunch of stupid people.

  4. the anti-christ romney if all is shown will tell a story of him being worth at least a billion and more . he,s a sneaky evil snake . that make him lieing the best thing he has to make money and hide it

  5. Just remember, don’t buy any paper goods made by Geogia-Pacific. That’s the Koch brothers company. I picked up Angel Soft tissue in the store yesterday and sure enough it had their name one it. Georgia Pacific

  6. I heard this morning on the CBS morning news that the Ryan and Romney (which is perhaps the correct order since the tea party now seems to be running things in that camp) Team have convinced voters in Florida that the voucher plan is part of President Obama’s plan. Why isn’t there a show that allows no politicians to talk, but features a panel of unbiased journalists or experts in certain fields to explain what is actually going on, to expose the lies and verify the truth? As a reality show it might even have great ratings.

    • Republicans wouldn’t watch it. They don’t want to know the truth. It’s their love of the party not the people. Anderson Cooper is trying to do that on AC 360. On CNN at 10:00pm EDT.

      • Yes I know CNN and MSNBC as well as NPR do a great job. I also know the die hard republican Fox news groupies will never watch anything but the Fox ‘not for truth’ dribble. I just wish the Major networks, CBS-NBC-ABC, who are seen as neutral would be as hard hitting as Soledad when they interview, and present the facts as they actually are. Letting these politicians and their supporters get away with the lie, letting them repeat the lie 5, 10 0r 15 times with little or no resistance is, by omission, condoning what they say. I refer to these stations because it is the most likely place to reach the independent voters.

  7. Mitt “Willard” Romney is obviously as crooked as the day is long and he harbors all kinds of secrets. This guy wants to be POTUS and he won’t even release his tax returns like other candidates have been required to do since time. He lies all the time and has no core. He has no basic set of values and changes like the wind to say whatever he thinks his audience needs to hear to vote for him. This guy is a LIAR!!! Just like His opponents said in the primaries.

  8. Though there are many Mormons who are gifted, intellectual, hard-working and honest, unfortunately the Mormon way of making decisions promotes intellectual dishonesty. Mormons, when they raise issues regarding Mormon doctrine or decisions, are typically told to “fast and pray” so that they will come to understand what some elder or bishop has told them to believe and to believe in. Someone should ask Mr. Romney to explain the church’s stance on emerging sexuality in males, which is encoded in a pamphlet that refers to “little factories” in the male reproductive system. The Mormon faith is just as rigidly literal fundamentalist as any other literal fundamentalist sect.

  9. The average person can only contribute a certain amount to their retirement funds, Mr. Romney and others like him should be held to the same standards.

  10. Mitt Romney wants to be elected President of the United States of America. His add regarding Welfare Reform signed by then President Clinton is fill with lies saying that President Obama is deleting the Work Fare Program in the bill. Mitt Romney is a disgrace to this great country. He often speak of how great this country is, but he shipped jobs overseas to countries such as China and India. Much of his wealth that he achieved in America is stock away in countries such as the Cayman Islands, Switzerland and Bermuda.
    What happened to investing in America? What does this tell you about a man who wants to be President of the United States of America?
    The Mormon Church did not allow Black people to attend in their religious services until 1978. Even today, The Mormon Church does not allow people that are not Mormons inside their temple. What kind of religion is this????
    Ruben W

    • It is said that the mormons are very good in business. I have a friend in Utah. His uncle(not mormon) did very well for himself. Bought 500 acres and an irish castle.
      As soon as the castle was all put together the mormons decided they wanted it and tried to take it by imminate domain. He had to fight in court for 15 years to keep what he earned.

  11. If Romney paid an average of 13 per cent in taxes, but gave away 14-15 percent to charity, then he contributed 28 percent of his income to society. Charities do not waste much money, govt can’t help itself. Both parties want something good for American, but they sure do not know how to go about it. Someday, we will not be able to pay our foreign debt (exept with play money) and tensions will bring about a war. Food will be scarce. Government care will be almost non-existant.
    If we don’t get bi-partisan soon. Game over.

  12. More distractions about Romney’s business at Bain and his wealth instead of focusing on the most important issues facing Americans, the economy, long-term unemployment, debt & spending, Amnesty fo 1.7 Million Illegals, & taking $716Billion from Medicare. People on this site are actually buying into Ryan & Romney dismantling Medicare when they are responsibly keeping it solvent, while under Obama, ignoring the problem while taking huge sums of money from it, will be a tremendous hardship on all Americans, especially young people paying into it but getting nothing back when it is bankrupt. BO is also allowing Illegals to be insured under Obamacare, while 23 Million Americans remain unemployed.

    Please worry more about what Obama is doing with OUR money, instead of what Romney does with HIS.

    • sad loser, can’t take the truth about Mitt Romney face it his really doesn’t care about you he only cares about money

    • Get your facts straight to Obama care vs Robmeofmoney care. Under R/R the new generation will have nothing to look forward. WE all paid in to it and we entitled to SS and Medicare. It’s not entiltlement- It’s OUR RIGHT. U R truly IGNORANT and missinformed. DO some more research. Mind is like a parachute, it only works when open.
      Real life experiences are worth a much more than platitudes. Platitudes of one man can be the life principles of many others. Truth is in actions not in platitudes. “No legacy is so rich as honesty” – W. Shakespeare. Tolerance is the last virtue of dying netion. Truth and honesty is not a virtue of any politician, no matter what party they belong to.

    • Except Obama is not taking 716 billion from Medicare. the insurance companies and hospitals and other agreed to accept less money – the 716 billion – in return for 30 million more people having health insurance and paying into the system.
      Ryan is dismantling Medicare by making it a voucher system that will guarantee you nothing
      but a small amount of money that will never provide the same benefit as the current Medicare system. You go fuc*ing with Medicare and watch the 55 million retirees and those that expect to retire with dignity shove the medicare program Ryan wants up his ass.
      I hate writing in caps but some people just don’t understand.
      I know you don’t understand but without the cuts to providers Medicare will be out of money in 4 years, with the cuts it is solvent for 12 years which is plenty of time for the affordable care act to curtail the yearly huge increase in health care in America. Doing noting is bad doing the Ryan plan is disastrous.
      And yes I do worry about Romney’s money because how he made it and what he does with it tells us how honest and moral he is.

  13. I wonder if Romney will not release his tax information ,is because he didn’t PAY the Mormon church enough ? And he doesn’t want the big boys to know how much he shorted them.The (Man ? ) can’t do anything ,but LIEEEEEEEE.

  14. The churches are divided into “stakes” and each stake is responsible to have some money making project that contributes money to the church. This is in addition to their tithing.

  15. Why is it no one gives Mittens a hard time about his birth certificate or HIS fathers.
    They are nothing but Border Jumpers

  16. Romney has had a presidential agenda as the ultimate piece in his Master Plan which was written long ago.

    Willard Romeny has been campaigning at the gate of the White House for nearly a decade hasn’t he?

    Willard Romney pioneered the outsourcing which stands today at about 5.5 million jobs in China alone. That 5.5 million jobs at a savings of say (for example) $3.oo a hour ea over American Union Workers equals to total 16.5 million dollars per hour or 660.0 million dollars per 40 hr wk or around 44 Billon Dollars annually.

    Romney forever has a slice of that pie in Blind Trust.

    Say that Blind trust can grow, double, triple, multiply the earnings if the outsourcing was reversed and insourcing took it’s place with even greater savings by eliminating the minimum wage. Take away food stamps from 5.5 million able bodied people and with “Right to Work” you put them to work for half of what illegal Mexicans are willing to work for.

    It’s a plan. A workable plan, the Founding Fathers, god bless their slave owning souls, would be proud of.

  17. Bain probably made most of its money btween 99-2002 whe Romney said he was out. this is why he won;t release his taxes because they will show that. Every American including republicans should demand transparancy in this matter. Mitt was moving money all over the world and running companies here under. He is someone who knows nothing about how to create jobs only destroy them.

  18. All reasonable voters know this slug is a liar.. playing the system like a monkey on a piano. Convincing as many people as he can con something that even he can’t believe. Myself? I think the GOP is deliberately trying to throw this (wrestling?) match .. I think they want a civil revolution so that fools can assassinate at will and then they can come in and wipe up the spillage.. Remember this, in their minds the Bilderbergs are their mentor and NSA their weapon:

  19. Sadly the State Run Press refuses to address the real issues that taxpayers care about its not Bain capital or Obama school records. Its the economy and the disaster that can only be attributed to a rank amateur i the WH

    • Sorry onedone but some of us are doing well because of Obama. We want a sustainable economy built on jobs that can not be outsourced like building infrastructure, clean energy, and health care for all Americans. Building the middle class by helping the middle class directly should be the theme instead of giving more money to the rich who in turn will trickle it down as they please or perhaps won’t trickle it down at all.
      If low taxes were the answer why is the economy not as good as it should be considering taxes are the lowest they have been in 80 years? And since it is stated that 49 percent of Americans don’t pay income taxes how is a tax break going to put more money in their pockets? many of these people don’t pay taxes because they don’t earn anything but some are supper rich and don’t pay because of the huge loopholes.
      Put the middle class to work on jobs that pay a decent wage and they too will pay income taxes.

  20. Alll of the clean energy jobs that barak has developed cost $650.000. All of the manufacturing jobs in clean energy are in CHINA and Finland and Japa. Their economies are doing well with all that stimulus $$$.
    Healthcare isn’t sustainable its 16% of our GDP and growing it larger takes away from real growth, the only ones doing well with a growing HC dollars are trial lawyers who take over $400B a year from the healthcare premium dollars. And illegals
    If your doing well under Obama you must be on welfare and food stamps that’s the only segments of the economy that he has grown

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