A new Boston Globe report has disproved another important aspect of Mitt Romney’s Bain Capital mythology, amassing evidence that Romney did not leave the private equity firm in 1999 as he previously claimed.
According to the story, which builds on previous reports in Mother Jones and Talking Points Memo, “Romney remained chief executive and chairman of the firm three years beyond the date he said he ceded control, even creating five new investment partnerships during that time.”
The Globe found nine SEC filings submitted by four different business entities after February 1999 that describe Romney as Bain Capital’s boss; some show him with managerial control over five Bain Capital entities that were formed in January 2002, according to records in Delaware, where they were incorporated.
The report could have a devastating impact on Romney’s campaign; in addition to exposing him to possible felony charges, it raises serious questions about Romney’s involvement in several Bain deals that occurred after 1999. Although Romney was not listed as a Bain manager in the firm’s offering documents after 1999, he was still legally responsible for every investment and decision made by the firm.
Consider just three major Bain-related controversies that, in light of the Boston Globe report, we now know occurred under Romney’s leadership: