When the Boston Globe reported yesterday that Mitt Romney continued to be listed as Bain Capital’s president, CEO, chairman and sole shareholder on SEC documents long after he claims to have left the company, Bain responded with this explanation:
“Due to the sudden nature of Mr. Romney’s departure, he remained the sole stockholder for a time while formal ownership was being documented and transferred to the group of partners who took over management of the firm in 1999,”
The problem with this: Romney himself provided a different – and more sensible – explanation when he appeared before the Massachusetts State Ballot Law Commission in 2002:
“When I left my employer in Massachusetts in February of 1999 to accept the Olympic assignment, I left on the basis of a leave of absence, indicating that I, by virtue of that title, would return at the end of the Olympics to my employment at Bain Capital, but subsequently decided not to do so and entered into a departure agreement with my former partners, I use that in the colloquial sense, not legal sense, but my former partners,”
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