The day Romney left Bain Capital: Here’s what really happened

When did Mitt Romney really leave Bain Capital? Was it in 1999 — or was he the de facto, hands-on boss for years after? The Obama campaign and the Boston Globe would have voters believe Romney continued to run things even as he saved the 2002 Winter Olympics. And if Romney was no longer actively involved after 1999, then he misled Bain investors as to his minimal and passive role — a possibly felony, Team Obama and the Globe loosely suggest.

But Washington Post fact checker Glenn Kessler and Fortune magazine quickly debunked the story and the Obama campaign’s charges.

Then there is this fascinating account in the book The Real Romney — written by two Boston Globe reporters — of what happened in 1999 when Romney told his colleagues at Bain he was leaving the firm:

His departure from Bain Capital, though, was not so neat. The partners squabbled over how the firm would operate without him. A power struggle ensued. Several partners made plans to leave. Suddenly a company that relied on loyalty, long-term relationships, and Romney’s personal courtship of investors seemed to be at risk. …

Romney grew worried that the company he had worked so hard to build would be destroyed. The anxiety escalated until finally, one Sunday afternoon, Romney and one of his fellow Mormons at Bain, Bob Gay, knelt on the floor together and prayed for its survival. “We were facing a crucial event that threatened the very existence of our partnership,” Gay said later. In the end, the crisis abated. Romney left the firm, retaining a financial interest in it, and Bain Capital continued to thrive.

That sure sounds like the folks at Bain saw Romney’s exit as being clean break.

50 thoughts on “The day Romney left Bain Capital: Here’s what really happened

  1. ” … Mitt Romney senior adviser Ed Gillespie said Sunday on CNN’s “State of the Union” the GOP candidate “retroactively” retired from Bain Capital after the 2002 Salt Lake City Olympics began. … ”

    No body who has been drawing at LEAST $100,000.00 per year from 1999 to 2002 from Bain Capital “retroactively” retires from Bain Capital AFTER the 2002!!! Then why draw the salary of at LEAST $100,000.00 per year from 1999 to 2002 from Bain Capital if Romney retired from Bain “retroactively” !!!

    ” … Gillespie continued, “He took a leave of absence and, in fact, Candy, he ended up not going back at all and retired retroactively to February of 1999 as a result.” … ”

    However SEC documents show Mitt Romney as sole owner of all shares of Bain Capital. Romney is also shown as CEO, President and Chairman of Board of Bain Capital in 2001 and 2002 then LEGALLY speaking Mitt Romney has been responsible to all that goes on under the banner of Bain Capital. Then to run for Governor of MA Romney sought residency of MA by lieu of his Bain positions. Now either Romney was at the Olympics OR he was at BAIN.

    Only one can be true not BOTH at the same time simultaneously!!! Will the true Willard Mitt Romney stand up and accept ONE thing? Does Romney want to accept untrue SEC filings and be called a Felon or agree that he represented Bain from 1999 to 2002?

  2. Republicans betrayed their own conscience when they went against established Republican principles like the MANDATE over healthcare which was a Heritage foundation issue popularized by Gingrich.

    Obama did more than his share to UNITE but the Republicans were out to oppose for opposing sake and not following any policy or principles. In the famous words of Minority Senate Leader Mitch McConnell the Republicans were out to defeat the Obama agenda even if it went against established Republican policies set by past precedent.

    Mitch McConnell was out to make sure that President Obama remains a one term President and see where it has brought the Congress and its public esteem.

    Gingrich out of his own admission was out to defeat Obama from the day he was sworn in as President.

    You can not justify the Republicans as the “loyal” opposition as is the case in most mature democracies. They have been out to get President Obama by hook or by crook. A leader can meet the opposition half way but can not fold completely to their whims and fantasies like that of the current Tea Party affiliates.

    Republicans will loose in 2012 just like they did in 2008 but with a smaller margin because of the dark money of Billionaires due to Citizens United verdict of the right wing Supreme Court.

    • So many mistakes and phony distortions in this post.
      Heritage in 1989 proposed the idea of an individual mandate…which they later abandoned and rejected. The mandate would have had everyone enrolled in insurance plans, BUT those plans were to be run by PRIVATE enterprise, not the government. When “Hillarycare” came along four years later, Republicans (and Heritage does speak for conservative principles, but is not “Republican”) wanted no part of the Democrats’ plan, and the Democrats did not rely on Republicans, NOR doctors, NOR patients, for input. I refer you to the WSJ page where they asked if anyone had heard of these 500 people Hillary was using as her panel.
      The MANDATE was not a Republican principle, and is even falsely applied by you to this debate.
      Republicans did not go against their principles (Tea Partiers and others would argue that Democrats don’t even have principles).
      Please note that the recent bill, Obamacare/Abysmalcare, was passed without one single vote in House and Senate. Further, the drafting of the bill was done with no Republican input of substance. (Who can forget Obama’s nasty swipe at McCain, at Obama’s photo-op performance to “discuss” the ACA.
      Obama did absolutely nothing to unite Republicans, nor o gain their support. (“The campaign’s over, John,” as he rudely and unprofessionally interrupted John McCain as he tried to speak in that performance.
      Gingrich was out to defeat Obama. What he wants to defeat are Obama’s ideas which seem to run counter to American principles. And, my oh my, do you see Obama out there trying to support Romney??? Or to defeat him?
      Enough for this post.

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