During the three years when Mitt Romney was allegedly not running Bain Capital, he was replaced with a transitional "management committee," says former Bain Managing Director Edward Conard, appearing to contradict what a senior Romney adviser told CNN on the same day.
"It was a management committee running Bain, to try to transition from Mitt to a new structure," Conard said on Sunday's Up with Chris Hayes. He told show host Chris Hayes that the process took three years, from 1999 to 2002, because of pay negotiations and restructuring.
UPDATE: On the same day, on CNN's State of the Union, senior Romney campaign adviser Ed Gillespie said that Romney had "retired retroactively."
"He took a left of absence and in fact he ended up not going back at all, and retired retroactively to 1999 as a result," he said. His claim that Romney was originally only on a leave of absence seemingly contradicts Conard's assertion that, shortly after Romney's exit, they began negotiating "the terms of Mitt's departure."
"It took several years for us to sort out how to put the management team in place—there was a management team in place already—but for example we had to negotiate with Mitt because he was an owner of the firm, he'd created a lot of franchise value, and we were going to pay him for that," said Conard. "We had to recognize that other partners would leave, senior partners would leave over time; that whatever we did for him was going to be reflected in what we did for everyone else who left the firm. And we had a very complicated set of negotiations that took us about two years to unwind."
Last week, the Boston Globe reported on SEC filings that showed Mitt Romney as the CEO, president, chairman, and sole owner of Bain Capital for three years after he allegedly left the private equity firm to run the Salt Lake City Winter Olympics. Romney had previously argued that he was not responsible for Bain's outsourcing of American jobs during that period, because he was no longer at the firm and had no role in its decision-making process.
Conard essentially backed up Romney's version of events. While he conceded that the Republican presidential candidate had remained "legally, on documents," the head of Bain, he added that "Mitt was gone" from any leadership role in the company.
"It was ten years ago, so can I remember every single meeting? No," Conard said. "But I remember that Mitt was gone. We had a management team that was working hard to manage the company. We had to negotiate the terms of Mitt's departure, and in fact everybody's departure at that time, and it was difficult to get any time for Mitt to even get him and his attorneys to do that, because he was so busy working on the Olympics."
Conard is the author of the recent book, Unintended Consequences: Why Everything You've Been Told About the Economy is Wrong.
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Can't remember...CAN'T remember! Same old lying political cover up.
Can the person handling Mitt Romney's "blind trust" today, who ever they are, answer with proof, whether or not, he is invested in Bain NOW? TODAY? If he is--my bet is that he or some member(s) of his family is--by what percentage amount. If its 51%, or better, that answers everything.
No point asking Mitt, he is going to claim blind, crippled and crazy!!
"Franchise value" sounds like a lot of "free stuff" to me.
do you actually think Romney was just going to sign over a billion dollar corporation with out years of lawyers negation regulations and paperwork its not like selling a car
You know when you sell a car you are still considered the legal owner of that car til the lien if any is taken care of ?
Even if you sell it without a lien you will still be registered legal owner of that car at the DMV and court house till the new owner registers it in his name and he has 30 days to do that so do you feel you should be held responsible for that driver if he gets in a wreck before he registers it in his name
I don't know what state you live in, but in most states, you cannot drive a car without a registration and license plate on it, and cannot get a license plate and registration without proof of ownership and insurance. 30 days? Try 24 hours!
Here is a great bumper sticker for the Radical Righties trying to buy the Presidency and title of Plantation Boss In Chief for Romney :
" Willard Mitt Romney - he's spineless, dishonest and unethical - but his title at Bain was mostly legal ! "
@ JohnDavis
you are wrong just looked up the amount of times given by each state how long you have to register a car the shortest allowed time is Wis, at two days the longest is 60 in a few states and the majority is 30 so i have no idea what state you live in
I can tell you never bought or sold a car you get this paper work called bill of sale and most states require you insure the car before you drive it off the lot
when you sell a car the court house and DMV will have it on record that you are the owner til the new owner registers it just like the SEC will have it on record that Romney was still the owner of Bain till the all the lawyer work regulations negotiations and paper work is done and that could take years
So I will ask you again should you be held responsible if the car you sold new owner gets in a wreck before he register in his name because the DMV and Court House has you listed as the owner
^Which means if his name was on the paper work he was legally and morally responsible with whatever they did at Bain while still being paid but according to him doing nothing to earn it. He simply cannot pick and choose when he wants to be responsible and therefore accountable because the American people have to be accountable ant responsible for their actions ALL the time. It is just how the world works for the REST OF US and Romney should learn that if he expects us ordinary Americans to vote for him.
Did anyone else notice how many times Conard said "I don't recall"? He also tended to dismiss any of the possibly more controversial issues, i.e., the question about Romney getting a salary. Lets be clear, he recieved a salary apart from earning profits, and it was not $100,000 but rather above the $100,000 range. Conard knows this but did not correct anyone. I wish Chris had asked him how much Romney earned in salary those years. This means that Romney was paid a salary, if he is to be believed, for doing absolutely nothing! The $65,000 question is did Romney attend any meetings at Bain or a Bain Franchise during those years?
Charles: while running for governor in 2002, Romney told the press that he spent much of his time in Utah, but OFTEN returned to Boston Mass for "business meetings".
Romney Lies While Democracy Dies !
So does this mean he was legally ineligible to be Governor of Massachusetts?
BINGO! Mary if I had a prize I would give it to you.
Now that is a mouthful of @!$%#. Do they really think Americans are that stupid. Another way for the rich bastards to get out of trouble. If a common business owner did that he would be charged with a felon and perjury. At least we now know why he won't disclose this taxes. It shows just how low this guy would go to get what he wants. Can one just imagine how he would do with outer countries that a President would have to deal with. He probably would tell them one thing and come back and tell us something else. He has lied so much hard to believe and one would want him as our President.
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.
On Friday the 13th (7/13/2012) the very illusive Mitt Romney gave very defensive interviews to all FIVE networks on a single day at once!! Just a few days ago Mitt Romney said to FOX News that explaining means that you are WEAK. So his five interviews "explaining" his time at Bain were signs of his weakness!!
Presidential Candidate Mr. Mitt Romney maybe feeling the heat on his role in BAIN Capital, his business experience which was supposed to be his sole criteria for creating jobs and his greatest qualification for running for the American Presidency in the current economy in 2012!
However SEC documents show Mitt Romney as sole owner of all shares of Bain Capital. Romney is 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.
Mitt Romney can not just share the good like job creation from 1999 to 2002 and leave the ugly like Bankruptcies and layoffs behind as if he had nothing to do about them from 1999 to 2002.
If he really wanted to disassociate himself from Bain Capital he could have resigned and sold all his shares in Bain Capital in February 1999 then it would have been a different matter but to share in the glory of Bain's job creation accept a salary of $100,000 or MORE (where are the Tax Returns?) for three years and only to refuse to take the responsibility of Bankruptcies and layoffs on his WATCH (1999-2002) is trying to have it both ways and then complaining of playing politics having been caught with his hand in the proverbial Cookie Jar that is the very essence of an ACTIVE LEGAL ROLE in Bain Capital till 2002!! Was Romney getting $100,000.00 or more to do NOTHING for BAIN Capital???
Mitt Romney will have to face the consequences of this leaving Bain "lie" that Mitt Romney has brought on upon himself. If we keep reminding the Romney campaign of the Bain exit lie and Romney's ill effects on workers robbing them of their hard earned salaries and life long benefits all the way to November then 7/13/2012 (FRIDAY the 13th) will go down as the turning point of the 2012 Presidential election!
Two Faced Willard
Two-Faced Willard
"I was not responsible for what happened at Bain Capital" - Mitt Romney
"I was the Sole shareholder, Sole director, Chief executive officer and President of Bain" - Mitt Romney
"The Arizona immigration policy is a good model" – Mitt Romney
"I didn't really support the Arizona immigration policy" – Mitt Romney
“The Massachusetts healthcare plan should be a model for the nation” – Mitt Romney
“Healthcare reform should be left to the states” – Mitt Romney
"Let Detroit go bankrupt" -Mitt Romney
"I'll take a lot of credit for saving the auto industry" -Mitt Romney
“I believe Roe v Wade has gone too far.” – Mitt Romney
“Roe v Wade has been the law for 20 years we should sustain and support it.” – Mitt Romney
“I respect and will protect a woman’s right to choose.” – Mitt Romney
“I never really called myself pro-choice.” – Mitt Romney
“It was not my desire to go off and serve in Vietnam.” – Mitt Romney
“I longed in many respects to actually be in Vietnam and represent our country there.” – Mitt Romney
“I’m not trying to return to Reagan-Bush.” – Mitt Romney
“Ronald Reagan is… my hero.” – Mitt Romney
“I think the minimum wage ought to keep pace with inflation.” – Mitt Romney
"There’s no question raising the minimum wage excessively causes a loss of jobs.” – Mitt Romney
“I saw my father march with Martin Luther King.” – Mitt Romney
“I did not see it with my own eyes.” – Mitt Romney
“I would like to have campaign spending limits.” – Mitt Romney
“The American people should be free to advocate for their candidates without burdensome limitations.” – Mitt Romney
“I supported the assault weapon ban.” – Mitt Romney
"I don’t support any gun control legislation.” – Mitt Romney