Saturday, July 14, 2012
Why Mitt Romney’s Dissociation from Bain Capital is not gaining traction with American Voters?
Keywords or Terms: Mark Twain; “It ain’t what you don’t know that gets you into trouble. It’s what you know for sure that just ain’t so”; Bain Capital; 2012 General Elections; Governor Romney; Obama’s Campaign Team; Honesty; Truthfulness; Office of the Presidency; Brokerage Firm, CEO; President; Board Member.
"Ultimately Mr. Romney, I think, is going to have to answer those questions, uh, because if he aspires to being president one of the things you learn is, you are ultimately responsible for the conduct of your operations, but again that's probably a question that he's going to have to answer and I think that's a legitimate part of the campaign" – The President of the United States of America, Barack Obama
Mark Twain once said: “It ain’t what you don’t know that gets you into trouble. It’s what you know for sure that just ain’t so” Though Mitt Romney probably physically left Bain Capital in 1999 as reported or as he wants voters to swallow; however, his name, executive privileges and tag completely remained with the brokerage firm. Filing records with the Security Exchange Commission indicated that Governor Romney was the CEO, President and Board member of Bain Capital up to 2002. Now, Mitt Romney may be claiming to be out of Bain Capital physically, but spiritually and in completeness, he was still at the brokerage firm till 2002; as he still attended Board meeting(s) and had inputs in the running of the firm, even if some of his inputs were after the fact. Mitt Romney got compensated yearly with One hundred thousand dollars, and probably more, for his association and services to Bain Capital, after 1999. Turning around to deny the association seems to be the case alluded to by Mark Twain: “It ain’t what you don’t know that gets you into trouble. It’s what you know for sure that just ain’t so.”
Republican supporters of Mitt Romney for the 2012 general election may be advancing some plausible reasons why his name appeared as the CEO, President and Board member on SEC filings three years after his physical exit from Bain Capital; however, critics of his ambition for the White House, were putting holes and dents in his assertions of dissociation from Bain Capital in his hastily arranged television interviews yesterday. Mitt Romney responses to the television interviews showed he had a lot to hide as he continued to distance himself from the brokerage firm he once started. What many viewers saw from his responses, at least from three of the interviews on the networks, is that, Governor Romney attempted to sweep under the carpet known facts on record, that he might be physically away from Bain Capital in 1999, but he was still part and parcel of the executive team of the firm till 2002. This is where the confusion is coming from and everyone is saying: “Governor Romney, it ain’t what you don’t know that gets you into trouble. It’s what you know for sure that just ain’t so.”
Obtrusively, it isn’t the fact that Governor Romney continued to receive compensation from the brokerage firm after he said he physically left the reign of the organization in 1999 that continues to be unconvincing; it is the fact that he attempted to turn the table around against the Obama Campaign team by asking for an apology, that makes him look more deceptive. For starters: Why did he not address truly and completely the concerns of many over this thorny issue? Why was he defensive in his response to this same issue while running for the Massachusetts US Senate Seat about a decade ago? Why did SEC filing from Bain Capital for 2000, 2001 and 2002, retained his name in official capacity, in three executive positions, when he insists he was physically dissociated from the day to day investment decisions of the firm? There are just more questions than answers for Governor Romney regarding the political canon ball. Why did he not address this thorny issue completely, during the Republican Primary? Why does it seem he was running away from being explicit in his response to the news media? His close to five interviews with the television networks and cable television services hardly provided the needed traction to convince independent observers of his innocence or truthfulness. As far as many Americans know: Mitt Romney was Bain Capital and Bain Capital is Mitt Romney, no matter how he attempts to re-write the facts or dissociate himself from the brokerage firm. Thus, Governor Romney: “It ain’t what you don’t know that gets you into trouble. It’s what you know for sure that just ain’t so.”
In business operations, as Romney’s Harvard’s MBA/JD curriculum appropriately defines, the functions and responsibilities of a firm’s CEO, President and or Board Member is explicitly defined, documented and notarized for public business records. Part of the reasons for this has to do with executive salary, compensation, privileges and as they say: where the bucks stops! Reclaiming or disclaiming any of those functions and responsibilities; or dissociation relatively to each executive positions, impacts one’s classification, status and cadre within the organization. To remain as the CEO, President or Board member of a firm is always appropriately defined not only for business purposes and reasons, but also, for issues of accountability and obligation to the organization relative to each position. The expectations, responsibility and compensation for any individual for all, or any of the positions that Governor Romney is said to have been with Bain Capital between 1999 – 2002, is hardly an omission or oversight, for it took three good years to take his name off the books as someone not in that capacity with Bain Capital.
Except Governor Romney wants us to impinge his corporation’s reputation during those times or years he was said to be on record as President, Chief Executive Officer and Board member in filings with the Security and Exchange Commission. Based on what Bain Capital filed with the Security and Exchange Commission, Governor Romney occupied those three executive positions and had responsibilities and functions attached to those positions as represented before the Commission. For all these facts, Governor Mitt Romney’s summation before the press rendezvous this outgoing week is suspect, as Bain Capital reported in its 2000 to 2001 SEC filings that he was part and parcel of the Corporation as CEO, President and Board Member. For all practical purpose and as far as the SEC is concerned, Governor Romney remains the CEO and President of Bain Capital from 1999 – 2002. Thus, Mr. CEO and President of Bain Capital from 1999 – 2002, you are part of the brokerage firm, even when you want us to believe otherwise. Interestingly, we notice, you were compensated with a six figure salary in addition to your stock options and profits from the firm. These are the reasons why we are reiterating: “It ain’t what you don’t know that gets you into trouble. It’s what you know for sure that just ain’t so.”
We believe that as an astute and diligent Harvard JD/MBA, Governor Romney subscribes to the fact that it is illegal or close to felonious, if as a Board member of a corporation, he allowed his name to be substituted for another person who served in the capacity of the President, CEO and Board member of Bain Capital, before the Security and Exchange Commission. It is probably challenging to compensate an individual to the tune of $100, 000, if that individual has served no purpose for the corporation; and, distanced himself from the complete operation of the corporation as indicated by Governor Romney. However, miracles do happen and we are all interested in seeing Governor Romney help us through this maze. Worse more, it is hard to believe that a corporation, portraying itself as one that works to make other corporations more efficient, by disbanding those corporations and selling them in pieces, while off-shoring the jobs of those who loose their positions due to the reorganization for reason of “inefficiency” could fail itself thrice. Could that same organization have the name of someone far away from that corporation, as the CEO, President and Board member for three consecutive years in a row, 2000, 2001, and 2002? These are the reasons and question frustrating and confusing the public regarding Governor Romney’s assertion of his relationship with the investment brokerage firm between 1999 to 2002; and reasons, why they continue to repeat: “It ain’t what you don’t know that gets you into trouble. It’s what you know for sure that just ain’t so.”
Honesty and forthrightness, in and out of business, are behaviors to emulate, especially for politicians seeking the highest political office in the land. Both gives the public the reassurance that those who occupy the office of the Presidency are above board and would hardly do things that are underhanded and probably crooked when they get into the office. It is even good to know that the United States Treasury is in good hands, when we elect a person or business man who believes in American Banks and would hardly save his money in offshore banks; or, allow his name to be used in misrepresentation of statement of material facts. The pressure of wanting to win election may make a politician lie or misrepresent material facts; however, no one at this time is alleging that for governor Mitt Romney. Without information contrary to what the SEC has as public record filing from Bain Capital for the year 2000, 2001 and 2002, one must ignore information provided over the week by Governor Romney in the press interviews on television, as those information were not given under oath. However, we know that all public business records filed with the Security and Exchange Commission are complete, signed and submitted under oath and the penalty of perjury; we therefore discountenance Mitt Romney’s attempt to re-write material fact. Now Governor Romney are we, you and American voters, on the same page on this; or, must we continue to insist: “It ain’t what you don’t know that gets you into trouble. It’s what you know for sure that just ain’t so.”