Leaked Romney/Bain Capital Documents Reveal Hypocrisy/Etc.
Retired in 1999, started businesses in 2002 & 2008
So, Gawker recently released a ridiculously large treasure trove of classified Bain Capital documents that reveal, among other things:
Involvement in Bain Capital past reported 1999 retirement: stakes in companies formed in 2002 and 2008
"Romney owns a stake in Sankaty Credit Opportunities L.P., a Delaware-based partnership. According to its financial statements, it had $201 million in assets in 2009 and a $52 million gain on the year—that's after a stunning $91 million loss in 2008. But what's interesting about Sankaty Credit Opportunities is that, according to his 2012 financial disclosure, Romney's interest in the entity was part of his retirement package: It was made "pursuant to an agreement with Bain Capital regarding Mr. Romney's retirement" in 1999. But according to its audited financial statement, Sankaty Credit Opportunities didn't exist yet when Romney retired: "Sankaty Credit Opportunities, L.P., is a Delaware limited partnership which commenced operations on August 12, 2002." In other words, Romney's 1999 retirement agreement included an investment in an entity created in 2002—in fact, was created in the heat of his first gubernatorial campaign in Massachusetts. When Romney explained at an October 29, 2002, debate in Massachusetts that he wasn't responsible for Bain's actions after his 1999 retirement, it was just 8 weeks after the creation by Bain of a fund that was part of his retirement agreement."
"Even more drastic, Sankaty Credit Opportunities IV—of which Romney owns more than $1 million in his IRA and which earned him between $50,000 and $100,000 in 2011, and which is likewise described as an investment made pursuant to his retirement package—wasn't even created until July 2008. That's nine years after his retirement from Bain and five months after he withdrew from the 2008 GOP primary."
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Bain Capital business (where Romney still makes money) financially supports the same Obama policies that Romney's image decries.
"Let that one sink in: An expiration of stimulus would be a significant fiscal drag. Here is Romney's position on the stimulus: "The largest one-time careless expenditure of government money in American history." Here's another: "That stimulus didn't work. That stimulus didn't put more private-sector people to work.""
"In this confidential 2010 Sankaty Advisors PowerPoint presentation on "Market Opportunities" in the "Altered Landscape," financial industry regulation is actually cited as a positive force on the "New Market Reality."
"Regulation will improve liquidity and tranparency," one slide reads. Here is Romney's position on financial regulation: "Obama-era laws and regulations must be rolled back, and pre-existing ones must be carefully scrutinized." He has pledged to repeal Dodd-Frank, the financial regulatory reform that his money managers credit with improving transparency."
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Romney invests in National Enquirer, Las Vegas Sands (gambling is against LDS), Core-Mark (smoking is against LDS), the Harlem Globetrotters (awesome), and Limp Bizkit (awful)
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And much, much more. The documents were just released, and people across the country are going through and looking for more of what Romney has been trying to hide. I'm interested in seeing what else is buried in there. How do you all feel about these revelations? Do you think that any of it is defendable or is there just going to be a flurry of denial?
Gawker page for the Bain Capital discussion: http://gawker.com/5933641
