The Obama admin has reported:
“Romney may have misrepresented his position to the IRS, in saying that he left the hedge find in 2009, while reporting in his IRS statement that he was still an insider in 2002.”
Romney has publicly claimed he left Bain in 1999, but he told the SEC he left Bain in 2002. Despite his claim to have left Bain in 1999 to focus solely on his Olympic activities between 1999 and 2002.
Romney has been shown during that time to have:
* Remained in control of 100 percent of Bain
* Earned money as a Bain “executive”
* Had managerial control over five new Bain investments
* Finalized a 10-year severance deal with Bain in 2002 that was retroactive to 1999
The Obama campaign states that “Romney has been claiming for a decade that he ceded control of Bain Capital in 1999 to run the 2002 Salt Lake City Winter Olympics, but his filings to the Securities and Exchange Commission (SEC) list him three years later as the “sole stockholder, chairman of the board, chief executive officer and president”.
The issue is significant because the Obama campaign claims that after 1999, Bain Capital, an investment vehicle, was involved in lay-offs, bankruptcies and the outsourcing of American jobs to China, Mexico and elsewhere, according to the Guardian.
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