Bain Capital becoming bane of Romney campaign - KMSP-TV

Bain Capital becoming bane of Romney campaign

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For Mitt Romney, Bain Capital is becoming the bane of his presidential campaign. There are new questions about when he left the private equity firm he owned, and whether the firm shipped jobs overseas.

Romney has said he left the company in February of 1999, but the Boston Globe cites multiple filings with the SEC showing he's listed as CEO or managing director of Bain Capital and its subsidiaries up through 2002.

The Washington Post, among others, has said Bain invested in six companies that pioneered shipping jobs overseas.

The Obama campaign wasted no time capitalizing on the issue.

"Either Mitt Romney, through his own words and his own signature, was misrepresenting his position at Bain to the SEC, which is a felony or he was misrepresenting his position at Bain to the American people to avoid responsibility for some of the consequences of his investments," Obama campaign senior adviser Stephanie Cutter said Thursday.

In a statement, a Bain Capital spokesperson says: "Mitt Romney left Bain Capital in February 1999 to run the Olympics and has had absolutely no involvement with the management or investment activities of the firm or with any of its portfolio companies since the day of his departure."

Bain Capital has about a dozen subsidiary investment funds, and the issue is whether they had enough influence in these companies to control day-to-day management decisions.

we talked to a u of m law professor today who's.

University of Minnesota law Prof. Richard Painter, an expert in securities issues, says the important distinction is decision making.

"I'd think they have to show (Romney) making investment decisions about companies, management decisions, management decisions of job overseas," Prof. Painter said. "Much of this happened 12 years ago, and I'm much more interested in what he says about creating jobs in 2013."

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