Romney Didn’t Leave Bain Until 2002? BUNK!

Propaganda: Romney didn’t leave Bain Capital in 1999. That means he was there, and responsible, for all the outsourcing and Bain job layoffs that occurred from 1999-2002!

Facts:

  • Romney left Bain in 1999 to lead the winter Olympics.
  • In 1999 when Romney announced his decision to leave, Bain convened a 37 member management transition team; and published this information in 2000 on its website. Romney’s name is notably absent from the list.
  • In 2002, Romney and Bain settled a lengthy 10-year severance negotiation that expired in 2009. 10 years before 2009 is 1999 – the active date of termination from Bain.
  • Several lawsuits filed by creditors against Bain in the early 2000’s did not name Romney as a defendant. This was because he was not an active executive.
  • When Romney left Bain to turnaround the Winter Games, the Olympic Commission was $379M in debt. Under Romney, the produced a $100M surplus. The surplus went to future Olympic game funds.
  • Romney said he would only accept the $250,000 a year salary if the Olympics made a profit. After he accomplished that, he turned his salary over to charity. In addition, he personally contributed $1 million to the Olympics.

There’s really not more necessary to debunk this reheated lie. But if you’d like to read more, click here and here and here.

If you’re interested in Romney’s heavily praised (even by opponents) turnaround of the Salt Lake City Winter Olympic Games, try Romney’s book “Turnaround”.

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2 comments

  1. […] Team Obama have now acknowledged Romney left Bain Capital in 1999. This is progress. […]

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  2. […] out the corruption plaguing the Olympics, and turned a $379M deficit into a $100M surplus. He also donated his entire salary during this time to […]

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