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The Boston Globe

Politics

Romney kept reins on Bain, bargained hard on severance during absence

Shortly after Mitt Romney took a leave of absence from Bain Capital to run the Olympics in February 1999, he made a trip to Palm Beach, Fla. The firm Romney founded was meeting to celebrate its 15th anniversary as well as the men he had helped make extraordinarily wealthy.

Romney and his partners had decided that, in his absence, five managing directors would oversee the company. And in Palm Beach it became clearer that Romney was unlikely to return — but would retain his title as chief executive officer and sole shareholder.

Comments

Dear Lord, Beth and Michael are saying, why are these hit pieces not driving Mitt's poll numbers down? We will write about this every day, through the election. If Mitt wins we will write about it every day of his first term. NEW PARAGRAPH: Silliness, advocacy journalism. Call it whatever you want. No one cares when Mitt Romney actually stopped making any decisions about the company he alone owned. This is all to support claims that some of Bain's companies hired people overseas. Dear Lord. So what? In a capitalist system, companies have the freedom to act in their best interest. The level of scrutiny this issue is receiving from the Globe is insane. Never before, in my life, has the Globe sank to such ugly, gutter, advocacy journalism.

All who think this Bain song is really stupid are not "Right wing nutters" Day after day we hear the same sorrowful dirge from Obama's campaign. I'll give them credit for trying to stay afloat. Their ship is not only sinking, it's engines are dead an their navigation system is obviously pointing south while they travel north. Columnists and media editors keep throwing up headlines. Democrats keep preaching that increasing taxes on the rich is the only answer to creating jobs and growing a currently tepid economy. That, according to economists, is insanity. No matter, they blame the rich and inflame the socially liberal base with class warfare designed to lead the unthinking masses into another four years of pain and joblessness. Obama will not come to the table to negotiate nor will he stop his campaign from telling what are simple lies and fabrications designed to deflect attention from his horrible performance. Fact is that banks and businesses are holding onto their piles of cash waiting for Obama's departure.

thanks to the writers of this article.....those commenting below might be missing the essence of the piece....and that is core values of integrity and truth. Oh, they take the easy way out and blame the Globe or even more obvious...President Obama. Easy targets intended to take the spot light off an indidual whose success was based on taking advantage of weakness to make a profit. Now he is the biggest fox, poised to take over the largest of hen houses...the US government...and apply those principles that made him successful at bain...outsourcing, making profits for his partners....who in this case might be the 11 billionaires who are contributing heavily to his campaign. Transparency is needed here....however, transparency is the antithesis of what made romney successful...and makes him a subpar candidate to run our government.

It's funny that you trumpet the Globe's efforts to portray it's assault on Mitt Romney's Bain record as a search for integrity and truth. Unfortunately the Globe demonstrates its liberal bias time and time again by ruthlessly attacking the right while giving the left a pass. For proof, you needn't look any further than its reporting on Elizabeth Warren's attempts to obtain favorable treatment by claiming she has native American heritage. Oh right, there was little or no reporting on that subject in the Globe. Clearly your criteria for integrity and truth doesn't cut to the left.

"Transparency is needed here"? Yes, we need Eric Holder to release documents about how hundreds of guns walked to Mexico. We need Barack Obama to identify the WH staff person who has been leaking national security secrets. We need the White House to finally admit what the thousands of pages in the Obamacare bill actually contain. (Nancy Pelosi didn't know. Perhaps she has by now.)

Jealousy will eat you alive.

brownmustgo, I don't think the negative posters are missing that the article is about core values of integrity and truth. That is, in fact, why they are so annoyed. You have all this seeming control these days, you understand human nature, you understand how to manipulate it, you understand how to spin things to make the bad seem good, you have mapped out the electoral topology completely, crunched the numbers, calculated the statistics, you groom correctly, organize and deploy your network of "facilitators", build a huge war chest, schedule you attack points -- I could go on. >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> Then what happens? journalists start investigating "in depth", email is examined, cronies interviewed before they can be adequately coached and before they can learn the "true facts". Information technology and communications ruins everything. The truth comes out, or, at least, some whiffs of the truth. It's demoralizing. It even makes you wonder -- just for a moment, you quickly bury the notion -- that Obama's cunning approach of in-depth content and doing the right thing might just win out in the end. What is this world coming to?

Look at the man's work history. Willard is trying to buy the USA, will manage it, then will sell it and make a huge profit for his friends. What else does he know how to do? He's clearly not all that bright.

Romney apparently acted to get the maximum possible amount of money of a company that he built himself (except for the part where centuries of financial innovators and decades of government protection in the form of regulation made private equity possible, let alone lucrative). Many people would have done the same thing in his position, but none of the other are trying to convince us that they should be president based on their business experience. Then again, his entire resume consists of that business experience and running a 16 day sports festival that, for all it's prominence, probably involved less money than a lot of those companies that Bain Capital bought and sold like so many baseball cards.

It is time we had an intelligent man for President. No more community organizers. We don't need to be organized into a herd like sheep - we need someone smart to get the country out of this huge economic mess. In other words we need an ethical man who understands business and economics. Someone who has earned their money with business smarts and doesn't need to go to Washington to get rich.

salemreader - somehow I suspect you are unemployed and hate rich people no matter how hard they worked for their money (dangerous combination).

Also, it's about whether Governor Romney lied to the people of Massachusetts about something pretty important when he ran for office here. If you feel that way about the Globe, you should stop reading it and paying for the privilege. I feel exactly the same way about the Herald that you feel about the Globe, but I would never think of religiously reading it every day, posting on most political pieces, and paying for a subscription. Given your loathing of the President, you should check out the Herald. You'd love it. Each and every issue has multiple "stories" about the President, his wife and kids, and his estranged relatives.But perhaps someone else pays for your BG subscription and in return, you keep an eye on the nefarious screed published therein.

Your allusions provide all the more reason for Romney to be the one who can claim transparency. I would think it would improve his numbers and hurt his opponent's.

Which economists say that increasing revenue is not necessary? As for the Romney plan to address the recession by reducing taxes further on the super-rich while cutting benefits to the poor and middle-class, Governor Romney seems to have amassed a considerable fortune and paid minimal taxes in the process. It does not appear that he or his sons are plowing those riches back into the economy and creating jobs. In fact, he's put a lot of that wealth into Swiss banks and off-shore tax shelters. But I guess that you believe that he is an aberration and that other super-rich folks will begin opening factories as soon as the next tax cut comes, courtesy of Governor Romney, who has better things to do with his wealth than invest in America.

and anything on yesterday's unemployment report? nah, not important.

Oh, we're back to the community organizer bit. And now the President isn't "smart"? As for your sheep metaphor, it appears that Governor Romney is a much better sheepherder than the President, because he's convinced a lot of working and middle-class voters that their lives and the economy will get better by giving the super-rich more tax cuts while cutting benefits to themselves. Or do I have his "plan" for the recovery wrong?

If he wins in November I hope Romney will bring his hard bargaining skills to the table on issues important for the country. Ultimately, his performance as Governor of Massachusetts should be the most relevant predictor of performance in executive office.

Hey, Globe. Just keep those daily PHONY hit pieces coming(and minute by minute on-line). ------------------MEANWHILE, in the REAL news that the Globe doesn't bother to report,continued fighting in Syria. Barack Obama and Hillary Clinton express SHOCK and OUTRAGE when Russia and China put in their (fully expected) vetos in the UN Security Council. And yesterday they AGAIN expressed SHOCK and OUTRAGE at the suicide bus bombing of Israelis in Bulgaria. Iran's leaders just LAUGH when they notice that Obama completely AVOIDS any military action. In the Islamic way of thinking that just means that your opponent is a WEAKLING and a COWARD, who will be easy to defeat by just continuing attacks while building nuclear weapons.-------. And those feared SANCTIONS? That doesn't stop people who think that a Holocaust is the only way to cause the return of the mythical 12th Immam. ----And this is an EXCELLENT example that shows why, as the Obama Campaign continally notes, Obama has real Foreign Policy EXPERIENCE, wheras Mitt Romney has none.-------------And of course we all know how the bin Laden operation went. You knew that because Obama was busy LEAKING military secrets. Just as he did this year with more LEAKS of military intelligence against Iran's nuclear weapons program.

VALIUM. It works wonders when you need to CALM DOWN.

I can see him now, kneeling on the floor of Bain Capital. "Please, Jesus, make me richer!"

With only one term, Governor Romney was far more productive than the dead-beat Deval Patrick! Also, let no one forget - Mitt Romney was saddled with a majority house of cantankerous Democrats, and still Gov. Romney managed to pass productive legislature, negotiate contracts and ensure the state employees attended management training. Also, Governor Romney didn't plug all the state management jobs with Republican cronies - which is one of the first steps of any Democratic leader.

Get real . . . too stupid.

Hey Miker6, > Isn't that funny? Because since Obama took the unpopular-to-McCain position of non-military action in Syria, the Syrian opposition are handling their own internal war with much success ON THEIR OWN and now the Defense Minister and brother in law of Assad is assasinated WITHOUT OUR MILITARY INTERVENTION OR OUR HAVING CONFRONTED PUTIN WHO SUPPORTS ASSAD, THUS MAINTAINING PEACE BETWEEN US AND RUSSIA, but of course, according to you, it matters that Iran's leaders "just LAUGH". Well, keep them laughing as the Assad regime crumbles upon the assualt by fellow Syrians and we don't even lift a finger. If we had done as McCain wanted, e.g. military intervention, or sent arms, we would could have caused a lot of international problems that we do not now have. What's your brilliant answer to that?

Oh, sure! Like how, at the end of his tenure as Governor (Romney), Massachusetts was something like 47th in job creation. Is that better than Patrick? Please let us all know.

Are you trying to convince us that a person with business experience as a 'community-organizer' knows more about running the U.S.A. government than someone like Romney who has experience as a successful Massachusetts Gov.? OMIG - get real: Obama manipulated his first election win to the senate and then missed more sessions than what he attended. Also, he FAILED to build any relationships with either his own party or the GOP! Of course he kissed the ring of Teddy Kennedy - foxy Obama & Axlerod were already plotting Obama's next big parade of "yes - we can" & "hope" campaign to bring the Chicago gang to the White House. Obama borrowed money in 2007 to buy a house in Chicago - now - Obama is listed as a 'multimillionaire.' Mitt Romney doesn't have to go to Washington to search for money. . . not like Obama and his Chicago clan.