Is this why Romney won't release all of his tax returns?

United States
July 13, 2012 10:05pm CST
There has been a lot of people questioning when Mitt Romney left Bain Capital. The reason it matter is because of what happened during the years that Mitt reportedly left Bain, but was still considered the CEO. During those years Bain there were many layoffs and bankruptcies at Bain ventures that Romney has claimed wasn't his fault because he was to busy saving the Olympic games with tax payer dollars. But, Mitt has gone against his own fathers wishes of candidates in saying he wouldn't release financial documents going back ten years. Is that because they would show he was still compensated at the same rate as he was when he was actively managing accounts for Bain? If Romney has nothing to hide, than why is he trying to hide it from the American people? http://www.cnn.com/2012/07/12/politics/john-king-bain/index.html?hpt=hp_t2
2 people like this
9 responses
@crossbones27 (15433)
• Redlands, California
16 Jul 12
Even so the truth of the matter is Bain still pretty much had the same business structure from before 1999 till this very day from the sounds of it. So Romney is far from innocent from the way Bain's business practices are. So it does not really matter if he was there or not because he was one of the people who created this type of business practice in the first place. I think it is just a shady way to make lots of money and costs many average Americans jobs that they closed down to ship overseas to get cheaper labor and not have to deal with the whole bureaucratic system that every small business has to deal with. Many may disagree and say that it is just the way the system works and it is perfectly legal and most companies would be stupid not to do this. This way they can have mass efficiency on their profits. Well, I say that this system sucks @ss. It needs to be changed. The sad thing is all I hear the President say is that these companies should not get tax breaks for this type of behavior. I think a lot more needs to be done than just that. How about they get a tax penalty for the amount of what each person (who would loose their job) would make that year. In fact find out how much these companies are saving for this type of business practice and make them pay all that savings in taxes plus a 100,000 dollar fine. This way they can't keep sending our jobs overseas. Now if a business can prove for a fact that starting a business overseas is going to create more jobs for Americans than it will cost, then maybe they can get a tax break, but other than that I think our system is just to make the rich richer and screw everyone else. We are just here to make sure their business's stays afloat.
1 person likes this
@debrakcarey (19925)
• United States
16 Jul 12
Guess you didn't hear Pres. Clinton say his business record at Bain is 'sterling'?
@debrakcarey (19925)
• United States
16 Jul 12
Oh, and let's not forget Cory Booker being made to retract his statement that it is wrong to go down this path, bashing Bain Capital. He was made to retract, but he said it and it's out there. If you paid attention, many Democrats are saying this and are embarrassed Obama is attacking free enterprise. And there are other Dems saying the same. http://www.washingtontimes.com/news/2012/may/22/running-from-obamas-anti-capitalism/ http://townhall.com/columnists/donaldlambro/2012/05/25/obamas_anticapitalism_strategy_is_getting_poor_reviews/page/full/
• Redlands, California
17 Jul 12
Guess what Deb I disagree with both President Clinton and Cory Booker on this issue. This way of thinking is the problem and will never be the solution.
1 person likes this
@sierras236 (2740)
• United States
14 Jul 12
Well, Romney did save the Olympic games. I really don't know anyone who can tackle two huge projects at the same time without having problems. His focus was on the Olympics and not on Bain capital. At any rate, it really doesn't matter when Romney "left" as in absent from the day to day running operations (like Steve Jobs did when he went to have his medical treatments) to officially handling in his resignation letter. But if you want an explanation, I have a simpler probability. They have already been destroyed as part of the "clean desk syndrome." Not many people are benefactors of such a syndrome. I suspect as a business man that this is likely the case. It has been over ten years even with the dispute over the leave time. A less plausible explanation is one that many individuals suffer from. The "I don't know the hell where I put it," is also likely. Really, I thought you didn't like that conspiracy theory stuff.
• United States
15 Jul 12
Sierras, while at Bain Romney controlled many different companies. For him to run the Olympics and Bain at the same time wouldn't be that far from his normal job. By the way, was it Romney's management of the games that saved them, or the huge amount of MY taxpayer dollars? We will never know!!! Actually it does matter in this case because there is an SEC filing which doesn't make it lying, it makes it fraud. See, if someone wanted to sue Bain during this time frame, Mitt Romney COULD be included in the law suite because he was the CEO. So why would you personally put yourself in that situation unless you were making sure nothing bad happened? SEC filings are legal documents, you can claim we left on this date or that, but you are still LEGALLY responsible for the company you are CEO of. See above. This is not a conspiracy theory, it is a matter of facts. Either Romney still had CEO priorities at Bain, and he lied to people about it. Or, he didn't and committed fraud by lying to the SEC. There is no conspiracy.
• United States
15 Jul 12
When did the SEC enter this? I will need proof of that statement and any lawsuits that may have been filed during that period. Those should be a matter of public record. But from what I am understanding he went from CEO to shareholder. As far as I know, shareholders don't run the day to day operations. It is not an unusual transition to make. So far you haven't proven any facts other than that Romney hasn't revealed his tax returns. BTW. Where is President Obama's Birth Certificate? That's critical to knowing whether he is qualified to be President. Ten years of tax returns in NOT listed on the US Constitution as part of the requirements to become President.
• United States
17 Jul 12
The SEC is who overseas investments, and Bain Capital was a PE company that invested money. I am not saying that anyone did sue them, but legally they could because apparently Romney committed fraud by not informing investors he was not CEO anymore. He MAY have considered himself a shareholder, but legally he was still the CEO, and CEO for three years after he left the company. I could understand one year, maybe two, but three is hard to believe. President Obama has released his birth certificate, you can find it all over the internet. Where can I find Romney's tax returns on-line?
@Fatcat44 (1142)
• United States
14 Jul 12
Oh the conspiracy theories from the left. How interesting! And I thought the lefties said only the right wingers did this. I think if this continues they should be labeled as returners, as in tax returners conspiracy theorists. The left must be getting disparate. The are must be getting scared. Find the dirt, and if you can't. Say it anyway, and 75 of population will think it is true because the MSM said so.
@anniepa (27109)
• United States
14 Jul 12
It's not a "conspiracy theory" by any stretch. Don't you find it just a little bit odd that Romney is the first Presidential nominee in over three decades to only release one year of tax returns? His own father was the one who started the trend by releasing 12 years, saying just one or two could be just a "fluke". Annie
@coffeebreak (17820)
• United States
14 Jul 12
So Obama released 12 years of tax returns...he has done a horrible job of being president and has this country in near ruins...thank goodness for his tax returns!
@debrakcarey (19925)
• United States
15 Jul 12
And let's not forget the million or so spent on trying to keep from releasing a birth certificate he said (wrote about in his book) he had found in his grandmother's attic. Then had to send two federal agents to Hawaii Dept. of Vital records for. And along with all those expensive vacations Annie said he paid for (minus secret service pay) and legal fees he's paid keeping his real life from us, where is ALL THAT MONEY COMING FROM? He isn't worth all that it's cost to travel AND keep things secret. Oh, let's not forget, once people stop buying his fairy tale books-he and Michelle BOTH have no more LAW LICENSES. They let the lapse? After paying off all those student loans for them too. Gosh. What will they do for income these next four years?
@coffeebreak (17820)
• United States
14 Jul 12
If it happened 10 years ago..what diff does it make? Plus...if Obama doesn't have to produce his birth certificate...why should Romney have to produce his tax returns? Why is he hiding that from the American people? And has Obama produced his for his 10 years prior to his presidency? Odds are not. I think they need to focus on the here and now and the future. The past is the past. It can't be changed and everyone changes in life. Bottom line is..can we afford 4 more? 4 more years of what we have had these last 4? I know I can't. What they did before their presidency isn't as important as what they do while president. I mean, come on...the MANY MANY MANY MANY vacations, family trips, family outings, other outings, golf games, entertainment things that the Obamas have had/done..and my tax dollars have been paying for that and I have not been able to afford a vacation since 1998 when I could only afford a week and that was just one state over and before that...couldn't afford any vacation and now..my husband has been unemployed for 4 years and I haven't had any entertainment of any kind in 4 years...yet let's see what Romney did 10 years ago? Sorry...stuff like that is what makes me so mad...Obama has just wasted our tax dollars and abused the office of the president in so many ways...and I am paying for him to have fun and games while I do without. I could care less what Romney did 10 years ago.
@anniepa (27109)
• United States
14 Jul 12
First of all, the President DID produce his birth certificate AND he released TWELVE years of tax returns prior to his election. As far as his vacations and family trips go, he's certainly not the first President to take vacations and I HOPE he won't be the last. The Presidency is a 24/7 job, not just nine to five, and it doesn't matter where he is or who he's with, he's still engaged and kept up to speed on anything of importance. I WANT our Presidents to have some "downtime", although it's really NOT at all, because the less stressed he or she is the better he or she can handle all the many pressures of leading the free world. The truth is, all Presidents pay their own way for their personal and family vacations. The Secret Service is with them no matter where they are so what difference does it make? It DOES matter very much what Romney has done in his business career, especially since he says that's what makes him qualified to be President. I think it ALSO matters very much that he's obviously lied since he's said both that he WAS still heading Bain Capital after 1999 and that he was not. I don't think it could be both... Annie
@coffeebreak (17820)
• United States
14 Jul 12
If lieing is an issue...better go back and see what Obama said he'd do and not do as president..and look at what he did and didn't do. He lied throughout his whole campaign...this country is worse than it was 3,1/2 years ago. So obviously his tax returns didn't make a difference. And no...Obama himself, never presented his official, original birth certificate. It was always drudged up by someone else and always had issues pertaining to is validation. And I know all presidents had vacations...but none ever sent their daughter to another country alone at our expense, and none of the wives ever took a extended family group to another country at our expense and I've been following for years..and no other president has been golfing as much or as often and had the list goes on. He has no record to run for reelection on so all he is doing is trying to trash his opponent. Watch any news..they all say the same thing. He couldn't even be bothered to go to the NAACP convention...he thinks he has the black vote pocketed so he doesn't have to try with them....while they are the biggest category of unemployment....
@debrakcarey (19925)
• United States
15 Jul 12
If you compare Obama's personal declared worth with the costs of his and Michelle's and the girls vacations, he's broke. Those vactions, all of them, costs tens of millions. He's not worth that much.
@AidaLily (1450)
• United States
15 Jul 12
It is a possibility he was still working there. I mean his own party is asking for his tax returns and he refuses to give them. They want him to be more specific and to release the tax returns to prove he has nothing to hide. Obama did release both his birth certificate and tax returns. So the argument as much as a lot of right wing conservative voters would love to turn the tides on... it not about Obama. If the REPUBLICAN PARTY is also asking for them and has been telling Romney to release them like most candidate do in the primary debates, then there is an issue if he wont produce them. I mean why wouldn't you give in to your own party's demands to see them. That is why it is becoming more suspicious to more people. If releasing tax returns has become a candidate norm for both parties for at least 12 years then it should be no issue. I mean all he has to do is release them, prove that he had nothing to hide and then "win voters over with empty promises and paid media" like every other candidate has done on both sides. For people who haven't taken a business class recently though, owners and CEOs are responsible for what their company does whether they are active or whether they let a board of directors decide for them. Which means as CEO of Bain, he should have been keeping a better eye on his company if he had planned to run for president one day to make sure they weren't doing what they were accused of. By claiming he wasn't responsible is an insight to what he would be like as president. If I was the CEO and owner of a company, even if I took a leave of absence to do another big project, I am still the CEO and owner of that company. If the company does something terrible while I am the CEO and owner of the company then guess what? It is my fault because I am the CEO and owner of the company. However, most of the people arguing with you more than likely are those people who don't want to be held accountable for their actions BUT want other people to be held accountable for the actions other people do. They don't want to hold Romney accountable for his actions (or in this case non-action for HIS company) but they want Obama to be held accountable for all his. They don't want to hold Romney accountable for believing in anything unconstitutional or unlawful that he may plan on using (from constitutional amendments to discriminatory racial profiling, etc) but they definitely want Obama held accountable for what he has done. It has to be the most hypocritical thought process ever. I had a friend who was once a strong right wing conservative... then he lost internet and they had to get rid of their TV. Then he actually started going to where his candidate and other candidates were speaking. He heard Romney speak... he asked what the heck was wrong with him for thinking this was a good candidate and re-registered as an independent voting and will be voting third party or not at all. I agree with him. You learn a lot more when you stop paying attention to the internet and media and start thinking logically instead of emotionally. Emotionally thinking is how America got in this mess to begin with and emotionally thinking is how America is going to end up worse than better.
• United States
17 Jul 12
I couldn't agree with you more, and what these right wingers don't understand is that I can tell you I am a rodeo clown, and tour the country working rodeo's. But, if I am the CEO of a company and something happens to that company I am LEGALLY responsible.
@AidaLily (1450)
• United States
17 Jul 12
Only you commented on my response debater? I thought there would be at least one right-winger yelling at me about how CEOs aren't LEGALLY responsible for what their company does. I mean it is just simple logic. Whether he got a "paycheck" from them or not, he was still the owner, CEO, etc. of this company and that means anything they did, he is responsible for. That is the risk with owning a company. Just a "shareholder" is not a CEO or owner of a company and while some businesses are owned by the person with most shares... this man is running for POTUS.. surely he was smart enough to realize what buying/keeping the most shares were if that is the case. Surely, he would understand he would have take responsibility, right? If he had wanted to do this properly, then he should have LEGALLY given the company to someone else, unless people are going to start screaming he couldn't afford a lawyer to do so . I mean all it would have taken was a few hours to a couple weeks to turn over ownership to someone else then you couldn't be accused of anything. That would have been the smart way to do it.
1 person likes this
@debrakcarey (19925)
• United States
19 Jul 12
What matters are the documents. Not what YOU think about the documents.
@bestboy19 (5482)
• United States
15 Jul 12
According to the site you posted, Mitt Romney is telling the truth. He was not involved with Bain after 1999. It isn't republicans claiming this, it is democrats, some even Obama supporters. Perhaps Romney will release his tax returns when Obama releases his college transcripts; or better yet, let the colleges release all of them. We might find out who the real liar is.
• United States
17 Jul 12
Best, what factcheck pointed out was that he ran the Olympic committee during this time frame. However, they didn't explain why he was CEO for three years after he reportedly was just a "shareholder". They also didn't mention that the people they interviewed were very good friends of Romney, and were employed by Romney himself. The FACT is that from 1999 to 2002 Mitt Romney was the LEGALLY the CEO of Bain Capital. In a court of law it wouldn't matter if he was there everyday, or not. The only thing that matters is he is the guy that ran the company.
@bestboy19 (5482)
• United States
17 Jul 12
They did explain. Go back and listen to what the CNN reporters said.
@debrakcarey (19925)
• United States
15 Jul 12
The first thing official that Obama did when taking office was seal his personal papers. It took him two years to produce a birth certificate AFTER millions spent trying to NOT PRODUCE ONE. Even liberals are beginning to wonder why we cannot see his or Michelle's college transcripts, their thesis'. MULTIPLE law suits on his birth certicicate, and now his social security card and selective service card show signs of forgery along with the birth certificate. Mind you, no court has said the Birth certificate is ok, only that NO ONE HAS STANDING to bring suit. So what then about 12 years of IRS records, that the way things are looking could be doctored anyway, just like the selective service card and social security card. I'm not afraid of being called a conspiracy theorist. Many things my government has done were not know to be fact for decades and were considered 'theories' until proven true. It a well know tactic to call someone that if you'd like for people to NOT believe them, our government has done it before. Like with the Tuskegee Scandal? anyone remember? The world has watch Obama lie and lie and lie....he really has no business pointing a accusatory finger at anyone.
@debrakcarey (19925)
• United States
15 Jul 12
And so what if Romney is rich, didn't Obama praise Steve Jobs, Bill Gates? WHAT IS WRONG with being RICH? I'm poor, always been under poverty level my entire adult life, and have NEVER begrudged anyone being RICH. This really ought to set off alarm bells in any educated person's head...class warfare, class envy...is what MARX taught the people to get them to rise up and revolt! Why do you think Obama and Pelosi and Biden PRAISE OWS? 1 year was fine with me, and there is NO LAW saying he has to do that. Get over yourselves.
@debrakcarey (19925)
• United States
15 Jul 12
I say, lets make all Obama's campaign donors release THEIR income tax records! lol
@deebomb (15347)
• United States
16 Jul 12
debater you might want to go back and read the article you posted again. Every thing that I9 have read in it says that Romney had nothing to do with the operations of Bain Capital. Did you miss the part of the part of the article about the four sources whom have firsthand knowledge of Bain's operations at the time in question. Three of the four are Democrats, and two of the four are active Obama supporters in Campaign 2012. and what about the part that because Romney left so abruptly that the documenting and transferring to the group of partners who took over management of the firm? I went to TMP and looked at the two SEC filing listed there there is no date on the filings shown there. Dates are listed in the article but not on the documents shown.
• United States
17 Jul 12
Deebomb, I did read the article, and like you said there were four people who had direct knowledge of Bain. Who were hired by Mitt Romney, and I would assume very well compensated by Mitt Romney. It also states in the article that all of them have great respect for Romney, and maybe influence by the company. The only FACT we really know about his is that Mitt Romney was LEGALLY the CEO of Bain capital from 1999-2002. If you were a well educated, very intelligent, very wealthy man, why would you put yourself in a situation where someone else could destroy you financially? Any lawsuit that would be filed against Bain Capital would have Romney's name all over it, and he could lose everything because of someone's bad idea. Do you really think he is dumb enough to do that? If so, do you want him running your country?
@rodney850 (2145)
• United States
15 Jul 12
Oh man, kettle calling the pot black. Obama has been dodging making ANYTHING about his past public I don't know how he even says these things with a straight face. LOL, you liberals are really funny! https://www.facebook.com/photo.php?fbid=442757089090539&set=a.146302475402670.21571.143928478973403&type=1&relevant_count=1