You’re so Bain, Obama Tells Romney

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Mitt Romney

The Democrats like the reports of Mitt Romney’s Bain Capital paper trail at the Securities and Exchange Commission.

They’ve produced 30 seconds on it — just the right size clip for a TV ad — at

The video plays on the Boston Globe report on documents showing Romney’s name on Bain papers well after he maintains he left the company he co-founded.

“Mitt Romney doesn’t deny he invested in companies that outsourced jobs to Mexico and China, doesn’t deny that he made a fortune when it happened,” the narrator says. “Romney only says there’s no evidence that he was in charge at that point… But newly disclosed documents show Romney was sole stockholder, CEO and chairman when jobs were shipped overseas. Here’s the evidence, Mr. Romney, your turn to explain.”

The president was talking about the story, too, in an interview aired by CBS This Morning.

Obama said that if Romney’s basic premise for his presidential candidacy is”I’m Mister Fix-It on the economy,” then he would scrutinize Romney’s record at the private-equity firm Bain Capital LLC, as Bloomberg’s Lisa Lerer, Jonathan Salant and Hans Nichols report today.

“If you’re the head of a large private equity firm, or hedge fund, your job is to make money,” Obama said in the interview. “It’s not to create jobs.”

“I think it’s entirely appropriate to look at the record and see whether, in fact, his focus was creating jobs and he successfully did that,” Obama said when asked by host Charlie Rose about the presumptive Republican nominee’s work at Bain. “And when you look at the record, there are questions there that have to be asked.”

Those questions now involve Romney’s relationship with Bain around the time he left the company — 1999, he maintains — as news reports have focused on outsourcing of jobs and jobs lost at companies that Bain purchased.

Romney is named as one of two managing members of Bain Capital Investors LLC in annual reports filed in Massachusetts, as late as 2002, adding a new corporate entity to a growing number of Bain-related investments and funds that list the Republican presidential candidate as controlling the company three years after he said he left it.

Separate documents filed with the Securities and Exchange Commission, reviewed by Bloomberg News, also show Romney in 2000 as the sole stockholder of Bain Capital Investors Inc.

A report yesterday in the Boston Globe identified nine SEC filings that named Romney as the chief executive, among other positions, of Bain Capital three years after he took the Olympics job. The paper said documents filed with the commission through 2002 listed Romney as “sole stockholder, chairman of the board, chief executive officer and president.

The reports dominated the campaign yesterday, with Obama’s re-election team calling the documents a “big Bain lie.” Romney’s campaign charged Democrats with being dishonest.

The dispute broke out on the same day that Romney’s campaign released a television ad saying Democrats were using “misleading, unfair and untrue” attacks to vilify his record in business.


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