Here are a couple of new nuggets for you. One gives us a little more insight into Willard Romney’s “retroactive” not-exit from Bain Capital. What with all the secrecy and all, we’re forced to snatch up bits and pieces of information where we can:
Interviews with a half-dozen of Romney’s former partners and associates, as well as public records, show that he was not merely an absentee owner during this period. He signed dozens of company documents, including filings with regulators on a vast array of Bain’s investment entities. And he drove the complex negotiations over his own large severance package, a deal that was critical to the firm’s future without him, according to his former associates.
Indeed, by remaining CEO and sole shareholder, Romney held on to his leverage in the talks that resulted in his generous 10-year retirement package, according to former associates.
‘The elephant in the room was not whether Mitt was involved in investment decisions but Mitt’s retention of control.’
‘He’d created a lot of franchise value, and we were going to pay him for that.’
“The elephant in the room was not whether Mitt was involved in investment decisions but Mitt’s retention of control of the firm and therefore his ability to extract a huge economic benefit by delaying his giving up of that control,” said one former associate, who, like some other Romney associates, spoke only on condition of anonymity because they were not authorized to speak for the company.
And the Globe ends their piece with this, for those who have been wondering:
No one would succeed Romney as CEO of Bain Capital. To this day, Bain is run by a management committee.
So there’s that.
Yes, Willard’s greed and quest to retain control while trying to avoid scrutiny is getting more… scrutiny. He keeps bragging about all that investment savvy, but he should actually be boasting about his endurance and the impressive size of his package. Erm. Well, you know what I mean.
Meanwhile, there’s a line that goes by almost in passing in the Globe piece that suggests an opportunity for further reporting. Paraphrasing the worries of an unnamed Bain partner, Healy and Kranish describe Romney as someone “who excelled at bringing in investors, not at finding the companies to invest in and overhaul.” Bringing in investors is clearly an important business skill. But as Yoni Appelbaum notes on Twitter, the narrative Romney and his supporters offer about his private-sector experience emphasizes his managerial know-how, not his talents as a rainmaker.
Per the Globe, one partner worried that after Romney’s departure, “Bain might have trouble attracting money to its funds.” So Romney was better at attracting money for Bain than he was at making it, the way he was better at firing and outsourcing than he was at creating American jobs.
So, according to this report, his package was big but his know-how is now experiencing shrinkage. As always, there is less to Mitt than meets the eye.
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