FactCheck.org: Obama’s Anti-Mitt Bain Ads Are Pretty Much Complete Fabrications

[RockX]

[h=2]Summary[/h] Obama accuses Romney in a series of TV ads of being a “corporate raider” who “shipped jobs to China and Mexico,” asking if voters want to elect an “outsourcer in chief.” But some of the claims in the ads are untrue, and others are thinly supported.
Bain Capital, the venture capital firm founded by Romney in 1984, is the focus of the Obama campaign’s attacks. There is no question that Bain invested in some companies that helped other companies outsource work and that some of that work went overseas. That was the core business for Modus Media and SMTC Corp. — two outsource companies featured in a June 21 article in the Washington Post that has been the basis of recent Obama TV ads. Bain also invested in U.S.-based companies that sold goods manufactured here and abroad, and some of those companies closed U.S. facilities and eliminated U.S. jobs.
But after reviewing numerous corporate filings with the Securities and Exchange Commission, contemporary news accounts, company histories and press releases, and the evidence offered by both the Obama and Romney campaigns, we found no evidence to support the claim that Romney — while he was still running Bain Capital — shipped American jobs overseas.

• One TV ad, called “Come and Go,” claims that Romney “shipped jobs to China and Mexico.” But two examples cited by the Obama campaign occurred after Romney left Bain. There’s no clear evidence that a third company shipped jobs to China under Romney.
• A second ad called “Revealed” mocks Romney’s tough talk about cracking down on China’s trade practices by saying “all he’s ever done is send them our jobs” and citing the Washington Post article. But the newspaper article contained no examples of U.S. jobs being shipped to China while Romney was working at Bain.
• The “Come and Go” ad casts Romney as a “corporate raider,” but that term, loaded with negative connotations, is simply inaccurate. Bain didn’t engage in hostile takeovers when Romney was at the helm.
• That ad also repeats the claim that as governor of Massachusetts, Romney was “outsourcing state jobs to India.” But it wasn’t the state that outsourced contracts. Rather, Romney vetoed a measure that would have prevented the state from doing business with a state contractor that was locating state customer-service calls in India

Read the rest...

http://factcheck.org/2012/06/obamas-outsourcer-overreach/


He has nothing in the way of a positive record for the country so lies and fabrications are pretty much all he has left.

 

[RockX]

[h=1]Obama Campaign Challenges Fact Checker Report on Romney Outsourcing[/h]

The Obama Campaign is vigorously defending its attacks on Mitt Romney as an “outsourcer,” following an analysis by one independent fact-checker that called some of the claims “untrue” and others “thinly supported.”


In a six-page letter to FactCheck.org, deputy Obama campaign manager Stephanie Cutter disputes the notion that Romney cannot be held accountable for outsourcing by Bain Capital-owned companies after February 1999, when he stepped down as CEO.

http://abcnews.go.com/blogs/politic...es-fact-checker-report-on-romney-outsourcing/

Team Obama fall apart pretty easily when confronted with the truth.

 

[Howey]

meh...the claim that Romney was on a leave of absence when all this went down is pretty weak. He was still employed by Bain. Although I applaud FactCheck and use them regularly, sometimes they can be a little too literal...

There is no question that Bain invested in some companies that helped other companies outsource work and that some of that work went overseas. That was the core business for Modus Media and SMTC Corp. — two outsource companies featured in a June 21 article in the Washington Post that has been the basis of recent Obama TV ads.

Edit: I thought I'd add PolitiFact's comments:

http://www.politifact.com/truth-o-m...ad-says-romney-outsourced-massachusetts-jobs/

 

[Cancel 2016.2]

meh...the claim that Romney was on a leave of absence when all this went down is pretty weak. He was still employed by Bain. Although I applaud FactCheck and use them regularly, sometimes they can be a little too literal...

It is a complete fabrication on the part of Obama. Romney was not running the company at the time or making the decisions. He was a passive owner at the time. The liar in Chief just wants to try and paint a different picture because he is too ashamed to talk about his own economic record.

 

[RockX]

LOL

Keep telling yourself that, just like Obamacare is not a tax.

 

[Howey]

It is a complete fabrication on the part of Obama. Romney was not running the company at the time or making the decisions. He was a passive owner at the time. The liar in Chief just wants to try and paint a different picture because he is too ashamed to talk about his own economic record.

Seems like Romney was involved in the company during that time. Sorry.

The matter never became a campaign issue. But documents filed by Bain and Stericycle with the Securities and Exchange Commission—and obtained by Mother Jones—list Romney as an active participant in the investment. And this deal helped Stericycle, a company with a poor safety record, grow, while yielding tens of millions of dollars in profits for Romney and his partners. The documents—one of which was signed by Romney—also contradict the official account of Romney's exit from Bain.

The Stericycle deal—the abortion connection aside—is relevant because of questions regarding the timing of Romney's departure from the private equity firm he founded. Responding to a recent Washington Post story reporting that Bain-acquired companies outsourced jobs, the Romney campaign insisted that Romney exited Bain in February 1999, a month or more before Bain took over two of the companies named in the Post's article. The SEC documents undercut that defense, indicating that Romney still played a role in Bain investments until at least the end of 1999.

More damning...

But the document Romney signed related to the Stericycle deal did identify him as a participant in that particular deal and the person in charge of several Bain entities. (Did Bain and Romney file a document with the SEC that was not accurate?) Moreover, in 1999, Bain and Romney both described his departure from Bain not as a resignation and far from absolute. On February 12, 1999, the Boston Herald reported, "Romney said he will stay on as a part-timer with Bain, providing input on investment and key personnel decisions." And a Bain press release issued on July 19, 1999, noted that Romney was "currently on a part-time leave of absence"—and quoted Romney speaking for Bain Capital. In 2001 and 2002, Romney filed Massachusetts state disclosure forms noting he was the 100 percent owner of Bain Capital NY, Inc.—a Bain outfit that was incorporated in Delaware on April 13, 1999—two months after Romney's supposed retirement from the firm. A May 2001 filing with the SEC identified Romney as "a member of the Management Committee" of two Bain entities. And in 2007, the Washington Post reported that R. Bradford Malt, a Bain lawyer, said Romney took a "leave of absence" when he assumed the Olympics post and retained sole ownership of the firm for two more years.

Interesting both in the fact that he may have filed false documents with the SEC. That's illegal, ya know...