TPM is going for the “fake but accurate” defense
Cutting Through The Bain Bamboozlement

For Romney to be truly off the hook politically for the stuff Bain was doing, he’d have to claim not lack of control, but lack of knowledge. And that’s just not going to wash with anyone. He could try going the “I didn’t have even the slightest idea what the company I technically still owned was doing” route, but he’d be marking himself as either dishonest or incompetent.