re: #194 danarchy

My point is that these corporate structures can be very complex, and Bain Capital Investors Inc. is a seperate entity from Bain Capital Fund VI L.P. et al. and whoever the GP is for the specific fund is who is making all the decisions about the investments of that fund. That may or may not have been Mitt, but it would take someone much more knowledgeable than I to unravel it all. I am willing to buy Mitt was the GP for maybe one of the funds, but no way all of them.

Mitt had ultimate hiring and firing authority over all the GPs and fund managers. It doesn’t matter if he exercised it or not, he profited from their actions. He owned the entire firm, that’s what sole stockholder means. He took a six figure salary, held three corporate titles, was the signatory for all SEC documents yet wants to claim that he wasn’t “involved.”

The most damning thing though from the perspective of the Presidential race is that even as sole owner he feels completely insulated from all responsibility:

Crawford: Even if you weren’t making daily managerial decisions, though, doesn’t the buck stop with you?

Romney: Actually, when you leave an enterprise and you have other people who are managing the enterprise, who take responsibility for the investment decisions, who decide who’s going to get hired and fired, who decide compensation decisions, they’re the managers, they’re the people running the business.

I’m sorry but that’s not only bad business, for an owner to feel completely immune from all responsibility regarding the company they own outright, but as far as character goes it’s completely antithetical to leadership.