Smoking Gun

SMOKING GUN COMING INTO FOCUS

New Page, August 28, 2012

Romney’s tax returns must line up with his other filings.

Romney’s 2002 filing to the Massachusetts State Ethics commission is reported July 15, 2012 by a site called narconews.com to contain partial lists of Romney’s active/passive status at many Bain entities.

http://narcosphere.narconews.com/notebook/bill-conroy/2012/07/romney-s-bain-woes-boil-down-paper-trail-doesnt-add

In the article’s section, “In the Footnotes”, the ethics filing is reported to list Bain entities where Romney was a passive investor:  BCIP Associates, BCIP Associates II, BCIP Associates III, BCIP Trust Associates, In Associates II.  It quotes the filing, “This [passive] designation indicates that while Governor Romney was listed as general partner of this entity and therefore, in theory, had management authority, in fact he played no active role in the management of the entity.”

While explicit for the entities listed, the filing is not specific about active/passive status at Bain Capital Inc. and Bain Capital LLC.  Romney had the option to claim active status.  Romney tax returns for 2002 must match the filing for the ethics commission.  Did he claim active status for Bain in 2002?

Romney spokesman, Ed Gillespie, says Romney “retired retroactively” back to 1999.  That means he was still retired in 2002 when the state ethics report was filed.  Can Romney be both retired from Bain with no role yet active in Bain for tax purposes?

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