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Blackbay Group Managing Principal Todd Schoenberger on the Obama campaign accusing Romney of lying about leaving Bain Capital in 1999.
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Hello everyone I'm Gerri Willis a new war of words erupting today between the Romney and Obama campaigns.
At issue the SEC filings suggesting Mitt Romney was in charge of Bain Capital years after he said he left the company.
The Obama campaign says Mitt Romney was at the very least lying.
Some even suggesting a criminal investigation.
Mitt Romney is responding tonight in a one on one interview with fox news's Carl Cameron.
We'll hear about that in just a minute so who's telling the truth joining us now Todd -- -- from the black -- group.
So -- tell me how -- usual is that that SEC filings -- indicate that somebody was running a company.
When in fact they left years ago.
It's not unusual at -- area -- for several reasons one.
There's not a specific timeframe first about when you do the following.
-- -- to suggest that what the SEC is receiving from Bain Capital and they're just receiving it as as simple form I mean you simply don't wanna website.
You fill out this form on the SE SEC -- back outside and that said.
But it really just is gonna show you -- the equity owners are the company.
And -- any other -- any other changes that take place or not gonna have the duties or responsibilities that are listed so.
Moving forward there's nothing unusual about this at all and it's clear to me that the Obama administration is just reaching.
Welcome reaching but you know do you think this is gonna have legs.
-- -- a lot of people in this country when they see somebody listed on a government website is running a company that's what they expect.
Was up which every company has to do this and remember this is a private equity firm that we're talking about.
Back in 1999.
He did leave the company but he was listed as the sole owner of -- soul is executive.
Of the end of the organization.
Now according to the Romney folks they're actually saying that the transition.
Had yet to take place so when a new filing takes place Jerry.
Any other company that's out there when you -- about SEC site to fill out that form.
It has to show any changes and bought -- could be anything.
They could be a new address it to be anything it's just so simple.
But what happens is that -- no changes are taking place -- still -- the filing every year it's nothing unusual about that and that's when Mitt Romney was doing.
During that time during that transition he did nothing wrong at Bain Capital didn't do anything wrong.
And I'd never heard of that passive manager I mean come on bright.
-- you're right about that but I think that's the issue that we're talking about.
Look he can't think of any company out there Coca-Cola.
Even Warren Buffett's Berkshire Hathaway we don't know who the real -- person's going to -- to succeed Warren Buffett.
But -- it's not going to be any type of filing with the SEC until there is because it's public information.
So with the Romney can't that we Bain Capital going forward -- didn't do anything wrong because there were no changes at that time he's busy with the Olympics at that time.
And I gotta tell you another thing Jerry bank capital realistically did not have to go out and make these filings once they file something.
-- with the commission they were doing that only because of the business that they were doing at that time.
-- we're talking about publicly traded companies maybe they're talking about to watch it well investors but the point being.
To -- -- here that Todd I mean.
Baby wasn't the publicly traded company the companies they were investing and might have been publicly -- and so this isn't a company that has -- done a lot of disclosure because it's selling its own shares to the public it's because they're doing business with companies that might be public.
That's right how average you tainted -- sell and that's the thing.
They weren't seeking exemptions they were out there actually -- emirates.
And it's raised there were selling what they had they want the ballot they did the seal of approval -- -- investors were comfortable.
They had nothing to hide so with him doing this.
-- those filings taken place showing that yes he was the executive because nobody else was in charge -- bottom line this is -- going forward.
There was nothing wrong there -- Thank you Jerry take care.
