“Another Lurch Downward”: Romney Thinks He’s Above The Level Of Accountability Required Of A Presidential Candidate
The gist of his big media interviews today is explained thus:
Mitt Romney on Friday night demanded an apology from President Obama for making what he called “reckless” and “absurd” allegations about his record while repeating his insistence that he left Bain Capital in 1999 to run the Olympics.
He then attacked the president personally:
“What kind of a president would have a campaign that says something like that about the nominee of another party?” Mr. Romney asked during a brief interview with CBS News. Earlier, on CNN, Mr. Romney called the accusation of criminal behavior — which came on Thursday from Mr. Obama’s deputy campaign manager — “disgusting” and “demeaning” and said it was destructive to the political process.
“It’s something that I think the president should take responsibility for and stop it,” Mr. Romney said.
This is another lurch downward for Romney in this cycle, I’d say. For a simple reason. We have documentary proof that Romney told the SEC he was CEO of Bain through 2002, and that he drew a salary of more than $100,000 for doing that job. So was he telling the truth on television today when he insisted that “I left any responsibility whatsoever, any effort, any involvement whatsoever in the management of Bain Capital after February of 1999” – or when the company he solely owned filed with the SEC, and when Bain itself called him the CEO in July 1999, and when he testified under oath in 2002 that he was involved in many business and board meetings of Bain companies in the period in question?
To put it more succinctly: how does this statement
[T]here were a number of social trips and business trips that brought me back to Massachusetts, board meetings, Thanksgiving and so forth… [I] remained on the board of the Staples Corporation and Marriott International, the LifeLike Corporation [all Bain companies]
and this excerpt from a press release from Bain in July 1999:
Bain Capital CEO W. Mitt Romney, currently on a part-time leave of absence to head the Salt Lake City Olympic Committee for the 2002 Games said …
jibe with this one today:
“I left any responsibility whatsoever, any effort, any involvement whatsoever in the management of Bain Capital after February of 1999 … I went on to run the Olympics for three years I was there full time after that I came back and ran in Massachusetts for governor. I had no role with regards to Bain Capital after February 1999.
and this recent statement from Bain itself, declaring Romney had:
“absolutely no involvement with the management or investment activities of the firm or with any of its portfolio companies.”
My italics. He had “no role with regards to” Bain Capital after February 1999 (a very broad statement) – except for being the CEO, and repeatedly returning to Massachusetts for board meetings of Bain-owned companies, which he “attended by telephone if I could not return”.
A false SEC filing is a serious offense; to say so is not disgusting. So is potential perjury in 2002 when Romney detailed his continued involvement in Bain-owned enterprises in the period he retained the CEO title and now says he had nothing whatsoever to do with Bain. The SEC filing rules apply to everyone – except, it seems, to Romney, and his well-paid legal and accounting team. They may have so internalized this immunity from any accountability that Romney may indeed genuinely feel disgusted by being called to follow the normal rules, or called out on logical inconsistencies.
I’m getting the feeling that Romney thinks he is above the level of accountability required in a presidential candidate or even in an average ethical businessman. He seems genuinely offended to be directly challenged with facts – which he still won’t address or rebut in detail. So he simply huffs and puffs and uses words like “disgusting” for a perfectly valid charge in the big boy world of presidential politics.
This does not seem to me to be like a candidate ready for prime time.
By: Andrew Sullivan, The Daily Beast, July 13, 2012
“Growing Inequality”: A Rich Man, Poor Man Election
Three new reports on taxes, inequality and economic mobility add up to one conclusion: The 2012 presidential election should be about one thing, and one thing only: class warfare.
Let’s start with a report from the Pew Charitable Trusts, “Pursuing the American Dream: Economic Mobility Across Generations.”
The Pew Economic Mobility Project has been tracking the economic status of thousands of families since 1968 — the data covered in the current report is through 2009. And there is some good news: Absolute income has increased for Americans of all economic classes, from the poorest to the richest. The richest Americans have seen much larger relative gains, and, naturally, are far more immune to skyrocketing healthcare and education costs than are the poor, but at least part of the American dream is still intact: Children are still earning higher incomes than their parents.
But then comes the bad news: When one measures wealth — the total assets held by families — instead of income, the picture is substantially different. As Catherine Rampell summarized in the New York Times:
The median person in the poorest quintile has a family net worth that is 63 percent less than that of his counterpart a generation ago: $2,748, versus $7,439 …
The median family in the top socioeconomic class today (i.e., the family at the 90th percentile) is worth $629,853, compared to $495,510 in the last generation. That’s a 27 percent increase in the size of the median fortune in the top income stratum.
If you’re scoring at home: Rich: richer; Poor: poorer.
Now let’s move to “Inequality and Redistribution During the Great Recession,” a research paper produced by the Minneapolis Fed.
In 2010, the bottom 20 percent of the U.S. earnings distribution was doing much worse, relative to the median, than in the entire postwar period. This is because their earnings (including wages, salaries, and business and farm income) fell by about 30 percent relative to the median over the course of the recession. This lowest quintile also did poorly in terms of wealth, which declined about 40 percent …
However, even as earnings plunged, disposable income and consumption managed to hold even, relatively speaking, for the poorest Americans as compared to other classes. This is a bit of a mystery, noted the authors, who believe it can be explained by aggressive government redistribution and tax cuts.
Our main substantive conclusion is that government redistribution in the Great Recession was at historical highs and partially shielded households from experiencing large declines in disposable income and consumption expenditures. The same households, though, have experienced losses in net wealth, and this might make them more vulnerable to further or more persistent earnings declines in the future.
If you’re still keeping score: While the rich were getting richer and the poor poorer, the Great Recession absolutely hammered the worst-off Americans, but substantial government support — unemployment benefits, food stamps, Medicaid, tax cuts — saved the most vulnerable Americans from utter disaster.
And that brings us to our third report, the Congressional Budget Office’s latest numbers on federal taxes: “The Distribution of Household Income and Federal Taxes: 2008-2009.”
The bottom line: In 2009, as a result of tax cuts included in the stimulus, Americans ended up paying the lowest percentage of their income in federal taxes since 1979.
The observations included in these reports mutually reinforce each other. For example, one reason why the wealthiest Americans have done so much better than everyone else is directly related to substantial cuts in the capital gains tax rate over the past several decades. High unemployment and the collapse in home prices as a result of the Great Recession, on the other hand, have a disproportionately greater effect on poorer Americans, whose net wealth has been declining over past decades.
The numbers also beg to be put in political context. Over the long term, the rich have been getting richer and the poor poorer. In the short term, the poor took the brunt of the impact of the Great Recession, and were only kept afloat through government assistance. However, as tax rates have fallen to historic lows, it has become more and more difficult for the federal government to find the resources necessary to ameliorate widening inequality.
Now consider the fact that the Republican candidate for president wants to cut taxes even further, while eviscerating the social welfare safety net that is the only thing staving off complete economic disaster for poorer Americans. It’s class warfare all right, but one side seems to have already won.
By: Andrew Leonard, Salon, July 11, 2012
“Coyote Ugly”: Media Barred From Photographing Romney With Cheney
Dick Cheney hosted a fundraiser for Mitt Romney last night at his home in Wyoming. Donors paid $1,000 to attend a reception, $10,000 for a picture with Romney and $30,000 to eat dinner with Romney and Cheney in the former vice president’s home. While reporters were on hand to cover some of the events, media were not allowed to take photos of Cheney and Romney together. The Los Angeles Times explains:
Because of the unpopularity of Bush and Cheney, Romney has kept his distance — never appearing publicly with either man during his 2012 campaign. Though both leaders are admired by many in the Republican Party base, any perception of closeness with Romney could be harmful as the unofficial Republican nominee seeks to draw in independent and moderate voters.
Indeed, it seems that Romney has been playing a double game this campaign season in an effort to draw away any attention to his neocon-inspired foreign policy. In public, he either chooses to ignore national security issues or he and his advisers don’t distinguish the presumptive GOP nominee’s foreign policy from President Obama’s too much.
Behind the scenes, however, it’s quite a different story. As Bush administration Secretary of State Gen. Colin Powell noted recently, Romney’s foreign policy advisers “are quite far to the right.” Many of them advocated for the Iraq war and now want war with Iran.
And the ones who want war reportedly have Romney’s ear as one top Republican operative told Reuters recently that the moderate camp inside Romney’s foreign policy team “are very concerned about the fact that if Romney needs to call anyone, his instinct is to call the Cheney-ites.” Another Romney aide, Vin Weber — who has received scrutiny for lobbying for countries with poor human rights records — told the Washington Post that “it’s inevitable” that the Bush-Cheney alumni advising Romney on foreign policy are going to “have some influence.”
Cheney praised Romney last night as the “only” candidate to make what he thinks are the right foreign policy decisions as commander-in-chief. In fact, Romney shares Cheney’s views on a number of national security issues, as Rep. Adam Smith (D-WA) observed in an article in Foreign Policy yesterday: “A Romney presidency promises to take us back to something all too familiar: a Bush-Cheney doctrine — equal parts naïve and cavalier — which eagerly embraces military force without fully considering the consequences.”
By: Ben Armbruster, Think Progress, July 13, 2012
“In A Pretty Pickle”: I Did Not Have Economic Relations With That Company
There’s something weird about Bain Capital. It seems that the company was going along doing what ordinary private-equity firms do—buying and selling companies, making lots of money—until about 1999 or so, when things took a sinister turn. At that point, terrible things began to happen. The firms they backed went into bankruptcy, costing thousands of people their jobs, while Bain still walked away with millions in management fees. They invested in companies that profited from outsourcing and offshoring. Who knows, they may have been producing magical hair-thickening elixirs made from the tears of orphans. Every time one of these new revelations comes out, it seems to concern the period after 1999. But fortunately for Mitt Romney, he has an explanation: When all these bad things happened, I was no longer part of the firm. I left in 1999, when I took the job leading the Salt Lake City Olympics.
Yet today, the Boston Globe comes out with an investigation that seems to reveal that Romney was still in charge after he left for Salt Lake:
Government documents filed by Mitt Romney and Bain Capital say Romney remained chief executive and chairman of the firm three years beyond the date he said he ceded control, even creating five new investment partnerships during that time.
Romney has said he left Bain in 1999 to lead the winter Olympics in Salt Lake City, ending his role in the company. But public Securities and Exchange Commission documents filed later by Bain Capital state he remained the firm’s “sole stockholder, chairman of the board, chief executive officer, and president.”
Also, a Massachusetts financial disclosure form Romney filed in 2003 states that he still owned 100 percent of Bain Capital in 2002. And Romney’s state financial disclosure forms indicate he earned at least $100,000 as a Bain “executive” in 2001 and 2002, separate from investment earnings.
It doesn’t seem too hard to believe that while Romney was in Salt Lake, he also continued to be involved in the major decisions at Bain—even if he wasn’t available to pitch for the company softball team. The problem now is that he’s spent a lot of time denying that he had anything at all to do with the firm after February 1999. He and Bain say he “retired” from Bain at that point, which is directly contradicted by the SEC filings. I’m guessing the truth is somewhere south of his denials—he may not have been “running” the firm, but he was still involved at some level. But if he were to admit that, then he’d have to answer specific questions about his knowledge of the steel mill that went bankrupt, the outsourcing companies, and so on. And there is nothing in the world Mitt Romney wants to do less than have to answer specific questions about Bain and what he did there.
In a way, this all reminds me of some of what we learned about Bill Clinton during the Monica Lewinsky scandal. One of the details that came out was that he was adamant that he and Monica did not have intercourse during their affair, apparently because that meant that he could convince himself that he wasn’t really cheating on his wife and say with sincerity that he “did not have sexual relations” with her when he eventually got caught. All of this wrangling over when exactly Romney “left” Bain Capital has some of the same flavor.
By: Paul Waldman, Contributing Editor, The American Prospect, July 12, 2012
“Romney Embraces Judicial Extremism”: Supreme Court Is A Winning Issue For Progressives
A national poll released this week shows that in the wake of a number of blockbuster decisions, the Supreme Court can be a winning issue for progressives in 2012.
By big margins, Americans trust President Obama much more than they trust Mitt Romney to pick Supreme Court Justices, according to an ABC News/Washington Post poll released Tuesday. The poll, which comes two weeks after the Supreme Court narrowly upheld President Obama’s Affordable Care Act, shows that the Supreme Court is the issue on which the president has the clearest and largest lead over Romney — 11 points among all voters and 12 points among independents.
Americans know judicial extremism when they see it, and are rejecting Romney’s promise to bring an already far-right Court even further out of the mainstream.
The current Supreme Court is, by a number of measures, the most conservative in decades. Under the leadership of Chief Justice John Roberts, a conservative majority on the Court has struck down hard-won clean elections laws, made it more difficult for women to sue for equal pay, squashed class action suits, and consistently favored large corporations over individual citizens seeking justice. Even the Affordable Care Act decision, while undeniably a victory for the president and for individual Americans, was excruciatingly close and packed with regressive language on the scope of Congress’ powers. The fact is, under a more balanced Court, the decision would not have even been close.
Mitt Romney, however, has promised to bring the Court even further to the right if he is elected president. Romney sent a clear signal to the far right when he chose former Judge Robert Bork to head his judicial advisory team. Bork, whose own Supreme Court nomination was rejected by a bipartisan majority of the Senate in 1987, has for decades set the standard for far-right judicial extremism. His outspoken extremism on everything from workers’ rights to censorship is detailed in People For the American Way’s recent report, “Borking America.”
Last week, Romney moved his position on Supreme Court appointments even further to the right. While the candidate had previously held up Chief Justice Roberts as a model for the type of Supreme Court Justice he would appoint, Romney changed his mind after Roberts voted to uphold the Affordable Care Act. Declaring one of the most conservative Justices in Supreme Court history to be not conservative enough, Romney has signaled that he would usher in a new era of conservative judicial extremism. Americans can only guess at how many rights could be lost under a Romney Court.
These new polling numbers show that Americans aren’t buying the Tea Party’s — and Mitt Romney’s — skewed view of the Constitution. Emphasizing the importance of the courts and the impact the next president will have on them will be a winning issue for President Obama in 2012. As the close call in the Affordable Care Act case showed, every issue that voters care deeply about — from Wall Street reform to health care to LGBT rights to consumer safety to intentional discrimination in the workplace to the right to vote in future elections — will ultimately end up in the hands of a closely divided, enormously influential, Supreme Court.
In a speech Tuesday, Vice President Joe Biden urged Americans: “Close your eyes and imagine what the Supreme Court will look like after four years of Gov. Romney. Imagine what it will act like. Imagine what it will mean for civil rights, voting rights, and for so much we have fought so hard for.”
Voters are beginning to imagine a Romney Court — and they’re rejecting what they see.
By: Michael B. Keegan, The Huffington Post, July 12, 2012
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