Though I’m on vacation and have had little time to Digg into the news (the topic of the death of Digg.com will be a subject of my next post), I have noticed the hub-bub concerning Romney’s tenure at Bain Capital from 1999 – 2002, during the period where he spent most of his time successfully fixing the broken Salt Lake Ciry Olympics.
SEC / business law “experts” such as Andrew Sullivan are calling for the SEC to launch an investigation into this period because Romney says, though he was still payed as and listed as Bain CEO, he was not involved in day to day activities. Sullivan and others are twisting themselves in knots trying to make this a crime, with the stated logic being ” you’re either CEO, or you’re not”….
Really? You really think business rules and laws are that simple? Romney’s arrangements with the board of Bain were declared in the SEC filings at the time. And it’s not as if it was some secret where Romney was or what he was doing. Plus, let’s put this in context. This all went down during the turn of the century, when the SEC was already pretty uptight due to corporate shenanigans that occurred during the Dot-Com boom and bust of the late 1990′s.
But I know, I know, it’s politics, and there is little room for logic and common sense during the silly season. The Romney / Bain arrangement seems to have been unusual, but, seeing that Romney’s activities were about as transparent as you can get in the business world, this line of attack certainly seems odd, and maybe a bit desperate. It is like the fringe Kerry-haters from the 2004 campaign. There was not much in the way of positives to parade in support of Bush, so they took the one thing that could have been a positive for Kerry, and turned it into a negative. And a few of the things that were thrown at Kerry did turn out to have some validity, but much of it was just throwing stuff on the wall and see what sticks.
Now, with the bad economy, the Obama administration doesn’t have a heck of a lot of positives to campaign on. He has made moves to separate himself from his opponent on some social issues, for which I am grateful, because this election was looking to be the blandest in my memory. At least now there is some specific, tangible differences between the two. These new lines of attacks are probably the only weapon the Obamaites have left in their arsenal. With Romneys weakness as an attractive option to the current President, this “Bainboating ” approach will probably succeed.
PS. I’m writing this on the go from my phone, so there are no links I can feature at the moment. Also, if there is any sloppiness…. Sorry bout that.
PPS. I’m not a Romney supporter; I just find this fun. They should change the name of the political cycle to the “political recycle”!