In Tracing Romney’s Role at Bain, a Convoluted Timeline
When Mitt Romney was running for governor of Massachusetts a decade ago, Democrats went before a state commission to demand that he be struck from the ballot. Their argument: After taking over the Winter Olympics in Salt Lake City, he had ceased to live and work in Massachusetts, the state where he had built Bain Capital into one of the leading private equity firms in the world.
Mr. Romney’s team was just as insistent in arguing the opposite. For 30 years, his lawyer argued, “the center of his social, civic and business life has been in this commonwealth.”
Now, amid the heat of the presidential campaign and unrelenting attacks from Democrats over Mr. Romney’s tenure at Bain, the three-year sojourn in Utah has again become the source of controversy — but with the positions reversed.
President Obama and the Democrats are questioning whether Mr. Romney really left Bain in February 1999, when he took over the Olympics. And Mr. Romney and the Republicans are insisting that he ended his day-to-day management role at Bain after taking the Olympics job.
http://www.nytimes.com/2012/07/16/us/politics/when-did-romney-step-back-from-bain-its-complicated.html?nl=todaysheadlines&emc=edit_th_20120716
This has a better description of the organization of Bain. It distinguishes, for example, between Bain Capital LLC; Bain Capital Inc., the management company, and Bain Capital Investors VI Inc., a private equity fund.
Legally separate entities are set up for each deal done by Bain.
