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Title: Did Bain and Romney Break the Law? Post by: Howey on July 17, 2012, 10:39:53 am According to the SEC, yes. And this is the problem, not whether Romney sat at a desk at Bain, not that he ran the Olympics, but that [COLOR="#FF0000"]Romney and Bain filed false reports to the SEC[/COLOR] (http://www.law.cornell.edu/wex/securities_exchange_act_of_1934).
Quote These periodic reports include or incorporate by reference types of information that would help investors decide whether a company's security is a good investment. Information in these reports includes information about the company's officers and directors, the company's line of business, audited financial statements, the management discussion and analysis section (in which the company's management discusses the prior year's performance and plans for the next year), and audited financial statements. Aside from periodic reporting, the Exchange Act also mandates disclosure at certain crucial points so that investors can make an informed decision before exercising ownership rights in stock. Quote The SEC's power to compel the statutory disclosure requirements is backed by the SEC's power to bring enforcement actions against companies that disseminate fraudulent or incomplete information in violation of the federal securities laws. Quote The Exchange Act protects investors by making sure information is available, but also protects investors by prohibiting fraud and establishing severe penalties for those who defraud investors, as well as those who engage in some trading practices that take advantage of information most investors do not have. When federal securities laws are violated by market participants, the SEC can bring a civil enforcement action and can also bring criminal actions for some violations. The Exchange Act is also more generous than the Securities Act in providing investors with a right to bring a private suit against market participants who have defrauded them So. Here's the deal. Romney and Bain either: a. Intentionally misled investors by stating Romney was an active participant of the company at the time, compelling their investment. or b. Romney was, in fact, actively involved in the company at the time. Which is it? Title: Re: Did Bain and Romney Break the Law? Post by: uselesslegs on July 17, 2012, 03:22:46 pm While this SHOULD be an issue, just for the sake of propriety and actually looked into...it probably won't.
Our priorities in this country are sooooo out of whack. Hell, many of the people I've talked to, when I raised this ethical dilemma...more or less blew it off as a "dog and pony show." When further trying to explain, "Ummmm, no...it really isn't. Why are you condoning this type of behavior?" Their response was more or less that it wasn't REALLY unethical and I was one of those scabs, trying to make a mountain out of a mole hill. Welcome to America! Title: Re: Did Bain and Romney Break the Law? Post by: Howey on July 17, 2012, 07:38:06 pm (http://img713.imageshack.us/img713/97/29541310151861819398475.jpg) (http://imageshack.us/photo/my-images/713/29541310151861819398475.jpg/) Title: Re: Did Bain and Romney Break the Law? Post by: Rana on July 26, 2012, 02:29:17 pm This is a good look for Romney! |