False Claim as Active?

Taxpayer’s attorney, R. Bradford Malt acting as a campaign spokesman, is reported to have revealed that Romney reduced his role at Bain Capital to that of passive investor in 2001.  “Malt, who was designated by the campaign to address Romney’s time at Bain, said Romney finally resigned and reduced his role at the company to that of a passive investor in 2001 when it became clear that he was going to run for Massachusetts governor after the Olympics.”  (Washington Post, CASH, ADVICE ON TAP AT ROMNEY’S OLD FIRM, October 21, 2007). That makes sense because 2001 is the year Mr. Romney is reported to have resigned from Bain Capital.  Most clients act on attorney advice in determining active/passive investor status, in this case the likely claim as active before reduced role starting sometime in 2001.


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