Back At It
Posted by Michelle Moquin on October 9th, 2012
Can’t stay away for too long. There’s just too much to report.
Good morning!
Group seeks US inquiry of Mitt Romney’s filing on Bain
WASHINGTON — A Democratic group supporting President Obama’s reelection has asked the Department of Justice to investigate whether Republican Mitt Romney violated federal law by stating on a 2011 ethics filing that he was not involved with Bain Capital operations “in any way’’ after 1999.
The Globe, citing numerous Securities and Exchange Commission filings, reported in July that Romney continued to serve as chief executive and chairman of Bain Capital, as well as the principal in a number of Bain-related entities, until as late as 2002.
The organization MoveOn.org Political Action, a liberal group, seized on those discrepancies in a letter dated Thursday to the Justice Department’s Public Integrity Section. The group, citing its own review of the public records, contends that Romney may have violated the False Statements Act by lying on his 2011 federal financial disclosure statement.
In the 2011 disclosure, which Romney was required to submit as a presidential candidate, the former Massachusetts governor stated that he “has not been involved in the operations of any Bain Capital entity in any way’’ since Feb. 11, 1999. MoveOn.org contends that appears to be false.
“There is substantial evidence that Governor Romney was in fact involved with the operations of Bain Capital after that date,’’ MoveOn.org said in its letter to the Justice Department. In a press release, the group asserts there is “substantial evidence that Mitt Romney may have committed a felony.’’
A Romney campaign spokesman, Ryan Williams, dismissed MoveOn.org’s move as a political attack. A standard to prove a felony under the False Statements Act is that a person knew the statement was false.
“This is nothing more than a political stunt from a liberal special interest group that is desperate to distract from the record unemployment and skyrocketing deficits caused by President Obama’s failed economic agenda,’’ Williams said.
Romney took a leave of absence from Bain in 1999 to run the Winter Olympics in Salt Lake City. But he did not relinquish his ownership stake or title. The timing is important politically for Romney, because a first line of defense for the Republican nominee against Democratic attacks over Bain business practices has been to say he bore no responsibility for Bain-owned companies that went bankrupt or laid off workers after 1999.
MoveOn.org, in an accompanying legal memorandum, cites a number of Bain documents regarding Bain investments that Romney signed after 1999. It says he bore ultimate fiduciary responsibility for the company after that date.
“Although Governor Romney may deny having exercised that power, that ultimate responsibility and authority over tens of millions of shares of stock of other companies, and his awareness of the acquisitions evidenced by his signing of the forms, is clearly inconsistent with his flat disavowal of ‘any’ involvement in the ‘operations of any Bain Capital entity in any way,’ ’’ said the memorandum.
The Justice Department also did not respond to a request for comment.
The MoveOn.org lawyer who wrote the memorandum laying out the group’s argument for the Department of Justice, Joseph E. Sandler, said in an interview Wednesday that Romney’s disclosure statement does not square with the facts.
“I think it’s pretty difficult to explain. He’s at the top of the chain — the sole shareholder, and director, and chief executive officer,’’ he said. “How can someone in that position have no operational involvement in that entity or any entity beneath it? It doesn’t add up.’’
*M*I*T*T*L*S*O*S*
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October 9th, 2012 at 11:28 am
very interesting, indeed, I’m researching life elsewhere bc if this man gets in I may need to be in Asia/Europe…not that helps anyone here but if he gets in that just tells me Dems won’t start swinging when it’s necessary (vote)…
YM & Yw, nice verbiage as to how things are between a connected two, love ‘as is’ while feeling the need to apologize here and there – it’s that feeling even when there’s things you do not like about each other or each others behavior, it’s a beautiful and lovely statement to love/romance, it is no matter that you’re not each others one and only…sometimes there’s too much emphasis on that, when it’s the depth of the content while you are with just each other that does matter.
Luv, Zen Lill
October 9th, 2012 at 10:31 pm
That is about all Romney is good for is telling lies. And he can’t even do that well. What nerve this guy has lying about “everything” to the AMERICAN PUBLIC and expecting to be elected by that same public. Bush stole the oval office once, so why can’t he?
This country is washed up if a LSOS creep like Romney can even come close to winning against Mr.Obama. Wake-up people and go vote if you haven’t been purged from the ranks of eligible voters.
Seriously, Romney has not one single ounce of integrity or any desireable character traits. His hair is sprayed down tightly, that’s about it. This man couldn’t be trusted to sell icecream to school kids. What a sorry-ass piece of dog shit.
October 10th, 2012 at 7:36 am
Eurogeddon: How to Protect Your Portfolio Now
Is Europe a treasure trove of bargain-priced stocks now…or the most dangerous place on the planet for investors? Is the US a safe haven…or will it fall back into recession? And will a wrenching slowdown in China’s economic growth cast a shadow over the entire world?
If you’re not comfortable coming up with answers to these questions on your own, consider investing in one of the global mutual funds whose managers shift their investment choices back and forth around the world to try to boost returns, depending on where they see the greatest opportunities and the least frightening risks.
Bottom Line/Personal spoke with fund expert Todd Rosenbluth to find out which of the 800 “global” funds are best able to cushion your portfolio from global upheaval…
WHY YOU NEED THEM
Global funds have the freedom to roam as the varying outlooks for companies headquartered in different parts of the world shift. They also take great advantage of the fact that many companies generate much of their revenue and profits in various parts of the world, no matter where they are headquartered.
Over the past decade, global funds have returned, on average, 5.4% annually, beating both the Standard & Poor’s Index of 500 US stocks (4.3%) and the major foreign stock index, the MSCI EAFE (3.6%).
In deciding on a mix of stocks, most global fund managers first look at a key benchmark index—the MSCI All Country World Index, which targets US stocks as 45% of the mix…foreign stocks, 45%…and emerging-market stocks, 10%. Many of the global managers then adjust those allocations to varying degrees, sometimes dramatically, according to changing conditions.
AS A CORE HOLDING
The most cautious investors can use conservative global funds that tend to perform well in down markets as a core holding, replacing many of their US and foreign stock funds. My recommendations for core no-load global funds…
Tweedy, Browne Value Fund (TWEBX). This is a low-volatility way to play global stocks. The portfolio of about 50 large-cap, blue-chip value stocks focuses on consumer companies that have dominant brand names in many countries and whose shares trade for at least 30% below what the managers believe they are worth.
Given the intense uncertainty in the world now, the fund currently has about 13% of its assets in cash, with the rest split evenly between US and foreign stocks.
This includes some big winners this year, such as the UK-based company Diageo, the world’s leading producer of branded premium spirits, and Philip Morris International, the US-based tobacco company with the second-largest global sales of cigarettes and tobacco.
(Of course, some investors may want to steer clear of a fund that takes heavy positions in companies that benefit from liquor and cigarette consumption.)
Through the financial crisis of 2008, the fund beat the S&P 500 by 12 percentage points and the MSCI EAFE index by 19 points. Performance: 10.8%.* http://www.Tweedy.com
Note: Investors seeking more fixed income can opt for the Tweedy, Browne Worldwide High Dividend Yield Value Fund (TBHDX).
USAA World Growth Fund (USAWX).
This 20-year-old fund, run by the global asset-management firm MFS Investments, is one of the oldest and largest in the world stock category.
It is for relatively conservative investors who want to take a bit more risk than the Tweedy, Browne Value Fund takes, owning growth stocks with strong balance sheets and, in the managers’ estimation, the potential to increase earnings by at least 8% a year.
The fund limits its holdings to about 100 blue-chip, large-cap names, recently including Walt Disney…France-based LVMH Moët Hennessy Louis Vuitton S.A.…and UK-based Burberry Group.
The fund holds almost no stocks of companies headquartered in emerging markets now after a big run-up in share prices (14%) in the first quarter of 2012. Performance: 11.2%. http://www.USAA.com
AS A SUPPORT PLAYER
If you feel fairly comfortable with your core mutual funds but want to add a global fund for a portion of your assets, consider putting 10% or more of your portfolio into funds that often delve into small- and mid-cap companies and faster-growing, more volatile sectors such as technology.
My recommendations for no-load global funds to use in a support role…
Artisan Global Value Fund (ARTGX).
This tiny fund, launched in 2007, is for relatively aggressive investors. It is run by the same team that manages Artisan International Value—they were chosen as Morningstar International Stock Fund Managers of the Year for 2008.
The managers use a similar strategy here, hunting for undervalued businesses of any size that have a sustainable competitive advantage and strong free cash flow.
The managers take a more daring approach than most global funds, willing to hold as few as 30 stocks in their portfolio, with as much as half the assets in small- and mid-cap companies and as much as 30% of the portfolio in emerging markets if conditions are right.
Many of the fund’s holdings are under-the-radar stocks that small investors may not own or buy on their own, including the German cement producer Heidelberg Cement and Aon Corp., a global insurance broker and human resources consulting firm that recently changed its headquarters from the US to the UK to get better tax treatment.
The fund recently had 50% of its portfolio in US stocks, including companies with a global focus as well as those with a domestic focus.
Performance: 13.33%. http://www.ArtisanFunds.com
Janus Global Research Fund (JARFX). Since 2006, this fund has outperformed 90% of its peers by owning about 150 undervalued growth stocks.
One-third of the stocks are small- or mid-caps, such as Japanese automaker Isuzu Motors, which discontinued the sale of passenger vehicles in the US in 2009 but has become the dominant truck manufacturer in Asia and Africa.
The fund is up by 7% this year (through July 31), with 50% of assets in US stocks and 47% in foreign stocks, including 4.5% in emerging markets, reflecting caution on the global outlook. Performance: 10.6%. http://www.Janus.com
*All performance figures are based on three-year annualized returns through October 8, 2012.
Source: Todd Rosenbluth, a senior director for S&P Capital IQ, which provides investment research and analytical tools to more than 4,000 investment banks, private-equity firms and financial-services clients, New York City.
He oversees analysis and rankings of global mutual funds. http://www.MarketScope.com
October 10th, 2012 at 7:53 am
ZL, I disagree. “it is no matter that you’re not each others one and only…sometimes there’s too much emphasis on that, when it’s the depth of the content while you are with just each other that does matter.”
It is not of no matter. I am of the opinion that is only true – if and when you’re not each others one and only – if the others in the equation are on board with your dilliance as well. Then enjoy free rein. Otherwise, it’s just human selfish behavior of the worst kind. “Let me get mine at any expense.”
Stand up and live your lives with integrity. If you are unhappy with the one you are with, get out and move on.
October 10th, 2012 at 8:36 am
There are so many lies by Romney as to defy the logic of why an intelligent person not of the 1% would even consider this man.
I guess his continued success proves that racism trumps logic.
October 10th, 2012 at 8:37 am
The agencies that supervise the Home Affordable Mortgage Program: Give me a monitored, fair and honest hearing that protects my equity.
Started by: Laurence, San Francisco, California
Give me a monitored, fair and honest hearing that protects my equity.
MY FAMILY IS ABOUT TO BECOME HOMELESS IN A FEW DAYS!!! My parents purchased our home in San Francisco fifty years ago in 1962. I had gainful employment until two years ago when a medical problem and a failed surgery resulted in my permanent disability. Now, I, our renter and my brother — who is also disabled — face eviction next week.
Two years ago, I applied for a loan modification with Wells Fargo Bank. The bank lost document after document and then claimed I never sent them, and forced me to repeatedly start over. When I filed complaints with the federal government, then they claimed that even documents sent by government-certified housing counselors were never sent — even though the agency still has extensive records of these documents being sent to the bank. The bank promised me in five letters that they would not sell the house while a modification was in progress. But they did. This is a practice called “dual-tracking.” Banks were told to stop dual-tracking by the Comptroller of the Currency in an order dated April 2011– well before they took our home away from us.
The bank also didn’t bother to inform me that they’d sold our house. I found out when a realtor knocked on my door the day of the sale. According to the numbers that the bank presented at the auction, I had about $1 million in equity that is now simply gone.
Please urge the Housing and Urban Development Department (HUD), the Department of the Treasury, the Comptroller of the Currency and the Home Affordable Mortgage Program (HAMP) to investigate this travesty and force the bank to buy back our home. To be clear, I’m not demanding a mortgage modification. All I want is a monitored, fair and honest hearing that protects my equity.
Click here to sign Laurence’s petition, “The agencies that supervise the Home Affordable Mortgage Program: Give me a monitored, fair and honest hearing that protects my equity.”.
October 10th, 2012 at 8:46 am
Phedre, there are no absolutes in life. While you have a very good point, I would side with Zen Lill here.
My sister has been in a relationship with a single man for 13 years while she has attended her husband who lost the use of he lower half of his body serving in the Iraq war.
She is a young woman with physical needs. I am a pastor and I was very much against her behavior in the beginning. But watching the love and attention she has given her husband those 13 years has convinced me that God does provide in His Omniscience in ways we mere mortals cannot fantom.
She has often said that if she didn’t have her other love, she could have become bitter and cold.
Glenn
October 10th, 2012 at 8:47 am
Friend –
Thank you for your email.
If you would like to contact the Obama for America campaign, please visit http://www.barackobama.com/contact-us.
At http://www.barackobama.com/contact-us you can:
· Write to us with a question, comment, or feedback.
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You can also reach us by calling (312) 698-3670.
If you’re interested in volunteering, please visit: http://www.barackobama.com/dashboard-signup
For information about registering to vote, please visit: http://www.gottaregister.com
If you are writing regarding an issue with your 2012 Merchandise, please call 1-800-556-5975.
For the most up to date information about the campaign, please bookmark http://www.barackobama.com.
Thank you,
Obama for America
October 10th, 2012 at 8:55 am
Zen Lill, I agree with you on this one. My husband is 21 years my senior. We married when I was 18 and he was 39. We have been happily married for 30 years.
We have 4 very find adult children some of them with children of their own. His prostate problems started early in life for him. We haven’t had sex for more than 5 years. I still love him very much but I need more.
He has become distant because he cannot maintain an erection for more than a few minutes. I need the emotional attachment we used to share. But I can’t bring myself to leave him, so I took a lover.
It has not been easy and it is certainly not mere selfishness. I want to stay married to my husband, but without a place to go when the loneliness overwhelms me, I would leave him.
Emily
October 10th, 2012 at 9:05 am
Life is a lot more complicated than that Phedre. My mother had an affair with a man that died two days before my father did. They were lovers for 23 years of her 49 years to my father.
He was a selfish man, but he loved us, his children and provided well for our mother. But he was a cold husband. I never saw affection from him towards her. I did see her cry a lot. He often bragged that his money and political connections would allow him to throw her out and take her kids (6) if he ever caught her cheating on him.
When I discovered that mother was having an affair, I helped her keep her secret without her knowledge because I feared we would lose her if father discovered it.
The day her lover died, I discovered her crying her heart out. I told her I knew about the affair for 11 years and she confessed it had been going on for 23.
She said that if father was not expected to pass away in less than a month she would divorce him. She said that she would have done it once we reached adulthood but that Henry asked her not to.
Life is many shades of gray Phedre.
Owen
October 10th, 2012 at 9:07 am
I wish I could speak like you Phedre. The world is full of those selfish cheaters. My ex husband was a serial one.
October 10th, 2012 at 9:17 am
I cheat on my husband because I need more than good sex and money. That is all I get from him. He never says or does romantic things unless he is horny.
He is very generous with his wealth. I want to have children but he says, we should wait 3 more years. I am 32 we have been married 9 years.
T gives me the emotional love I need. We have safe sex occasionally because I know he has sexual needs, but he does not satisfy me in that category the way my husband does. He has a good job and insists upon paying his own way when we are together.
So I allow him to be the gentleman and grab the tabs. But it is not about the physical with me for T. He is just so needed that without him I would be lost.
He is not married and constantly asks me to marry him but I love my husband more than I love him. I just need the hole filled he does in my life.
Some may see it as “selfish,” but they are not walking in my shoes.
Holly
October 10th, 2012 at 9:24 am
How many of you supporting ZL’s statement have told your partners that you are seeking pleasure elsewhere? If you have, I applaud you.
If you have not, and they find out and are hurt thereby, are you still going to stand by your self-righteousness? Probably. Because your cheating behavior shows its all about you. That’s not a partnership people.
If I am not mistaken, I seem to recall that ZL previously stated that she had a cheating partner. If my memory serves me correctly, why would she then kick a cheating partner to the curb? By her very words above, she would tolerate it, because its beautiful and loving. So which is it ZL?
I stand by my thoughts. There is nothing beautiful and loving about stepping out on your partner without their knowledge.
Be adults. Be honest. Give your “real” partner the chance to be on board or get out. Humans really are the worst of the creatures, and the most selfish. They can justify anything.
October 10th, 2012 at 9:24 am
Justify Holly, justify.
December 26th, 2012 at 10:14 am
You could definitely see your skills in the paintings you write. The arena hopes for more passionate writers such as you who aren’t afraid to mention how they believe. All the time go after your heart.