New In The Phoenix -- Romney's Shadow Years

In this week's issue of the Boston Phoenix -- in print tomorrow, online now -- I write about Mitt Romney's "Shadow Years" at Bain Capital, from when he left in early 1999 to run the Olymics, through 2002 when he officially separated from the company.

This topic has been much in the news of late, and in this article I try to explain why the two Presidential campaigns are fighting so hard over what seems to be a very small difference in defining Romney's role at Bain during that period.

As part of that, I recount, with some additional detail and context, some stories that I and others have covered before.

I also add one that I believe I am first to write about: Romney's and Bain's investment, via Golden Gate Capital, in a company called Endurance Specialty. That company was formed immediately after the 9/11 attacks to take advantage of the casualty insurance market created by that tragedy -- what some would call profiteering, and others would call meeting a need. Endurance Specialty was established in Bermuda to avoid US taxes and regulations.

A person I spoke with at the Romney campaign pointed out that Romney was investing in a fund, and it was the fund managers who picked the company to invest in, not Romney. That's very true -- but it's also true that Romney continued, and continues to this day, to invest with Golden Gate, suggesting that he approves of the way they have handled his money.

That's also true of his substantial holding in Bain funds, long after his departure for the Olympics.

In any event, here's the article; let me know what you think: Romney's Shadow Years