This is a connection that is coming out and if you're supporting the Romney ticket, you'd better brace yourself for it.
Mitt Romney and Paul Ryan's brother provide an object lesson on how crony capitalism is done,read the rest at Economic Policy Journal
Romney may have breached state ethics laws as Governor of Massachusetts by holding a stake in a company that did lucrative work for his administration and was linked to the family of Paul Ryan, according to the Daily Telegraph.
Imagitas, a marketing company, was contracted by the state of Massachusetts after receiving $5 million investment from Bain Capital, Romney’s investment firm.
DT has learned that one of Paul Ryan's brothers, Tobin Ryan, is a former Bain consultant. Both Romney and Tobin Ryan apparently stood to benefit from the $230 million sale of the company in 2005, while Romney remained governor of Massachusetts.
Massachusetts law requires that all state employees divest themselves of financial interests in private sector contracts with state agencies. At the time, failure to do so could have resulted in a $2,000 fine or a 2.5-year prison sentence.
The exciting hook comes at the end of the article, quoting the Daily Telegraph:
Mr Romney’s 2002 financial disclosure form states that he still owned 100 per cent of Bain Capital Investors VI, the fund’s controlling entity, and Bain Capital Inc, their overall parent company. However, the forms did not detail the individual companies, such as Imagitas, in which Bain Capital held investments. New state employees were obliged to prevent conflicts of interest with existing contracts...
Spokesmen for Mr Romney repeatedly declined to confirm or deny that he had profited from the sale of Imagitas, or to answer a series of detailed questions about his financial connections to the firm lodged by The Daily Telegraph earlier this week. “You’ve seen his disclosure forms - you know what’s on them,” one campaign source said....
Another corporate backer to profit was The Carlyle Group, the Washington-based investment firm with extensive links to the Republican party, which put $20 million (£12.8 million) into Imagitas in 2000.Emphasis there is mine, for if you remember I did a post on Carlyle here. I suspect that there is something in all this as to why he won't release his tax returns.