Professor Roberta Karmel appeared on MSNBC’s “The Last Word” to discuss Mitt Romney’s role and responsibility as head of Bain Capital. Recent SEC filings revealed that the presidential nominee remained president, CEO, and sole stock holder of the corporation three years after he claimed he had left.
Although Romney said he made no decisions for the company during the three years, Professor Karmel argues that he is still “legally responsible.” “Generally, when a businessman is the chairman, CEO, and, in this case, sole stockholder, he's accountable for the business and affairs of that company,” she said. “And even if he's not making day-to-day decisions or managing the investments of a company like this—which was a venture capital company—he's still legally responsible, and should be accountable, for the business and affairs of that company.”
View video on MSNBC.
Read more of Professor Karmel's comments on this topic on CNN, The New Yorker, and Boston.com.