"It profits me but little that a vigilant authority always protects the tranquillity of my pleasures and constantly averts all dangers from my path, without my care or concern, if this same authority is the absolute master of my liberty and my life."

--Alexis de Tocqueville, Democracy in America

Monday, July 16, 2012

Bain and Lawyers

Here is how cynical the Obama campaign is in attacking Romney as a potential "felon" for having signed his name to SEC filings for Bain Capital after he had left active management of the firm in 1999 to run the Salt Lake City Olympics.   Consider:

1. The highest levels of any Presidential campaign in the modern era is populated by a high percentage of talented lawyers.

2. These lawyers are inevitably drawn from the top-tier, silk-stocking law firms of Washington and New York.  

3. Such law firms derive a disproportionate share of their income from servicing corporate clients, and especially publicly-traded corporations that routinely report to the SEC.

4. Ergo, the lawyers in the Obama campaign know as a fact that before any significant corporation -- and Bain Capital would qualify -- makes a filing with the SEC, that filing is vetted down to the comma by highly-trained and capable corporate lawyers whose job it is to make sure that the company, including all of the company's signatories, are complying with federal securities laws.

5. Ergo, the lawyers in the Obama campaign knew that the SEC filings by Bain to which they are calling attention were documents that had been thoroughly vetted by attorneys -- perhaps some in their own firms.

6. Ergo, the lawyers in the Obama campaign know that the Bain attack on Romney is a cynical lie.   They also know that there is no merit whatsoever in the insinuation that Romney could or would ever be charged criminally for signing routine SEC filings more than a decade ago.   But they are going ahead with it anyway, because they don't have anything else to run on.

And we wonder why people hate lawyers.

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