This is brilliant — Ed Gillespie, a senior campaign advisor for Mitt Romney, said on Meet the Press today that Mittens retired retroactively from Bain in 1999.
He actually retired retroactively at that point. He ended up not going back to the firm after his time in Salt Lake City. So he was actually retired from Bain.
This is something like a Catholic marriage annulment, yes? You can be married for 20 years, then the Church declares that the marriage never happened.
The Bain flap really is pulling the rug out from under Romney, since his plan was to run on his business experience. He didn’t want to run on his record as governor — there’s that “Romneycare” thing he doesn’t want to talk about — so he was going to play big shot business guy. And that’s being yanked out from under him. This is not to say the GOP won’t be able to patch together another run for Mittens to stand on. But, really, the day when CEOs were looked at as demigods is long passed.
See also Krugman, “No Bain, No Gain.”