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Tuesday, August 19, 2003

Globe Goes After Romney

The Globe today has an article about DDi Corp, a company whose stock has flopped spectacularly the last few years from $30 to under 10 cents. Apparently Bain Capital was a major investor, and the article suggests that analysts were pressured to make DDi look better than it was. An SEC probe found Lehman, and not Bain, to be at fault here, but the fact that Romney signed off on much of the DDi dealing and made a pile of money for himself certainly has the appearance of some impropriety.

I can't say that I'm shocked by this story. There have been plenty of shady deals uncovered in the past few years, and this is hardly the worst. It would be hard for Romney, as such a prominent venture capitalist, to escape the taint of corporate malfeasance entirely. The details of the story are also probably too complicated for it to be a major problem for Mitt because it won't resonate with the public. He can easily deny any involvement in the wrongdoing as well.

Meanwhile, on the op-ed page, Joan Vennochi offers a critical assessment of Romney's term thus far, arguing he had the wrong motives in removing Bulger at UMass and that he has no major accomplishments to speak of. I agree with Venocchi completely, and again I wonder why this line of reasoning didn't receive as much media play in the Globe and elsewhere when the Bulger resignation push was on. Maybe now that the Gobe has that scalp, they feel the need to move on to other targets, with Romney next on their list.