Bain Capital Woes Overshadow Romney's Campaign
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Mitt Romney says success in business will lead to success in the White House, but he refuses to release more than two years of income tax returns or to be clear about just when he left the firm that made him a fortune. We hear why fellow Republicans are urging transparency — for the sake of his presidential campaign. Also, Federal Reserve Chair Ben Bernanke warns of an approaching "fiscal cliff," and with the British Army forced to step in, the head of security for the London Olympics gets a public grilling from Parliament.
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Bernanke Warns of an Approaching 'Fiscal Cliff' ()
Federal Reserve Chairmen Ben Bernanke today gave the Senate Banking Committee sobering news about unemployment. "Given that growth is projected to be not much more than the rate needed to absorb new entrants into the labor force, the reduction in the unemployment rate is likely to be frustratingly slow." He also warned lawmakers to resolve differences over taxes and spending or face what he called a "fiscal cliff" by the end of the year. Binyamin Appelbaum reports for the New York Times.
Does Mitt Romney Have Something to Hide? ()
Mitt Romney's presidential campaign is based on lifelong success as a businessman, but he'll only release the last two years of his tax returns. It's not clear if he's been candid about when he left Bain Capital, the company he founded and that made him a fortune. He says he left the firm in 1999 to go run the Summer Olympics in Utah, so he was not responsible for Bain Capital companies that went bankrupt or laid off workers after that. But the Boston Globe says documents filed with the Securities and Exchange Commission show otherwise. Even Republicans are telling Romney to come clean and suffer consequences they say will be only temporary, while Democrats are having a field day. Why won't Romney be more transparent? Is it all about finance, political strategy or character?
G4S Admits to 'Humiliating Shambles' over Olympics Security ()
Last week, private security company G4S admitted it won't have enough security personnel to cover the London Olympics. With the games scheduled to start in just 10 days, the British Army agreed to provide 3500 soldiers, bringing the total to some 17,000. But today, G4S head Nick Buckles admitted that his company's effort to provide security has become a "humiliating shambles," but said it will not forfeit a management fee of $90 million. Parliament's Committee on Home Security made sure he would never forget it. Alan Cowell is senior correspondent for the New York Times.
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