I didn’t even know Mitt Romney had a job to quit. I was wondering what he had been up to since his single term as governor then running for President for years and years, but I understand we’re in the process of vetting the incumbent President so we’re busy with that.
I’m going to have to start reading the Boston Globe for all things Romney:
Turns out, the former Wal-Mart CEO who helped shut down an investigation of bribery by store officials in Mexico is an operating partner at a private equity fund started by Mitt Romney, his eldest son and his campaign finance director.
H. Lee Scott Jr. became an operating partner at the Romney fund, Solamere Capital, eight months after he left Wal-Mart in 2009. Solamere’s partners and investors include major Romney campaign donors and staffers. Romney was a senior adviser and the first investor in the fund, putting up $10 million.
The Times reported that Scott rebuked internal investigators for being too agressive in uncovering bribery by store officials in Mexico. The investigators allegedly found credible evidence that some $24 million in bribes allowed the store to dominate the market in Mexico, but Scott and others hushed up the investigation until the Times disclosed it Sunday.
The link was first reported by the Boston Globe, where I did some extensive reporting on the $250 million private equity fund last fall. Romney resigned from his role in advising the fund when he announced his run for president, but his son and his campaign finance director, Spencer Zwick, remain managing partners. Scott is still an operating partner.
When Scott joined the fund, he said in a statement, “I am encouraged about Solamere’s distinctive approach to private equity and I am looking forward to being a part of the long-term development of this firm.” Scott still heads the executive committee for the board of directors at Wal-Mart.
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Solamere Capital was founded to serve as a multi-family office focusing on superior private equity opportunities. A small number of families with broad networks joined together to aggregate their access to top-tier private equity firms, proprietary deal flow, and unparalleled management resources and expertise.