Jeff Smith 7 a.m., March 30
Romney/Ryan and the New Padres Owners
"Oh what a tangled web we weave..." You know the rest of the classic sentence. Right now, it appears the new Padres owners are on the periphery of a spider-infested web, but you never know if they will be found deeper in the tangle. The new owners of the Padres include Peter Seidler, nephew of Peter O'Malley, former owner of the L.A. Dodgers. Peter Seidler is managing partner of Los Angeles-based private equity group Seidler Equity Partners. One of the eight partners of Seidler Equity is Tobin Ryan, older brother of Paul Ryan, who is running for vice president of the United States on the ticket which will be headed by Mitt Romney, who spent most of his career piling up hundreds of millions of dollars with another private equity group named Bain Capital.
The Daily Telegraph of London, one of the world's most respected newspapers, recently ran an investigative piece that is reverberating among media interested in political mischief. Beginning in 1995, Tobin Ryan was a senior manager of Bain & Co. At the time, Romney headed Bain Capital, the investment arm of the firm. In early 1998, Tobin Ryan left to become a vice president of Imagitas. Two years later, it got $5 million from Bain Capital, which was 100% owned by Mitt Romney. Imagitas then got a contract from Wisconsin, home of the Ryan brothers, and from Massachusetts, of which Romney would shortly become governor. But on his 2002 disclosure form, Romney did not list individual companies, such as Imagitas, in which Bain Capital had investments. Ethics experts told The Daily Telegraph that is is hard to see how Romney could not have profited from Imagitas's Massachusetts deal, and he should have reported it. Said one, "He [Romney] should have disclosed his stake in a company that stood to gain from its work for his administration."
More is expected to surface in this story.
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