TMZ

Our TV Shows

Got a Tip?

Call TMZ at (888) 847-9869 or Click Here

Mitt Romney

Transcripts RELEASED

10/25/2012 2:05 PM PDT BY TMZ STAFF

1025_romney_article_doc_launch

TMZ has obtained the complete transcripts of Mitt Romney's testimony -- which he's accused of lying under oath to screw over his friend's ex-wife.

The testimony was given in 1991 at Norfolk Probate and Family Court in Massachusetts.

During his examination, Romney was asked how he first became acquainted with Staples and Tom Stemberg. Romney explained ... a venture capital businessman from another firm "mentioned to me a gentleman named Tom Stemberg had a business plan to commence an office supply chain and was looking for capital to fund that."

Romney continued, "I told him I didn't think it was a very good idea, but I'd look at it."

update_bar
2:45 PM PT -- If you enjoy learning how business people valuate stocks, you're gonna LOOOOVE these documents.

If not, you should probably click on our story about Lindsay Lohan's publicist quitting ... it's wayyy more interesting.

232 COMMENTS

No Avatar
61.

BIDHITTER    

TMZ and other media clearly haven't read this testimony nor do they understand financial valuation of companies.

Romney dominated the cross examining attorney. The attorney was clearly way out of his element when it comes to finance.

637 days ago
62.

OBAMA CLAUS     

Here's hoping Our Next Great President Ronmey_does not lower himself by addressing this gossip of a bunch of sea hags in the WH_Sorry WH_ not taking the bait till you tell the American People the truth about Benghazi_

637 days ago
63.

BIDHITTER    

It's pretty clear TMZ and the rest of the media has a grand total of zero knowledge of finance let alone the ability to read 430 pgs of testimony.

Romney mopped the floor w/ the cross examiner. The guy is brilliant w/ finance.

Get off facebook and take the time to read the doc.

637 days ago
64.

myopinion    

Willard WILL NOT be the next president! Obama/Biden 2012

637 days ago
65.

Nomad    

The folks over at the Boston Globe have been spending the day pouring over the transcripts that their lawyers helped get & finally posted an article on boston.com. The article lays out the timeline if you read carefully. Mr. Stemberg leaves Ms. Stemberg in Feb 1987. Sometime between then & their official divorce in July 1988, they negotiated a divorce agreement (I imagine she had legal & financial advice) whereby she got 500,000 Staples shares valued in the agreement at $2.25 a share (that's a total of $1,125,000) plus the house worth $690,000 at the time (the real estate boom must have made that a lot higher down the road!). She sold 225,000 shares at $2.25 ($393,750) in Feb 1988 & 80,000 shares at $2.48 ($198,400) in April 1988 (wow, the price went up in two months). So, at this point, she has $592,150 plus a $690,000 home (in 1988 dollars) PLUS 195,000 shares left over (Globe says below she has 245,000 shares left over..). Then, Staples goes public in April 1989 at $19/share & closes the day higher at $22.50/share! Holy cow! Don’t you wish you had the magic ball to invest early? Here's the punchline from the article: "[Mr.] Stemberg, holding 567,000 shares, claimed $12.8 million in company stock. Sullivan Stemberg’s 245,000 remaining shares [doesn't jibe with my numbers, but let's run with the Globe’s since they’re objective journalists & everything] were worth $5.5 million, but she had lost out on millions more by accepting low sale prices in 1988." I wonder if/when she sold the remaining shares & how much she made… Anyhoo, the poor thing is apparently brooding over the missed millions on the stock she already sold (gosh, who wouldn’t?). So, in 1990, she files suit to reopen the divorce agreement. At that time, Mr. Stemberg asks Romney to retroactively value the stock Ms. Stemberg got (maybe Romney filed a deposition, dunno). Apparently she had common stock, but more valuable preferred stock with more rights sold for $2.90 to investors in Dec 1987. So, Romney figures that the divorce valuation of Ms. Stemberg's common shares at $2.25/share at roughly the same time is pretty good. Romney gets pulled in to testify in Oct 1991 & says that the valuation in the divorce agreement was fair at the time. Oh, & remember that the Washington Examiner says that in his testimony, Romney/Bain didn’t buy up all the shares they could have prior to IPO because it was too risky (pesky capitalists, evaluating risk). Whew! Aren’t you glad that Allred, TMZ, & the Glob brought this big story to light?

637 days ago
66.

sptaz99    

Silly story. Yep, still no mention of the emails showing Obama knew Bengazi was a terror attack and NOTvrelated to an Internet video. An attack that killed 4 Americans ... Nice job!

637 days ago
67.

bon    

Here we go again TMZ Isn't it funny that the obama administration has been lying to the American people about Libya and you choose to ignore that. Four lives lost and one big huge cover-up.. Enough of this bulsh.t

637 days ago
68.

shagrath    

desperate times call for desperate measues..
barrack slipping in the polls leave it to allred to a failed hail mary attempt..
wont factor in to the election at all

637 days ago
69.

impeach2012    

Impeach OBAMA! He is a LIAR Dictator with a RADICAL DANGER AGENDA!

637 days ago
70.

Sandy    

Harvey, I hope you go BLIND reading all those transcripts. Serves you right. A hound dog better know what he's going to do with that skunk he's chasing!

637 days ago
71.

Bea    

Romney has no clue what is going on in the world and his followers just want a white guy in office...they don't care how stupid or how many jobs he has sent to china....

637 days ago
72.

Jordan    

this news is about as exciting as Donald Trump. This is a close election and it will stay that way until the final vote is counted on Nov, 6

637 days ago
73.

uncle tom    

obama is desperate going after this lame story,obama is going down fast telling a 6 year old that he believes romney is a bull****ter soo presidential

637 days ago
74.

uncle tom    

obama will be impeached if he gets reelected. sitting in the whitehouse watching our guys get killed at real time and doing nothing about it and then going to vegas to campaign what a worthless piece of crap

637 days ago
75.

bon    

Here we go again TMZ. Isn't it funny that you won't mention about obama and his administration lying to the american people about Libya. No matter how they try to cover-up a cover-up on Libya, this administration has blood stained hands.

637 days ago
Previous 15 Comments | 2 | 3 | 4 | 5 | 6 | 7 | 8 | Most Recent | Next 15 Comments

Around The Web