"Romney's per­sonal finances are a poster child of what's wrong with the Amer­i­can tax system"

Even if it is all legal Romney should be ashamed of himself for fleecing the American tax system (did we see all his tax returns yet?)

"ABC News recently revealed that Bain Cap­i­tal has estab­lished an astound­ing 138 dif­fer­ent off­shore funds in the Cay­man Islands.
Some­thing has got to work pretty well to want to do it 138 times.
But Bain Cap­i­tal was also very busy over in other off­shore bank­ing cen­ters as well.
One of the largest shell com­pa­nies that Bain set up down in the Caribbean was called Sankaty High Yield Asset Investors Ltd. It did not have an office in Bermuda and it had no staff in Bermuda. But it helped clients of Bain Cap­i­tal avoid a whole lot of taxes.
The fol­low­ing comes from a 2007 Los Ange­les Times arti­cle....
In Bermuda, Rom­ney served as pres­i­dent and sole share­holder for four years of Sankaty High Yield Asset Investors Ltd. It fun­neled money into Bain Capital's Sankaty fam­ily of hedge funds, which invest in bonds and other debt issued by cor­po­ra­tions, as well as bank loans.
Like thou­sands of sim­i­lar finan­cial enti­ties, Sankaty main­tains no office or staff in Bermuda. Its only pres­ence con­sists of a name­plate at a lawyer's office in down­town Hamil­ton, cap­i­tal of the British island territory.
"It's just a mail drop, essen­tially," said Marc B. Wolpow, who worked with Rom­ney for nine years at Bain Cap­i­tal and who set up Sankaty Ltd. in Octo­ber 1997 with­out ever vis­it­ing Bermuda. "There's no one doing any work down there other than lawyers."
The amount of money being fun­neled through Sankaty today is absolutely stunning....
Today, Bain Cap­i­tal man­ages $60 bil­lion in assets, accord­ing to a spokesman. The total includes $23 bil­lion in Sankaty debt and credit funds. Half a dozen Sankaty affil­i­ates now are active in Bermuda, cor­po­rate reg­istry records show.
The Sankaty debt hedge funds are orga­nized as part­ner­ships in Delaware that pro­duce tax­able busi­ness income by invest­ing in fixed-income bonds and other debt instru­ments. Under tax law, even tax-exempt U.S. insti­tu­tions may face a 35% tax if they invest directly in such hedge funds. By invest­ing instead through a Bermuda cor­po­ra­tion, the taxes are legally blocked, experts say.
Of course all of this is per­fectly legal.
So nobody gets into trou­ble for any of this.
By keep­ing money off­shore, even those man­ag­ing these kinds of funds can avoid being taxed


Read more: http://advisoranalyst.com/glablog/2012/01/24/18-trillion-remain-hidden-in-offshore-banks-by-global-elite/#ixzz1wBL1MfUA