General Discussion

EarlG

(21,974 posts) Tue Jul 3, 2012, 11:00 AM Jul 2012

Romney Still Gets Money from Bain Through Offshore Accounts

Mitt Romney still gets money from Bain Capital through a blind trust held by his wife Ann and investments in the Cayman Islands. In addition to his Swiss bank account, closed in late 2010, he has other accounts in the tax haven Bermuda. During the 2012 primary, a lot of attention was paid to the idea that Romney was the single Republican candidate in the absolute worst position to make the argument against Obamacare. But Romney is also one of the best possible candidates for President Obama to use to make the case that rich people aren't paying their fair share. As Romney said during a primary debate, "I pay all the taxes owed. And not a penny more." Vanity Fair's Nicholas Shaxson has a fascinating look into how Romney does that with offshore accounts.

* Romney got more than $2 million in income from Bain in June. "The firm today has at least 138 funds organized in the Cayman Islands, and Romney himself has personal interests in at least 12, worth as much as $30 million, hidden behind controversial confidentiality disclaimers," Shaxson writes. Romney's campaign has repeatedly pointed out that he quit the firm in February 1999, but his ties to the firm lasted beyond that date.

More...

http://news.yahoo.com/romney-still-gets-money-bain-offshore-accounts-134221641.html;_ylt=A2KJ3Ca_B_NPQGkAINvQtDMD

5 replies

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Highlight:

Romney Still Gets Money from Bain Through Offshore Accounts (Original Post) EarlG Jul 2012 OP

Willard -- the great American liar and fraud Angry Dragon Jul 2012 #1

The Nation is covering the Vanity Fair story + many others flamingdem Jul 2012 #2

K&R n/t bobthedrummer Jul 2012 #3

This is a Pandora's Box of horribles for the Mittwit hifiguy Jul 2012 #4

Republicans in congress want to reward off shore tax cheats iguy Jul 2012 #5

Angry Dragon

(36,693 posts)

1. Willard -- the great American liar and fraud

Reply to EarlG (Original post)

Tue Jul 3, 2012, 12:49 PM

Jul 2012

flamingdem

(39,332 posts)

2. The Nation is covering the Vanity Fair story + many others

Reply to EarlG (Original post)

Tue Jul 3, 2012, 12:58 PM

Jul 2012

http://www.thenation.com/blog/168711/romneys-offshore-investments#

But he must disclose more. If you want to know why, read Nicholas Shaxson’s piece in the new issue of Vanity Fair. In it, Shaxson raises important questions about some strange aspects of Romney’s financial history:

-What is in Romney’s offshore accounts? He has sheltered much of his wealth in tax havens such as Bermuda, but he has not disclosed anything about those investments. For instance, Shaxson writes, “There is a Bermuda-based entity called Sankaty High Yield Asset Investors Ltd., which has been described in securities filings as ‘a Bermuda corporation wholly owned by W. Mitt Romney.’ He set it up in 1997, then transferred it to his wife’s newly created blind trust on January 1, 2003, the day before he was inaugurated as Massachusetts’s governor.... Romney failed to list this entity on several financial disclosures, even though such a closely held entity would not qualify as an ‘excepted investment fund’ that would not need to be on his disclosure forms. He finally included it on his 2010 tax return. Even after examining that return, we have no idea what is in this company, but it could be valuable, meaning that it is possible Romney’s wealth is even greater than previous estimates.”

-Why is Romney still being paid by Bain Capital? He left the firm more than ten years ago. Given its varied investments, could the fact that he is still being paid by them create a conflict of interest in office? Shaxson writes, “Though he left the firm in 1999, Romney has continued to receive large payments from it—in early June he revealed more than $2 million in new Bain income. The firm today has at least 138 funds organized in the Cayman Islands, and Romney himself has personal interests in at least 12, worth as much as $30 million, hidden behind controversial confidentiality disclaimers.”