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The Bain Files: Inside Mitt Romney’s Tax-Dodging Cayman Schemes

"Bain isn't a company so much as an intricate suite of steadily proliferating inter-related holding companies and limited partnerships, some based in Delaware and others in the Cayman Islands, Luxembourg, and elsewhere, designed to collectively house roughly $66 billion in wealth in its many crevices and chambers. When Romney left in 1999, he and his wife retained significant investments in many of those Bain vehicles—he claims they are "passive investments" and that they are managed in a blind trust (though the trustee isn't blind enough to meet federal standards of independence). But aside from disparate snippets of information contained in his federal and Massachusetts financial disclosure forms, his 2010 tax returns, and SEC filings, the nature of those investments has been obfuscated by design."

http://gawker.com/5936394/



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Any tax lawyers in the house?

This could provide real meat to discredit Romney

"In the end, more than they wanted freedom, they wanted security. They wanted a comfortable life, and they lost it all -- security, comfort, and freedom. When ... the freedom they wished for was freedom from responsibility, then Athens ceased to be free."

GREAT FIND

Some initial thoughts from a contact

I had thought that Romney's $100 million IRA must have come from huge valuation gains on low-valuation contributions of his original Bain Capital stock. This would have been a borderline fraudulent piece of accounting at best.

But apparently, Romney's IRA contains at least one entity that did not even exist until 2008! IMO, unless the IRA bought those shares in the open market, that CANNOT be anything except tax fraud, because only employee compensation of a few thousand dollars a year can constitute a legal IRA or 401K contribution. Romney must be treating shares of post-2002 Bain investment creations as stock dividends on his original Bain shares, or else rolling over new Bain entities that somehow got into Bain 401Ks as post-2002 employee compensation valued below $15,000 a year.

From http://gawker.com/5936873 :

Romney has long claimed, despite evidence to the contrary, that he retired from Bain Capital in 1999. The Bain documents we obtained indicate that his involvement with the company extended years past that date. ...

Sankaty Credit Opportunities IV-—of which Romney owns more than $1 million in his IRA and which earned him between $50,000 and $100,000 in 2011, and which is likewise described as an investment made pursuant to his retirement package-—wasn't even created until July 2008. That's nine years after his retirement from Bain and five months after he withdrew from the 2008 GOP primary.

... it's difficult to explain an apparent $1 million-plus payment from Bain, made in 2008, as being pursuant to a retirement package that was negotiated in 1999."

"In the end, more than they wanted freedom, they wanted security. They wanted a comfortable life, and they lost it all -- security, comfort, and freedom. When ... the freedom they wished for was freedom from responsibility, then Athens ceased to be free."