4 votes

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

http://gawker.com/5936394/the-bain-files-inside-mitt-romneys...

Mitt Romney's $250 million fortune is largely a black hole: Aside from the meager and vague disclosures he has filed under federal and Massachusetts laws, and the two years of partial tax returns (one filed and another provisional) he has released, there is almost no data on precisely what his vast holdings consist of, or what vehicles he has used to escape taxes on his income. Gawker has obtained a massive cache of confidential financial documents that shed a great deal of light on those finances, and on the tax-dodging tricks available to the hyper-rich that he has used to keep his effective tax rate at roughly 13% over the last decade.
Today, we are publishing more than 950 pages of internal audits, financial statements, and private investor letters for 21 cryptically named entities in which Romney had invested—at minimum—more than $10 million as of 2011 (that number is based on the low end of ranges he has disclosed—the true number is almost certainly significantly higher). Almost all of them are affiliated with Bain Capital, the secretive private equity firm Romney co-founded in 1984 and ran until his departure in 1999 (or 2002, depending on whom you ask). Many of them are offshore funds based in the Cayman Islands. Together, they reveal the mind-numbing, maze-like, and deeply opaque complexity with which Romney has handled his wealth, the exotic tax-avoidance schemes available only to the preposterously wealthy that benefit him, the unlikely (for a right-wing religious Mormon) places that his money has ended up, and the deeply hypocritical distance between his own criticisms of Obama's fiscal approach and his money managers' embrace of those same policies. They also show that some of the investments that Romney has always described as part of his retirement package at Bain weren't made until years after he left the company.

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/the-bain-files-inside-mitt-romneys...



Trending on the Web

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.

LOL...

If Willard is nominated in Tampa, I'll just take this opportunity now to congratulate Obama on 4 more years. This is the end for Willard's campaign - this long record of Bain's tax-dodging is enough of a freaking goldmine for Obama, without even considering the personal tax returns Willard is still hiding.

I don't play, I commission the league.

Bottom Line

Sorry, but I can't jump aboard the Romney income tax witch-hunt bandwagon. Doing so falls into the left-wing ethos that the more one pays in taxes the more moral one is. To Romney I say "You GO Girl!". As far as I'm concerned the more legal loop-holes he finds and exploits the better. My only criticism of him is his lack of moral courage to stand up for himself. (The reason, I suspect, is that he really does feel ashamed of himself because he subconsciously agrees with his left-wing critics). Just another phoney conservative.
He could take a lesson from Ron and argue the closer we all get to paying zero, the better of we'll all be in the long run. Unfortunately Romney doesn't believe it, and hence his current predicament.

Well, of course the income tax is unfair...

but it's also currently the law. Using one's wealth and connections to wriggle out of abiding by the law through exclusive loopholes is the exact kind of scenario the liberty movement is trying to eradicate from our government.

I don't play, I commission the league.

Here is one comment at the article linked to in the OP:

"Matthew 6:21; Luke 12:34 For where your treasure is, there your heart will be also.

The truth is that Mr. Romney cares very little about Americans and America. He is a multi-national. He is a citizen of the world."

This is very true indeed. How can he care about America when all his holdings are held in secret offshore? The very fact that all his activities are so opaque should tell us something. A corporate entity has no expectation of privacy. It has no natural rights and therefore no protection under the Bill of Rights which are all given by God to natural persons.

The People have a right to know exactly where his treasure is and what his holdings are, if he expects to be President, just as Ron Paul has disclosed all his holdings and sources of income.

"Jesus answered them: 'Truly, truly, I say to you, everyone who commits sin is a slave to sin. The slave does not remain in the house forever; the son remains forever. So if the Son sets you free, you will be free indeed.'" (John 8:34-36)

Romoney Tax Returns: “Value: not disclosed in tax returns.”

Where the Money Lives Vanity Fair magazine, August, 2012.

For all Mitt Romney’s touting of his business record, when it comes to his own money the Republican nominee is remarkably shy about disclosing numbers and investments. Nicholas Shaxson delves into the murky world of offshore finance, revealing loopholes that allow the very wealthy to skirt tax laws, and investigating just how much of Romney’s fortune (with $30 million in Bain Capital funds in the Cayman Islands alone?) looks pretty strange for a presidential candidate. ...

Mr O's campaign provided a helpful world map pointing to the tax havens Bermuda, Luxembourg, and the Cayman Islands, where Romney and his family have assets, each with the tagline “Value: not disclosed in tax returns.”

“Value: not disclosed in tax returns.”

Disclaimer: Mark Twain (1835-1910-To be continued) is unlicensed. His river pilot's license went delinquent in 1862. Caution advised. Daily Paul

Heres a link directly to the files so you can read for your self

http://gawker.com/5933641

“Politicians are like diapers; they need to be changed often and for the same reason.” ― Mark Twain

"Give a man a gun and he can rob a bank. Give a man a bank and he can rob the world."

Just what we need,

another fox watching the henhouse! Thanks RNC.

alan laney

Posted links at the bottom of your link to Bain Capital mischeif

Links at the bottom this forum's post about Romney, Bain Capital mischief

  • Equity Swaps, AIVs, and Mitt Romney's Other Tax-Dodging Tricks
  • Mitt Romney's Endless ‘Retirement' Package
  • How Mitt Romney Puts His Money Where Obama's Mouth Is
  • Derivatives, Short Sales, and Mitt Romney's Other Exotic Financial Instruments
  • Mitt Romney Is the National Enquirer's Banker

Disclaimer: Mark Twain (1835-1910-To be continued) is unlicensed. His river pilot's license went delinquent in 1862. Caution advised. Daily Paul