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DNC: With a Business Record Like That, Romney Should Just Stick to the Flip-Flops

WASHINGTON, Dec. 20 /PRNewswire-USNewswire/ - The following is being
issued by the Democratic National Committee:

Sliding in the polls and struggling to overcome his image as a serial
flip-flopper, the New York Times reports that smooth talking Mitt Romney is
trying to shift attention away from ideological issues and toward his
business record. In light of recent revelations about his leadership at
Bain Capital, he might want to reconsider.

This week, the Los Angeles Times revealed that Romney used "shell
companies in two offshore tax havens" to help clients "avoid paying U.S.
taxes." At Bain Capital, Romney reportedly steered clients toward tax
shelters in the Cayman Islands and Bermuda, attracting "billions of
additional investment dollars" to Bain Capital, boosting profits for Romney
and his partners. The Times also reported that Romney continues to earn
money from at least one of his Cayman Island tax shelters, including more
than $1 million last year from BCIP Associates III Cayman, "a private
equity fund that is registered at a post office box on Grand Cayman
Island." [Los Angeles Times, 12/17/07] On Romney's watch, Bain Capital also
developed a reputation for extracting "jaw-dropping" consulting fees out of
companies, sometimes just shortly before those companies collapsed and
workers were left jobless. [Los Angeles Times, 12/16/07]

Maybe Romney would rather focus on his personal financial business, for
example the millions he made from his trust funds when they invested in
companies doing business in Iran, despite his sharp rhetoric on the
campaign trail urging state pension funds to divest from those companies.

"If smooth talking Mitt Romney thinks he can rescue his floundering
campaign by talking about his business experience then by all means, let's
talk about his whole record," said Democratic National Committee spokesman
Damien LaVera. "After Romney explains why he helped companies set up
offshore tax havens and slash jobs instead of investing in America's
economy he can explain why he talks tough on divesting from companies doing
business in Iran when his own trust funds are littered with those same
investments. With a record like that, Romney might have an easier time
explaining all those flip-flops."

He's So Bain:
Mitt Makes Millions on Offshore Tax Shelters Taxes...

Romney Got Rich Advising Clients to Use Offshore Tax Shelters. "While
in private business, Mitt Romney utilized shell companies in two offshore
tax havens to help eligible investors avoid paying U.S. taxes, federal and
state records show.Romney gained no personal tax benefit from the legal
operations in Bermuda and the Cayman Islands. But aides to the Republican
presidential hopeful and former colleagues acknowledged that the
tax-friendly jurisdictions helped attract billions of additional investment
dollars to Romney's former company, Bain Capital, and thus boosted profits
for Romney and his partners." [Los Angeles Times, 12/17/07]

Romney Still Profiting from Offshore Shelters. "In the Cayman Islands,
Romney was listed as a general partner and personally invested in BCIP
Associates III Cayman, a private equity fund that is registered at a post
office box on Grand Cayman Island and that indirectly buys equity in U.S.
companies. The arrangement shields foreign investors from U.S. taxes they
would pay for investing in U.S. companies. Romney still retains an
investment in the Cayman fund through a trust. Campaign disclosure forms
show the investment paid him more than $1 million last year in dividends,
interest and capital gains." [Los Angeles Times, 12/17/07]

Financial Advisor Increased Mitt's Offshore Investments. "His financial
trust retains investments in at least 32 Bain and Sankaty equity, hedge and
debt funds, among other assets, the documents disclosed. Under his
retirement agreement, Romney retains a share of the profits at Bain
Capital, as well as the right to make new investments in Bain funds through
his trust, until February 2009. Malt said he had repeatedly increased
Romney's stake in the Cayman fund since 2003. He said he was unaware of the
specific figures, but added that he knew he 'wrote a lot of checks,' and
that it paid a return of 20% to 30% a year." [Los Angeles Times, 12/17/07]

...While Cutting Jobs and Closing Companies...

The Bain Way: Collect Millions in Fees Then Shutter the Shop. "From
1984 until 1999, Romney led Bain Capital, a Boston-based private equity
group that earned jaw-dropping profits through leveraged buyouts, debt
hedge funds, offshore tax havens and other financial strategies. In some
cases, Romney's team closed U.S. factories, causing hundreds of layoffs, or
pocketed huge fees shortly before companies collapsed." [Los Angeles Times,

Romney "Unconcerned About Those Affected By His Decisions." "Some of
Romney's colleagues recall him as vain, however, and focused only on the
bottom line. They saw him as impatient and unconcerned about those affected
by his decisions." [Los Angeles Times, 12/16/07]

-- Bain Reaped $100 Million While Hundreds Lost Jobs and Ampad Went
Bankrupt. In 1992, Bain Capital invested $5 million towards the purchase of
American Pad & Paper (Ampad) from Mead Corp., which, at the time, was only
$11.3 million in debt with sales of $106.7 million. Over the next 8 years,
under Bain management Ampad had gone public, made several acquisitions, and
made over $100 million in payouts to Bain and to its investors. By 1999,
two American plants were closed, 385 Ampad workers were laid off, the
company was $392 million in debt, sales were slipping, and, the next year,
its creditors forced Ampad into bankruptcy. [Securities and Exchange
Commission Filings, Boston Globe, 6/26/07]

...And Hypocritically Pandering on Iran.

Despite Tough Talk On Iran, Romney Made Millions There. Romney had up
to $250,000 invested in the Russian state-owned GazProm, according to his
personal financial disclosure for 2006. And in 2006, the Romneys made up to
$1 million in a fund invested in GazProm and the Chinese state oil firm,
Cnooc Ltd. The Wall Street Journal noted that the fund, Horizon: Alpha +
had more than $1 million of wife Ann Romney's assets invested in it and
yielded her up to $1 million in 2006. [Chicago Tribune, The Swamp blog,

-- Romney Urges Divestment from Iran, Calls on Iranian President to be
Indicted for Genocide. In February 2007, Governor Mitt Romney released a
letter sent to New York State Comptroller Thomas P. DiNapoli urging that he
pursue "a policy of strategic disinvestment from companies linked to the
Iranian regime." [MittRomney.com release, 2/22/07] This week, Romney called
on the United Nations to ban Iranian President Mahmoud Ahmadinejad from
speaking to the world body next week and instead indict him for genocide.
[AP, 9/17/07]

1994: Romney "The Blind Trust is an Age-Old Ruse." During Romney's
Senate run against Ted Kennedy in 1994, he alleged that a financial
arrangement of Kennedy's was a conflict of interest, and charged that a
blind trust could be given "rules" that prohibited from potentially
sensitive investments by the stakeholder. He was quoted as saying, 'The
blind trust is an age-old ruse. You give a blind trust rules. You can say
to a blind trust, don't invest in properties which would be in conflict of
interest or where the seller might think they're going to get an advantage
from me.' " [Boston Globe, 10/19/1994]

-- Romney "The Fact that It's a Blind Trust Does Not Hide It." Romney
said, "'It's a conflict of interest pure and simple - and it's wrong for a
U.S. senator,' said Romney. 'The fact that it's a blind trust does not hide
it.' A Kennedy aide, however, replied the senator had no financial interest
in the federal leases. [Boston Herald. 10/19/1994]

Paid for and authorized by the Democratic National Committee,
http://www.democrats.org. This communication is not authorized by any candidate or
candidate's committee.

SOURCE Democratic National Committee

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Well Romney's got plenty of

Well Romney's got plenty of faults however I don't think we should fault him on avoiding paying unconstitutional income taxes

If ever a time should come, when vain and aspiring men shall possess the highest seats in Government, our country will stand in need of its experienced patriots to prevent its ruin. Samuel Adams

End The Fat
70 pounds lost and counting! Get in shape for the revolution!

Get Prepared!

It just goes on and on...

How can people think of voting for these people?

"If it is possible, as far as it depends on you, live at peace with everyone." - Romans 12:18

Brilliant article that explains why we love Dr. Paul:


And we thought RP had problems with 15 year old newsletters ha.