For a few weeks, Mitt Romney's offshore finances seemed like a big deal. The Republican nominee is the first modern candidate to stash cash in the Cayman Islands and have a Swiss bank account for no apparent reason, and the fact that Romney has refused to release his readily-available tax returns only makes the story more alarming.
But in time, the issue faded. By the time the campaign filed Romney's personal financial disclosures to the Office of Government Ethics late on a Friday afternoon a month ago, the story barely caused a ripple.
The issue, however, appears to be making a comeback. Earlier this week, in a much-discussed piece for Vanity Fair, Nicholas Shaxson dug deeper into Romney's offshore finances, which "look pretty strange for a presidential candidate." A new Associated Press piece raises related questions.
For nearly 15 years, Republican presidential candidate Mitt Romney's financial portfolio has included an offshore company that remained invisible to voters as his political star rose.
Based in Bermuda, Sankaty High Yield Asset Investors Ltd. was not listed on any of Romney's state or federal financial reports. The company is among several Romney holdings that have not been fully disclosed, including one that recently posted a $1.9 million earning -- suggesting he could be wealthier than the nearly $250 million estimated by his campaign.
The omissions were permitted by state and federal authorities overseeing Romney's ethics filings, and he has never been cited for failing to disclose information about his money. But Romney's limited disclosures deprive the public of an accurate depiction of his wealth and a clear understanding of how his assets are handled and taxed, according to experts in private equity, tax and campaign finance law.
The issue, of course, is not whether Romney is extremely wealthy or extremely wealthy. What matters here is the Republican presidential candidate's secrecy involving his overseas finances. We don't even know, for example, whether he's fully paid his tax bill.
The AP report added, "Romney's campaign declined to answer detailed questions from AP about Sankaty." Imagine that.
Looking ahead, there are a few straightforward questions the media can press Romney on: (1) Why did you park so much of your money outside the United States? (2) Did you create a Bermuda-based corporation to avoid U.S. taxes? and (3) when can Americans see the decades' worth of tax returns you turned over to John McCain in 2008?
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Okay, he's rich, he's filthy ergo he is filthy rich. Just because he is smart enough to know how to get all the benefits of being American without paying for them is no reason to vote for Obama. I mean do you really want four more years of putting the nation ahead of corporate greed and religious dogma?
"I mean do you really want four more years of putting the nation ahead of corporate greed and religious dogma?"
Putting the nation ahead of those corporations and religion? Yes, I do.
Irony, Scott. Sarcasm and irony. And truth.
Oh and romney was given a pile of money , to make that pile of money , like the rest of the 2% , I do not find that impressive
Looking ahead, there are a few straightforward questions the media can press Romney on: But we need a horserace for Pete's sake and if we start asking nosy difficult questions we won't be fair and balanced.
but here are the ones they will ask .
Which color ties do you prefer?
Do you go to church on Sunday ?
Why do you feel Obama and all democrats hate America.
Republicans can not accept the truth that they are the ones who hate our Country, they are the ones who put party before Country. Republicans are attacking our Constitutional Rights, except of course the 2nd Amendment.
#2.1 - Thu Jul 5, 2012 1:43 PM EDT
There is a big difference between what is none of our business, and curiosity caused by someone sneaking around the edges of the law and association with people of questionable reputation. If Mitt wants people to trust him, it is time that he honestly shares his finances. He sounds a lot like those figureheads that fronted for the mob in old Las Vegas.
Heh. Do you folks really want to go there? Edges of the law and shady characters are Obama's motif.
YEAH! And where is the black dude's birth certificate!!!!???? Shooter is STILL waiting!!!!
Been there; nothing there on Obama, no matter how you try to create something. And whoa boy, did you guys try.
And when our eager and ever-vigilant mainstream media reporters ask him those questions, and I'm sure they'll do that any minute now, I'm sure he'll answer them truthfully. Because W. Millard Ronmore is not the kind of guy who would lie just because it's convenient and he knows his answers will be unverifiable thanks to foreign bank secrecy laws.
They would have to pry him away from his wife 1st , or should we just ask her , so she can have another melt down ? lol
If you're in the mood, how about a few questions for Obama?
Where are the college transcripts?
When did you know about our gun running?
Is Taxmageddon a good idea?
That's the best you got ?
Better Trolls
Shooter: your irrelevance is obvious. My preference is that you go offshore with a load of bricks, and relieve us of your disgusting presence here. Anyone else feel the same? I wonder how Shooter continues to show up here and maintain any sense of self-respect.
Uh oh. Shooter is loosing what little mind he has left... Watch out, guys, he's gonna go full FOX /LIMBAUGH/BECK in 3....2...1....
KENYA!!!!!!
The college transcripts are right where Romney's are.
We don't run guns, but right-wing NRA nutjobs do.
I don't know, why don't you ask someone who raised taxes more? I understand seances for Reagan are quite popular.
God. You people really are just completely out of your minds.
1. Name me one presidential candidate who ever released his college transcripts (Bush's and Kerry's were stolen). Just one. And then explain why you think Obama's are uniquely relevant where no other presidential candidate's were. We're all waiting.
2. Yeah, sorry, there was no "gun running" so he couldn't have known about it.
http://finance.fortune.cnn.com/2012/07/03/fast-and-furious-follow-up-the-atf-and-gun-stores/?iid=obnetwork
I do find it fascinating that you guys are now insisting that ATF should have arrested people for buying guns even though the purchases were in full compliance with the pathetically weak federal and state laws you've fought so hard to keep neutered.
3. Huh? His position on a legislative matter is the same as having secret off-shore bank accounts to avoid taxes in the U.S.?
Steve,
Just for informational purposes on your college transcript question (this is NOT my stance/conspiracy):
- Looking into many of the birthers "accusations" is one where Obama has his transcripts "sealed" because it would show that he got college aid as a foreign student.
Oh hell, I know what the loons are saying. Besides that, there's the "he cain't be as smart as you dumb libs think he is becuz . . . well, you know . . . just, you know" thing. Just wanted to hear the come out with it.
The ultimate question for Willard.
Willard as one of the "Job Creator" class how many jobs do you think that offshore money would create if invested here in the USA
The offshore slant probably won't get that much traction, it is not clearly a "bad" thing. Lots of people would like to be able to shield their income from taxes. But the fact that in 1999 Sankaty was used to hold a $75 million investment in Stericycle, a medical waste disposal firm that disposes of aborted fetuses, will probably resonate with the voters in the heartland, but not in the way Romney would want. Romney has claimed that he had no active involvement in that particular Bain deal, but Sankaty and the secretive nature of the offshore investment will probably be the smoking gun that connects a nice chunk of Romney's riches to the abortion trade.
You really think a multi-millionaire presidential candidate sheltering millions of dollars in secret offshore bank accounts isn't going to get any traction with swing voters?
Damn, you must be a Democratic campaign consultant.
This would be a great opp for Romney to talk about his policies and the dangers to the economy of overregulating. He could say "Complicated regulatory approval procedures and complying with legislation such as Sarbanes- Oxley make it unattractive for many foreign businesses to do business with Americans."
Otherwise his actions read as "taxpayers should get as much tax avoidance as they can afford"
Business operates in the public arena. It would be nice if business could not commit fraud or endanger the public.
I use to thing that at least the republicans were honest when they said, "We want all the money", which certainly includes not paying taxes. The democrats were then the liars when they said, "We're not like the republicans", and then commit insider tradeing.
Now the republicans must be trying to set some kind of precedent where they lie about everything,, smoothing the path to continue legalizeing business fraud..
When Mitt's father ran for president in 1968, he released 12 years of tax returns. He stated "one year could be a fluke, perhaps done for show." Mitt has released one year, and that revealed he had declared accounts in Bermuda, The Cayman Islands and Switzerland. All countries that are tax havens and have secrecy laws to protect depositors. Not illegal, but highly suspect. Why not Germany, France or Italy? He may and I repeat may release a later year tax return, but he can't release a previous year. You see Mitt doesn't like to pay taxes. When he worked for Bain, they lobbied for the tax break that allows them to pay 15% on carried interest. When they wanted to close the loophole, Bain spent millions again on lobbying. When he was on the board of directors of Marriott, he was Audit Chairman. He reduced their tax rate to 6.8% through offshore tax dodges and sleazy loopholes. Enough of this, the real story starts below.
In 2009 the IRS had a tax amnesty for people that had money in undeclared Swiss bank accounts. The IRS was given a list of 4,500 names, and let the financial world know they were going to go after these people. More than 30,000 people came forward and the government collected 2.7 billion in taxes and penalties. The company that came forward with these names was UBS, the same company that Mitt has his "declared" account with. Some believe up to 10 trillion dollars are stashed in tax havens by Americans. His staff was sweating bullets in January when he released his tax release. Now that there are calls for him to release his previous tax returns, they are back in panic mode. They have no way to explain the mysterious appearing accounts and the sudden surge in assets. If he does release them, look for white out and a copy of Photo Shop at his campaign office.