Just more of that lazy citizen class envy/warfare

david52_gwJuly 3, 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.

snip

To give but one example, 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." It could be that Sankaty is an old vehicle with little importance, but Romney appears to have treated it rather carefully. 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. The director and president of this entity is R. Bradford Malt, the trustee of the blind trust and Romney's personal lawyer. 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. While the Romneys- spokespeople insist that the couple has paid all the taxes required by law, investments in tax havens such as Bermuda raise many questions, because they are in "jurisdictions where there is virtually no tax and virtually no compliance," as one Miami-based offshore lawyer put it.

snip

These, plus the mandatory financial disclosures filed with the Office of Government Ethics and released last August, raise many questions. A full 55 pages in his 2010 return are devoted to reporting his transactions with foreign entities. "What Romney does not get," says Jack Blum, a veteran Washington lawyer and offshore expert, "is that this stuff is weird."

snip

Likewise, the Romneys were reported to have invested at least $1 million in Elliott Associates, L.P., a hedge fund specializing in "distressed assets." Elliott buys up cheap debt, often at cents on the dollar, from lenders to deeply troubled nations such as Congo-Brazzaville, then attacks the debtor states with lawsuits to squeeze maximum repayment. Elliott is run by the secretive hedge-fund billionaire and G.O.P. super-donor Paul Singer, whom Fortune recently dubbed Mitt Romney's "Hedge Fund Kingmaker." (Singer has given $1 million to Romney's super-pac Restore Our Future.)"

snip / end quote

But hey, once again, half the country would rather pretend that none of this is here, elect an acrobatic weasel who goes to enormous lengths to hide his wealth, than Obama. The entire campaign is about this - don't look at us, its 'anybody but Obama'

and its working

Here is a link that might be useful: much more at the link

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ohiomom

.....lets get this over with: but what about the millions of poor people that do not pay federal tax? Forget the million/billionaires lets go grab those miscreants making minimum wage and make them pay their fair share.

Why look at all those jobs Romney and Gang created ... in China.

    Bookmark   July 3, 2012 at 2:15PM
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david52_gw

Yea but a bumper sticker, "Vote For Sankaty High Yield Asset Investors Ltd" would be fun.

    Bookmark   July 3, 2012 at 2:18PM
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pnbrown

Yep, Mitten is the Machine. It doesn't get any more tentacled. The implication here seems to be that because Obama is way less rich, he is less controlled?

Not a chance.

    Bookmark   July 3, 2012 at 7:43PM
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Elly_NJ(NJ z6)

I'm sure someone will blame this - and the fire itself - on President Obama.

    Bookmark   July 3, 2012 at 8:01PM
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PRO
Brushworks Spectacular Finishes(5)

Well said, pnbrown.

What does Bill say? Twin brothers of different mothers.

    Bookmark   July 3, 2012 at 8:06PM
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david52_gw

...... Sankaty was transferred to a trust owned by Romney's wife, Ann, one day before he was sworn in as Massachusetts governor in 2003, according to Bermuda records obtained by The Associated Press. The Romneys' ownership of the offshore firm did not appear on any state or federal financial reports during Romney's two presidential campaigns. Only the Romneys' 2010 tax records, released under political pressure earlier this year, confirmed their continuing control of the company. snip

Vote Sankaty High Yield Asset Investors Ltd in 2012

Here is a link that might be useful: link

    Bookmark   July 4, 2012 at 7:54AM
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jodik_gw

I'm glad you said it, Ohiomom... because you know it would have made an appearance sooner or later... all those poor, low income folks that don't make enough to owe, and whatnot... all getting away without paying in...

While the real truth is, it's all those gigantic subsidies paid out to people and corporations that don't need it, while at the same time, they're sheltering everything so they don't owe...

Oh, I'm sure it's all Obama's fault... isn't everything?

    Bookmark   July 4, 2012 at 1:46PM
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marquest(z5 PA)

Now don't forget "ENVY" Those poor people are just envious that the Rich do not have to pay the same income rate as I pay. I am creating jobs that is why the increase in jobs is so high. "WE RICH PEOPLE ARE THE JOB CREATORS"

If I was not creating jobs and keeping my millions hidden the Unemployment would be 8.2. Oh wait it is 8.2. Oh well I have my money and my kids do not have to worry about health care or where their next meal is coming.

Ahhhhh everything is alright with the world.

    Bookmark   July 4, 2012 at 2:30PM
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maddie_athome

So who will step in to help instead? FEMA, which means the taxpayer, from elsewhere?

    Bookmark   July 4, 2012 at 2:43PM
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