Tuesday, July 3, 2012

Breaking story from Vanity Fair: Where the money lives

As Newt Gingrich put it during the primary season, “I don’t know of any American president who has had a Swiss bank account.” But Romney has, as well as other interests in such tax havens as Bermuda and the Cayman Islands

Full Story | By Nicolas Shaxson (August issue, 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.


Though he left the firm in 1999, Romney has continued to receive large payments from it—in early June he revealed more than $2 million in new Bain income. The firm today has at least 138 funds organized in the Cayman Islands, and Romney himself has personal interests in at least 12, worth as much as $30 million, hidden behind controversial confidentiality disclaimers. Again, the Romney campaign insists he saves no tax by using them, but there is no way to check this.


Blowing smoke said...

This story and the one on Romney's investments in Stericycle (abortion waste disposal company) are portraits of a true VULTURE capitalist. I don't care about liberal v. conservative posturing. It just is what it is. Thanks for getting these stories out there.

Jasper, come in here right now! said...

rMoney is a very wealthy man who was born rich and has gotten much richer in recent years by helping to destroy American businesses and sending jobs overseas.

He is someone who has no idea how the rest of us live and would make a terrible leader of this country for that reason alone.

And...have you noticed the man cannot keep his stories straight?

And like someone wrote: The nation is not a business and should not be run like one. If we used rMoney's business model, we could/should simply send American workers overseas, along with their jobs.