Romney Explains Profiting Off Florida Foreclosures: They Were ‘In A Blind Trust, Managed By

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Romney Explains Profiting Off Florida Foreclosures: They Were ‘In A Blind Trust, Managed By A Trustee’

ThinkProgress reported Wednesday that former Massachusetts Gov. Mitt Romney (R) has profited from thousands of Florida foreclosures through a Goldman Sachs investment fund. Former House Speaker Newt Gingrich (R) blasted Romney on the trail today for those investments, and re-upped those attacks in tonight’s CNN debate.

Romney attempted to explain away the investments, saying he didn’t control them because they were part of a blind trust:

GINGRICH: Governor Romney has investments in Goldman Sachs, which is today foreclosing on Floridians. So maybe Governor Romney, in the spirit of openness, should tell us how much money he’s made off of how many households that have been foreclosed by his investments.

ROMNEY: First of all, my investments are not made by me. My investments for the last 10 years have been in a blind trust, managed by a trustee. Secondly, the investments they’ve made, we’ve learned about this as we made our financial disclosure, have been made in mutual funds and bonds. I don’t own stock in either Fannie Mae or Freddie Mac. There are bonds the investor has held through mutual funds. And Mr. Speaker, I know that sounds like an enormous revelation, but have you checked your own investments? You also have investments through mutual funds that also invest in Fannie Mae and Freddie Mac.

Watch it:
http://thinkprogress.org/economy/2012/01/26/412997/romney-explains-profiting-off-florida-foreclosures-they-were-in-a-blind-trust-managed-by-a-trustee/

(snip)
Romney’s reliance on blind trusts is interesting, considering it was he who called them “a ruse” when running against former Sen. Ted Kennedy (D) in 1994. And as ABC News noted, the trusts are “not so blind,” since they have been noted on his financial disclosure forms. The trusts are also maintained by Romney’s personal lawyer and don’t meet federal standards for elected officials. Romney’s original investments into Fannie Mae and Freddie Mac, meanwhile, were never in a blind trust.

[bluestateguy]

1. There is no such thing as a blind trust

the person always finds a way to peek behind the curtain.

[Firebrand Gary]

2. A few thoughts.

Where are the blind trusts located? Are the in US or are they in the Caymans? If they are in the Caymans, what privacy laws are they subject to?

Additionally, what type of American would put their investments into a vehicle that even has the remote possibility of making money off of people who are losing their homes? Really?

What percentage of Americans have investments in blind trust? Furthermore, what is the average balance of assets in a blind trust?

[customerserviceguy]

3. Ooohh, that's gonna leave a mark

Chances are pretty damn good that this "investment" was involved in foreclosures in all fifty states.

Romney is toast, and we should hope that he's the nominee.

[upi402]

4. If he can't control his own finances...

what is he going to do with the US government?

[Brigid]

5. What difference does it make?

He still profited from those investments.

[Initech]

6. If anyone thinks Romney or Gingrich are gonna fix the economy...

They are certifiably insane. They're probably going to do even less than what we have now. Romney probably loves the economy the way it is!