Assets offshore hint at larger Romney wealth
Source: AP
WASHINGTON (AP) -- 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.
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.
Read more: http://hosted.ap.org/dynamic/stories/U/US_ROMNEY_OFFSHORE_COMPANY?SITE=ILALT&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2012-07-04-03-51-46
xchrom
(108,903 posts)Flatulo
(5,005 posts)Some people have an army of attorneys doing nothing but hiding their money from the government.
I fear that even if we return to more equitable marginal tax rates, the hyper wealthy will just continue to play shell games with their stash.
Laura PourMeADrink
(42,770 posts)Laura PourMeADrink
(42,770 posts)What an utter slime bag. Not the weatlh, but the sneakiness. Who could trust this person
Reminds me more of Nixon
grasswire
(50,130 posts)He came from modest Quaker background.
He did have a severe personality disorder, but IIRC he was not after money.
Laura PourMeADrink
(42,770 posts)Surya Gayatri
(15,445 posts)to sink their teeth into this story, the revelations will keep trickling out.
Let's hope more really damaging revelations appear just in time for the fall campaign dash to the finish line.
Laura PourMeADrink
(42,770 posts)opened to door.
What a fun job that would be - having the resources and AP's clout, to dig out dirt on the
asshole.
creeksneakers2
(7,473 posts)that Romney release more of his tax returns.
truthisfreedom
(23,147 posts)full financial disclosure.
He'll never survive this. He can't hide money and run for President of the United States.
lonestarnot
(77,097 posts)Homer Wells
(1,576 posts)Hawaii Hiker
(3,166 posts)Democrats should be able to have a FIELD DAY with Romney, who TRULY is out of touch...
SunSeeker
(51,557 posts)Besides the out of touch crap, they also swiftboated Kerry as somehow not serving with honor. Hell, Romney did not serve at all. He dodged Vietnam asserting he was a Mormon bishop. He spent the war riding his bike around the south of France brow-beating French people into joining his cult.
waddirum
(979 posts)How does knocking door-to-door with white shirts and Book of Mormon excuse one from Vietnam? Do Hare Krishnas selling flowers at the airport also qualify for a draft exemption?