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flpoljunkie

(26,184 posts)
Thu Jan 26, 2012, 06:29 PM Jan 2012

Breaking: NBC's Michael Isikoff: Romney revising disclosure for overseas accounts

Romney revising disclosures for overseas accounts
By NBC's Michael Isikoff

Mitt Romney could face new questions about his overseas investments after a campaign official acknowledged to NBC News that his campaign is revising his federal ethics forms to report more than a half dozen offshore holdings, including income from a multi-million dollar Swiss bank account that was not disclosed last year.

The tax returns released by the Romney campaign this week showed that the Ann Romney Blind Trust had reported $1,783 in interest income from a bank account held at UBS in Switzerland in 2010. But interest from the Swiss bank account -- as well as holdings in other offshore investments in the Cayman Islands, Bermudas and Ireland that appear in the trust fund's tax returns -- were not disclosed in Romney’s financial disclosure form filed with the Office of Government Ethics last August.

A Romney campaign official emailed Thursday afternoon that Romney’s financial disclosure form is now being amended with the government ethics office “to address this minor discrepancy” and “to deal with some other minor issues.” The Romney campaign’s decision to amend the forms, and additional details about the failure to report the overseas holdings, was also reported Thursday by Los Angeles Times.

The number and size of Romneys’ offshore investments have lately emerged as a major campaign issue, putting the former Massachusetts governor on the defensive over his wealth (estimated at up to $250 million) and forcing his campaign to release his 2010 tax returns this week. When the campaign released the returns on Monday, it arranged for R. Bradford Malt, a longtime lawyer for the Romneys, to brief reporters in a conference call about them.

more...

http://firstread.msnbc.msn.com/_news/2012/01/26/10244809-romney-revising-disclosures-for-overseas-accounts
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Breaking: NBC's Michael Isikoff: Romney revising disclosure for overseas accounts (Original Post) flpoljunkie Jan 2012 OP
Tsk. Tsk. Romney. His is so.... Liberal Veteran Jan 2012 #1
drip, drip, drip! unblock Jan 2012 #2
$1732 Turbineguy Jan 2012 #3
I'm hoping further investigation leads to tax evasion & other federal charges! K&r n/t hue Jan 2012 #4
Now wouldn't that be something! MaineDem Jan 2012 #5
If he's hounded into releasing earlier returns (pre 2010,) we'll likely see he paid no taxes at all. PSPS Jan 2012 #8
Just for reference... TroglodyteScholar Jan 2012 #6
The thing is a2liberal Jan 2012 #14
Where there's smoke there's usually fire. He should follow Daddy's lead and release at least Cognitive_Resonance Jan 2012 #7
Newt needs to demand that 2010 return Thrill Jan 2012 #9
This is great gopiscrap Jan 2012 #10
and if he refuses or hesitates smack him w/obstruction of justice! ;-) n/t hue Jan 2012 #11
Will he get a question about it tonight? MjolnirTime Jan 2012 #12
"I fogot!" James48 Jan 2012 #13
And the really sad thing is... truthisfreedom Jan 2012 #15

PSPS

(13,516 posts)
8. If he's hounded into releasing earlier returns (pre 2010,) we'll likely see he paid no taxes at all.
Thu Jan 26, 2012, 08:48 PM
Jan 2012

TroglodyteScholar

(5,477 posts)
6. Just for reference...
Thu Jan 26, 2012, 08:07 PM
Jan 2012

....a savings account in the USA with approx. $12,000 in it can expect to make $36 in interest this year.

Edit: So it's probably in the neighborhood of a measly half million that he forgot he had. Give the guy a break.

a2liberal

(1,524 posts)
14. The thing is
Fri Jan 27, 2012, 01:54 AM
Jan 2012

that's with the ridiculously low rates of brick and mortar savings accounts right now. You can do 1% easily with online accounts and up to 4% on small amounts with enough effort. Given that it's a foreign account too and rates are better in other countries, I think 3-5% is a fairer number to use when extrapolating a total balance from the interest. So I would say it's more like a $50k account not $500k.

But still, with all the effort he has his accountants devote to exotic tax strategies, you'd think they could avoid stupid oversights like this...

James48

(4,416 posts)
13. "I fogot!"
Thu Jan 26, 2012, 10:38 PM
Jan 2012

Great excuse.

"The dog ate my homework. "

"The check is in the mail. "

and

"I simply forgot to report my Swiss Bank Account."

Yep, happens all the time.

truthisfreedom

(23,113 posts)
15. And the really sad thing is...
Fri Jan 27, 2012, 03:35 AM
Jan 2012

He actually did forget. He's got so much fucking money he has no idea where it all is.

Pegging this guy as out of touch with real Americans is going to be so elementary that if we lose this election, it will only be because Obama decided to take all of his sick days at once.

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