Breaking: NBC's Michael Isikoff: Romney revising disclosure 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 Romneys financial disclosure form filed with the Office of Government Ethics last August.
A Romney campaign official emailed Thursday afternoon that Romneys 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 campaigns 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
Liberal Veteran
(22,239 posts)unblock
(51,974 posts)Turbineguy
(37,212 posts)It takes him more effort to write it down than to make it.
hue
(4,949 posts)MaineDem
(18,161 posts)I think this will take a while to play out. I'm loving it.
PSPS
(13,516 posts)TroglodyteScholar
(5,477 posts)....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)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...
Cognitive_Resonance
(1,546 posts)12 years worth.
Thrill
(19,178 posts).
gopiscrap
(23,674 posts)I hope Pres. Obama asks te Justice Department to go after him with a vengance!!!
hue
(4,949 posts)MjolnirTime
(1,800 posts)James48
(4,416 posts)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)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.