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Fri Jul 6, 2012, 08:33 AM

On MSNBC talk show in pm, Romney has 105 million in an IRA! Is it possible?

I thought there were limits on amounts deposited annually. Seems illegal if true.

14 replies, 3639 views

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Reply On MSNBC talk show in pm, Romney has 105 million in an IRA! Is it possible? (Original post)
dmosh42 Jul 2012 OP
BeyondGeography Jul 2012 #1
K8-EEE Jul 2012 #9
Cali_Democrat Jul 2012 #10
Schema Thing Jul 2012 #2
dmosh42 Jul 2012 #7
66 dmhlt Jul 2012 #3
dmosh42 Jul 2012 #8
GoCubsGo Jul 2012 #4
kimbutgar Jul 2012 #5
FSogol Jul 2012 #6
Rosanna Lopez Jul 2012 #11
aint_no_life_nowhere Jul 2012 #12
truebrit71 Jul 2012 #13
HopeHoops Jul 2012 #14

Response to dmosh42 (Original post)

Fri Jul 6, 2012, 08:34 AM

1. It's his rainy century fund

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Response to BeyondGeography (Reply #1)

Fri Jul 6, 2012, 12:59 PM

9. DUZY!! nt

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Response to BeyondGeography (Reply #1)

Fri Jul 6, 2012, 01:15 PM

10. LOL

 

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Response to dmosh42 (Original post)

Fri Jul 6, 2012, 08:50 AM

2. it does seem impossible even if he was Warren Buffet

in his investing skills.



Where exactly did you hear this?

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Response to Schema Thing (Reply #2)

Fri Jul 6, 2012, 10:59 AM

7. I believe it was on Martin Bashir show.(Guy who was moved to Rattigan's slot)

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Response to dmosh42 (Original post)

Fri Jul 6, 2012, 09:01 AM

3. Yes - tricky, but it's legal. AND only if you're RICH RICH RICH

(H)ow can his I.R.A. possibly contain up to $102 million...?

The Romneys won’t say, but Mark Maremont, writing in The Wall Street Journal, uncovered a likely explanation. When Bain Capital bought companies, it would create two classes of shares, named A and L. The A shares were risky common shares, to which they would assign a very low value. The L shares were preferred shares, paying a high dividend but with the payoff frozen, and most of the value was assigned to them. Bain employees would then put the exciting A shares in their I.R.A. accounts, where they grew tax-free. With all the risk of the deal, the A shares stood to gain a lot or collapse. But if the deal succeeded, the springing value could be stunning: Bain employees saw their A shares from one particularly fruitful deal grow 583-fold, 16 times faster than the underlying stock.


http://www.vanityfair.com/politics/2012/08/investigating-mitt-romney-offshore-accounts

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Response to 66 dmhlt (Reply #3)

Fri Jul 6, 2012, 11:01 AM

8. Ok, didn't realize he could do that with shares from the "Bain looting"! Thanks

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Response to dmosh42 (Original post)

Fri Jul 6, 2012, 09:05 AM

4. Yes. It is possible.

The limit is something like $3000 per year, although one can put in more. But, one would have to pay an "excess contribution " tax of 6% per year. Unless his IRA is earning way more that 6%, I can't see how it would be worth it to him to stick that kind of money in an IRA.

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Response to dmosh42 (Original post)

Fri Jul 6, 2012, 09:42 AM

5. If you have a 401K you can move the money to an IRA

I had a job where they contributed my bonuses into a 401K and it was more than the $2000 annually when I left I was able to transfer the money over to an IRA account.

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Response to dmosh42 (Original post)

Fri Jul 6, 2012, 09:58 AM

6. When will the media discover that Romney has a huge money vault just like Scrooge McDuck

and that he spends his evenings rolling around in a pile of $100s and Krugerrands.

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Response to dmosh42 (Original post)

Fri Jul 6, 2012, 01:57 PM

11. $100 million trust fund

Don't the Romney kids have a $100 million trust fund ?

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Response to dmosh42 (Original post)

Fri Jul 6, 2012, 03:58 PM

12. Thom Hartmann and Victoria Jones are discussing this right now

Thom I believe said that you can only put up to $6,000 a year in a 401k. Victoria Jones is shaking her head, saying that she's asked several people about this and they don't know how it's possible to accumulate over $100 million this way . Apparently, the Romney campaign didn't respond to her requests for information. They're not saying point blank that it's illegal but they're both shaking their heads. I wish I knew more about it.

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Response to dmosh42 (Original post)

Fri Jul 6, 2012, 04:29 PM

13. Read the Vanity Fair article posted elsewhere...VERY interesting stuff...

 

...oh, and he got that much in his IRA by fucking people over, you know, the same way all of his other rich pals did...

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Response to dmosh42 (Original post)

Sun Jul 8, 2012, 03:21 PM

14. Not legally.

 

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