Wednesday, July 11, 2012

Romney's Multiple Offshore Financial Dealings Cast Shadow on His Business Success

Joe Biden recently quoted Mitt Romney's dad, who once released 12 years of tax returns when he ran for president. The quote from George Romney is, "One year could be a fluke, perhaps done for show."

It really struck home for me after hearing that quote, that this man's son; Mitt Romney, has only released one year of federal returns. Why is this? Well there is a lot of evidence that says Mitt Romney has had some shady financial dealing in his past.

There are two clear examples of offshore accounts operated by Romney discussed in an article by Vanity Fair and also in an investigation by Stephen Braun, Associated Press.  As Braun points out this means (amongst many, many other implications) that Romney's net worth is well over the estimated figure of $250 million.

One of the examples that the articles cited point out, refers to a company called Sankaty High Yield Asset Investors ltd., which operates in Bermuda. This company is described in securities filings as wholly owned by Mitt Romney. It was used as a tax shelter. He transferred it to his wife Jan. 1, 2003, the day before he got inaugurated governor of Massachusetts.

Another of Romney's offshore accounts was in a Swiss bank, and was listed on his 2010 returns as having three million dollars.

So I think we all know why Mitt Romney is hesitant to release more than one or two year's worth of returns, because the farther you go back the more evidence you find that Romney used his financial expertise to set up tax havens around the world.

If you want to vote for Mitt Romney because of his business acumen, it should be pointed out that much of his skills are in his ability to shift money carefully around and avoid penalties, and manipulate the system from the inside. While at the same time hurting workers and gutting companies in the process.

One might say this is a natural thing - to gut a company and refocus it, when it is failing. But if you read the Vanity Fair article you will see how he achieved his 'business success' through tactics like lowering longtime employees pensions and misleading workers.

The more you dig the more you find. This is not the kind of business expertise which I feel can benefit the middle class or poor of this nation. And the fact that Mitt Romney has had multiple offshore accounts that can be described as shady at best, really does astound me. This is politics yes, but facts are facts, and until Romney can explain away the evidence uncovered so far, this is damaging news for him.

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