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Experts’ Best Guesses On Romney’s Swiss Bank Account

hazlnut

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Experts’ Best Guesses On Romney’s Swiss Bank Account


Romney’s unwillingness to disclose more information about his finances has fueled speculation that Romney used the account to hide money from the IRS, and may have even had to avail himself of an amnesty program that allowed U.S. owners of certain Swiss bank accounts to come clean to the government without facing legal recriminations. (The Romney camp is nowspecifically denying that his UBS account was connected to the IRS investigation and the amnesty program.)
But even if Romney paid his taxes as required, the question becomes, Why would a person with national political ambitions open himself to the political risks associated with having a Swiss bank account in the first place?
Plus there’s another hitch: Why run the risk for an account that was relatively small? It was opened on behalf of Ann Romney’s blind trust in 2003, held about $3 million, and generated a mere $1,700 of interest in 2010. Big bucks for ordinary folks, but not for Romney.
High risk/low reward isn’t exactly Mitt’s style personally or professionally. So what gives? Tax experts I’ve been talking to have some interesting — and plausible — theories about how Romney found himself in this mess. Emphasis on “theories.”

A great read. Both theories are well thought out.

How can this guy even pretend to understand the struggles of the average American? He and his family want for nothing.

I honestly don't doubt his abilities as a businessman, but will his policies be in my interest or the interest of Wall Street and the banks?
 
Experts guessing about something they have no clue about ... great. :roll: NEXT!
 
I'm guessing these experts are FOS and letting their politics guide their "guesses". Bet my guess if more probable than theirs! :lamo

Friggin "article" looks like a blog. Why didn't he name his "experts?"
 
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Romney’s unwillingness to disclose more information about his finances has fueled speculation...

Nah, that doesn't sound anything like birthers or truthers....
 
Its talking points memo, they are experts at framing stories that make republicans look bad and democrats look good. So Id say their "expertise" at fellating the democratic party doesnt apply to knowing the nature of Romney's bank accounts.
 
Not very many of our politicians can identify with us at all. They usually come from lives of wealth and privilege and even those who don't get quickly swept up by the gravy train, the ass-kissing, the free lunches and the connections.

Even if by a miracle one of them gave a rats ass about regular people, they'd be isolated very quickly.

I don't see how Romney is any more detached than Obama. Neither is a great leader, we can only hope.
 
looks like the Swiss get screwed on their APY, as well.
 
Per the article:

Plus there’s another hitch: Why run the risk for an account that was relatively small? It was opened on behalf of Ann Romney’s blind trust in 2003, held about $3
million, and generated a mere $1,700 of interest in 2010. Big bucks for ordinary folks, but not for Romney.

The account was in Ann Romney's name and was a "small" account.


Also in the article it is mentioned that there wold be no point in having a foreign bank account since a NYC bank account would do the same things. I doubt that f the account would have to do interactions on behalf of Ann Romney and while many US banks could do most anything for a customer than a foreign bank would be able to do the foreign bank is more expert at what is required locally or regionally than an American bank and also there would not be an additional layer of unnecessary bureaucracy that the foreign bank would not have to deal with (and charge for). The US bank may be required to make reports to fed agencies for things that would not require taxation or extra-territoriality issues that the agencies would not need or even be able to act on.
 
How can this guy even pretend to understand the struggles of the average American? He and his family want for nothing

To be frank, my vote for President doesn't typically revolve on whether or not the person "identifies" or "understands" me. I didn't give a damn about the "Bush is someone you could have a beer" with argument in favor of W and I didn't give a damn about the "Obama is a harvard educated academic elitist" arguments against him.

With that said...IF I was looking for something to indicate to me how Romney views his wealth or influence in terms of doing right by "his people", it would not be looking at the fact he has a Swiss Bank Account. I'd be more apt to look at THIS story where the guy....who apparently shouldn't even "pretend to understand the struggles of an average american"....utilized whatever wealth and influence he had, essentially shutting down part of his business operations in the process, to attempt and help the interests of one of his Partners. IF I was to be voting based on how much I felt that an individual running "understands" me or based on whether or not they'll look to leverage their power to help my specific interests....a story like that is far, far more likely to influence that vote than what may be in his tax returns.
 
To be frank, my vote for President doesn't typically revolve on whether or not the person "identifies" or "understands" me. I didn't give a damn about the "Bush is someone you could have a beer" with argument in favor of W and I didn't give a damn about the "Obama is a harvard educated academic elitist" arguments against him.

With that said...IF I was looking for something to indicate to me how Romney views his wealth or influence in terms of doing right by "his people", it would not be looking at the fact he has a Swiss Bank Account. I'd be more apt to look at THIS story where the guy....who apparently shouldn't even "pretend to understand the struggles of an average american"....utilized whatever wealth and influence he had, essentially shutting down part of his business operations in the process, to attempt and help the interests of one of his Partners. IF I was to be voting based on how much I felt that an individual running "understands" me or based on whether or not they'll look to leverage their power to help my specific interests....a story like that is far, far more likely to influence that vote than what may be in his tax returns.

Getting off topic, but: I do think an ability to understand the issues you have is something valuable in a presidential candidate. Romney reminds me a bit of my brother in law, except moreso. My brother in law, when he heard about a study that claimed it cost an average of 14k a year to raise a kid today refused to believe it was even possible to raise a kid for that little, let alone that being the average. His lifestyle is such that the day to day struggles of the middle class simply don't ring true.
 
One of the main reasons to get a Swiss bank account is to protect those assets from lawsuits.
 
How can this guy even pretend to understand the struggles of the average American? He and his family want for nothing.

Are you implying that Obama understands the common American stuggle? Do you think he or his family dont want for nothing? If you dont want to vote for someone rich you should probably avoid this election. And every presidential election. And probably all or at least most congressional elections. And most state elections.
 
It can't be because Swiss bank accounts tend to have a much higher rate of return and very low risk. Everyone focuses on the idea that Romney has an account and that the bank can't tell us so it must be nefarious.
 
It can't be because Swiss bank accounts tend to have a much higher rate of return and very low risk. Everyone focuses on the idea that Romney has an account and that the bank can't tell us so it must be nefarious.

People have every right to assume its nefarious since he refuses to release his tax returns and financial information...blame HIM for the skeptisism
 
People have every right to assume its nefarious since he refuses to release his tax returns and financial information...blame HIM for the skeptisism

I say Congress should be able to subpoena all of this. For both sides. Education records also. Full background check, every nook and cranny. With SCOTUS involvement on what should go public.

There should be some method for 2 branches to collaborate for or against the 1, in all combinations.
 
People have every right to assume its nefarious since he refuses to release his tax returns and financial information...blame HIM for the skeptisism

they have the right to make all kinds of assumptions. people have been doing it in elections for years. Not that they jump there on their own. Both parties get their monkeys jumping to all kinds of conclusions and spewing it as facts.
 
People have every right to assume its nefarious since he refuses to release his tax returns and financial information...blame HIM for the skeptisism

Having the right to do it and being right about it are two separate issues.
 
Please, some one explain to me why I should care about these bank account.
 
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