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Thread: The Bain Files: Inside Mitt Romney’s Tax-Dodging Cayman Schemes

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    Re: The Bain Files: Inside Mitt Romney’s Tax-Dodging Cayman Schemes

    Quote Originally Posted by tessaesque View Post
    I hope charges are pending for whomever violated the law by distributing those documents.
    *looks at Somerville*

    "He who does not think himself worth saving from poverty and ignorance by his own efforts, will hardly be thought worth the efforts of anybody else." -- Frederick Douglass, Self-Made Men (1872)
    "Fly-over" country voted, and The Donald is now POTUS.

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    Re: The Bain Files: Inside Mitt Romney’s Tax-Dodging Cayman Schemes

    Quote Originally Posted by American View Post
    *looks at Somerville*


    Oooooh, that's so cute, I knew you liked me.
    “And I have no doubt that every new example will succeed, as every past one has done, in shewing that religion & Govt will both exist in greater purity, the less they are mixed together.”
    ~ James Madison, letter to Edward Livingston, July 10, 1822

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    Re: The Bain Files: Inside Mitt Romney’s Tax-Dodging Cayman Schemes

    Quote Originally Posted by obvious Child View Post
    Why anyone gets worked up over a blind trust is beyond me. It's a blind trust. Romney has NO IDEA what's in. Blind trusts need to be dropped from all political discussion.
    A problem for Mitt is that 'blind trust' which some experts think is not as blind as it should be
    Mitt Romney's Blind Trust Not So Blind
    ...government ethics experts and election lawyers told ABC News that Romney's trust might not be quite as blind as he has long maintained. That's because Romney placed his quarter-billion dollar family fortune in the hands of his personal lawyer and longtime associate Bradford Malt.

    Federal officeholders are required to either fully disclose all their financial holdings and any possible conflicts of interest, or place their holdings in a blind trust. Robert Kelner, a Republican election lawyer in Washington, D.C. with no ties to a current presidential campaign, explained the federal rules governing those blind trusts. "The Office of Government Ethics requires that a financial institution be appointed as the trustee and that the financial institution not be controlled by or have done business with the candidate," said Kelner. "It would preclude you from hiring your favorite lawyer as the trustee."

    Mycroft wrote:
    Wake me when you find something illegal, eh?
    OK - wakie wakie little one
    Leaked documents show that he uses offshore investment funds called 'Blockers' to avoid taxes

    One expert on private equity taxation, University of Colorado law professor Victor Fleischer, said Thursday in a blog posting that the records from one entity, Bain Capital Fund VII LP, a Cayman Islands-based offshore account, showed that the fund's managers appear to have converted their fees from ordinary income to future capital gains.

    Such a maneuver, Fleischer said, would allow the income to be deferred and taken later at a lower 15 percent capital gains rate.
    Professor Fleischer's conclusion
    Bottom line: Mitt Romney has not paid all the taxes required under law.
    “And I have no doubt that every new example will succeed, as every past one has done, in shewing that religion & Govt will both exist in greater purity, the less they are mixed together.”
    ~ James Madison, letter to Edward Livingston, July 10, 1822

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    Re: The Bain Files: Inside Mitt Romney’s Tax-Dodging Cayman Schemes

    Quote Originally Posted by Somerville View Post
    A problem for Mitt is that 'blind trust' which some experts think is not as blind as it should be
    Is there evidence his lawyer consults with him on investments?

    Yes, I agree that's a bit shady. He should have given it to an investment firm like Morgan Stanley or the likes, but that alone does not mean it's not actually blind.
    "If your opponent is of choleric temperament, seek to irritate him." - Sun Tzu

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    Re: The Bain Files: Inside Mitt Romney’s Tax-Dodging Cayman Schemes

    Quote Originally Posted by obvious Child View Post
    Is there evidence his lawyer consults with him on investments?

    Yes, I agree that's a bit shady. He should have given it to an investment firm like Morgan Stanley or the likes, but that alone does not mean it's not actually blind.

    There's 'evidence' and then there is evidence.

    from the ABC News link in my earlier post
    In addition to serving as the trustee for Romney's charitable foundation, (Bradford) Malt's law firm has represented Romney's interests in legal disputes, and Malt served as the primary outside counsel to Romney's company, Bain Capital. A sign of those ties surfaced in August, when Romney filed his financial disclosure report and revealed that Malt had invested over $1 million of the candidate's money in the Solamere Founders Fund. Solamere is managed by Tagg Romney, Mitt's son.
    and
    In an email to ABC News, Romney's campaign acknowledged the arrangement does not live up to the strict standards for blind trusts established by the federal Office of Government Ethics. But the campaign was also quick to note that those rules do not apply to candidates for office -- they apply only to federal office holders.

    "The blind trust does NOT meet the exacting 'federal blind trust' standard," a campaign official wrote in response to questions from ABC News. "We have never called it a federal blind trust. If Governor Romney is elected president, that will change."
    Evidently, there are 'blind trusts' for some and and then there are 'blind trusts' for those with ethical standards greater than Mitt Romney's
    “And I have no doubt that every new example will succeed, as every past one has done, in shewing that religion & Govt will both exist in greater purity, the less they are mixed together.”
    ~ James Madison, letter to Edward Livingston, July 10, 1822

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    Re: The Bain Files: Inside Mitt Romney’s Tax-Dodging Cayman Schemes

    Name the laws Mr. Romney is breaking.
    It's nothing more than X's and O's.

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    Re: The Bain Files: Inside Mitt Romney’s Tax-Dodging Cayman Schemes

    Quote Originally Posted by Somerville View Post
    A problem for Mitt is that 'blind trust' which some experts think is not as blind as it should be



    Mycroft wrote:

    OK - wakie wakie little one


    Professor Fleischer's conclusion
    Dude!!

    You woke me because some guy at CU SAYS he broke a law!!??

    Now you got me grumpy!

    I said...wake me when you find something illegal...not when some liberal hack says he did something illegal...Ya got that?
    TANSTAAFL

    “An armed society is a polite society.”
    ― Robert A. Heinlein, Beyond This Horizon

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    Re: The Bain Files: Inside Mitt Romney’s Tax-Dodging Cayman Schemes

    Quote Originally Posted by Mycroft View Post
    Dude!!

    You woke me because some guy at CU SAYS he broke a law!!??

    Now you got me grumpy!

    I said...wake me when you find something illegal...not when some liberal hack says he did something illegal...Ya got that?
    That "liberal hack" is a professor of tax law and an attorney - maybe you should take a couple of minutes and read up a bit more on those matters which don't agree with your tightly-held beliefs.
    “And I have no doubt that every new example will succeed, as every past one has done, in shewing that religion & Govt will both exist in greater purity, the less they are mixed together.”
    ~ James Madison, letter to Edward Livingston, July 10, 1822

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    Re: The Bain Files: Inside Mitt Romney’s Tax-Dodging Cayman Schemes

    Quote Originally Posted by Somerville View Post
    Looks like Mr Romney financial files have just been hacked



    Link to the documents


    More from The Hill

    This all looks like stuff Romney should have released already. What's the big issue? In fact, a lot is invested overseas and since this is from back in 1999, there must be lots more. Then again, he also donates 10-20% of this to the Mormon Church, is that correct? Sounds like he should be bragging about his money-making skills, not trying to hide them, Eh?

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    Re: The Bain Files: Inside Mitt Romney’s Tax-Dodging Cayman Schemes

    Quote Originally Posted by DaveFagan View Post
    This all looks like stuff Romney should have released already. What's the big issue? In fact, a lot is invested overseas and since this is from back in 1999, there must be lots more. Then again, he also donates 10-20% of this to the Mormon Church, is that correct? Sounds like he should be bragging about his money-making skills, not trying to hide them, Eh?
    Romney doesn't strike me as the kind of guy who brags. I think he'd rather talk about important issues.
    TANSTAAFL

    “An armed society is a polite society.”
    ― Robert A. Heinlein, Beyond This Horizon

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