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

Somerville

Somerville

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Looks like Mr Romney financial files have just been hacked

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

Mitt Romney's $250 million fortune is largely a black hole: Aside from the meager and vague disclosures he has filed under federal and Massachusetts laws, and the two years of partial tax returns (one filed and another provisional) he has released, there is almost no data on precisely what his vast holdings consist of, or what vehicles he has used to escape taxes on his income. Gawker has obtained a massive cache of confidential financial documents that shed a great deal of light on those finances, and on the tax-dodging tricks available to the hyper-rich that he has used to keep his effective tax rate at roughly 13% over the last decade.
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Link to the documents


More from The Hill
Early findings from the documents yielded a report reinforcing previously reported evidence that Romney was still associated with Bain Capital after he retired from in 1999, according to Gawker. Documents in the cache also show that a fund in blind trust in which Romney had invested gave a casino owned by Sheldon Adelson, a major donor to Republicans, $3 million.

Audit files in the document dump also show that Romney has kept a number of offshore accounts through a Swiss bank and a Bermuda shell corporation. Through those accounts, Romney was not "subject to United States federal income or withholding tax on its income from United States sources," according to a 2009 audited financial statement on Bain Capital Fund VIII LP included in the document dump.
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I hope charges are pending for whomever violated the law by distributing those documents.

Financial Records
The Gramm-Leach-Bliley (GLB) Act, also known as the Financial Modernization Act of 1999, has provisions to protect the consumers' personal financial information held by financial institutions, including those companies that receive customer information from financial institutions. The act requires specific physical safeguards, such as shredding, be in place, to protect this personal information.
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So, the hit job is in full swing...complete with disinterested phrases like "escape taxes on his income", "tax-dodging tricks available to the hyper-rich" and my favorite..."the exotic tax-avoidance schemes".

yawn...

Wake me when you find something illegal, eh?
 
Is the IRS failing to carry out their duties? Does the IRS have any charges against Romney for false reporting?

Dirty politicis as expected.
 
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.
 
Mycroft said:
So, the hit job is in full swing...complete with disinterested phrases like "escape taxes on his income", "tax-dodging tricks available to the hyper-rich" and my favorite..."the exotic tax-avoidance schemes".

yawn...

Wake me when you find something illegal, eh?
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Can you explain anything in those links at all?

I thought not.

Granted, they don't provide the necessary information to actually tell if Romney did anything illegal, but your demonstrated grasp of tax is on par with Conservative's understanding of economic history. Neither of you two should be discussing either topic.
 
obvious Child said:
Can you explain anything in those links at all?

I thought not.

Granted, they don't provide the necessary information to actually tell if Romney did anything illegal, but your demonstrated grasp of tax is on par with Conservative's understanding of economic history. Neither of you two should be discussing either topic.
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Dude...you just disturbed my nap. I hope you're happy.

Now..if you'll excuse me, I need my beauty sleep.

Wake me if you find something illegal.
 
Mycroft said:
Dude...you just disturbed my nap. I hope you're happy.

Now..if you'll excuse me, I need my beauty sleep.

Wake me if you find something illegal.
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Huh.

I said: "Can you explain anything in those links at all?

I thought not. "

What's with partisans and doing exactly as I predict? I predict that you have no grasp of the topic and then you go and prove it!

It's like I'm giving the deer the gun to shoot themselves with.
 
obvious Child said:
Huh.

I said: "Can you explain anything in those links at all?

I thought not. "

What's with partisans and doing exactly as I predict? I predict that you have no grasp of the topic and then you go and prove it!

It's like I'm giving the deer the gun to shoot themselves with.
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I'm not interested in the links...unless they reveal something illegal. And I know there are plenty of crazy taxers like you out there going over them with a fine toothed comb. Well, maybe not like you...you obviously haven't been going over them or you'd be spouting off with whatever dirt you could find in them. You've been silent except for your skipping.

Thanks, but I'll wait till y'all are done and see if you find anything illegal.

Good night.
 
Mycroft said:
I'm not interested in the links...unless they reveal something illegal. And I know there are plenty of crazy taxers like you out there going over them with a fine toothed comb. Well, maybe not like you...you obviously haven't been going over them or you'd be spouting off with whatever dirt you could find in them. You've been silent except for your skipping.

Thanks, but I'll wait till y'all are done and see if you find anything illegal.


Good night.
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ROFL the kettle calling the kettle black...what a treat it is to read some of these posts on dpf...
 
obvious Child said:
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.
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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."
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Mycroft wrote:
Wake me when you find something illegal, eh?
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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.
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Professor Fleischer's conclusion
Bottom line: Mitt Romney has not paid all the taxes required under law.
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Somerville said:
A problem for Mitt is that 'blind trust' which some experts think is not as blind as it should be
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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.
 
obvious Child said:
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.
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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.
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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."
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Evidently, there are 'blind trusts' for some and and then there are 'blind trusts' for those with ethical standards greater than Mitt Romney's
 
Name the laws Mr. Romney is breaking.
 
Somerville said:
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
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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?
 
Mycroft said:
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?
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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.
 
Somerville said:
Looks like Mr Romney financial files have just been hacked



Link to the documents


More from The Hill
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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?
 
DaveFagan said:
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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Romney doesn't strike me as the kind of guy who brags. I think he'd rather talk about important issues.
 
Mycroft said:
Romney doesn't strike me as the kind of guy who brags. I think he'd rather talk about important issues.
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Nonesense he brags incessantly about his business acumen and just today hes bragging he was the only one to bring healthcare to Mass...he brags about how successful he was in business and why he should be president because of that.
Is he doing anything others dont do no...but hes bragging none the less
 
Somerville said:
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.
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I don't care if he's god's right hand man.

I expect Romney to be charged with a crime if he's done something illegal. That means law enforcement...not some academic.
 
Mycroft said:
I don't care if he's god's right hand man.

I expect Romney to be charged with a crime if he's done something illegal. That means law enforcement...not some academic.
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Unethical, Decietful, Disgusting doesnt have to be illegal
 
lpast said:
Nonesense he brags incessantly about his business acumen and just today hes bragging he was the only one to bring healthcare to Mass...he brags about how successful he was in business and why he should be president because of that.
Is he doing anything others dont do no...but hes bragging none the less
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LOL!!

Sounds to me like you have a very low threshold for what you consider bragging. I suppose you'd say he was bragging if he said he liked his dog.
 
lpast said:
Unethical, Decietful, Disgusting doesnt have to be illegal
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Those are relative terms...I prefer to stay with something factual...like illegal. You know...in violation of a law.

Heck, he could go take a piss outside and you would paint him as unethical, deceitful and disgusting.
 
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