Tuesday, July 17, 2012

Romney Refuses Transparency In Financial Dealings

Mitt Romney has demanded that President Obama apologize regarding attacks on his record at Bain Capital. The Obama campaign has rightly refused this request. Romney claimed that he left Bain in 1999, in an attempt to avoid charges that the private equity firm's companies went bankrupt or laid off workers under his stewardship. Government documents, however, state that Romney was associated with Bain for three more years. It's all part of Romney's lack of transparency regarding his tax returns, offshore assets and other financial dealings:

Romney has said he left Bain in 1999 to lead the winter Olympics in Salt Lake City, ending his role in the company. But public Securities and Exchange Commission documents filed later by Bain Capital state he remained the firm’s “sole stockholder, chairman of the board, chief executive officer, and president.”

Also, a Massachusetts financial disclosure form Romney filed in 2003 states that he still owned 100 percent of Bain Capital in 2002. And Romney’s state financial disclosure forms indicate he earned at least $100,000 as a Bain “executive” in 2001 and 2002, separate from investment earnings.

...The Obama campaign and other Democrats have raised questions about his unwillingness to release tax returns filed before 2010; his offshore assets, which include investment entities based in Bermuda and the Cayman Islands and a recently closed bank account in Switzerland; and a set of “blind trusts” that meet the Massachusetts standards for public officials but not the more rigorous bar set by the federal government.

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