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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsRomney’s Tax Return Nightmare Worsens After Errors Found In Financial Disclosure Statements
Mitt Romney released his tax returns to put to bed discussions of his wealth and lack of transparency. Instead, they have only spawned more unanswered questions.
Thursday afternoon, the LA Times reported that Romneys tax returns listed 23 funds and partnerships that did not appear on Mitt Romneys personal financial statements the disclosure forms candidates are required by federal law to file with the Federal Elections Commission. Romney filed his disclosure forms in August 2011. The timing of this revelation couldnt be worse. Hours before a GOP debate and days before the crucial Florida primary, Democrats now have new fodder for demanding additional tax return information from the Romney campaign.
Democrats are using the discrepancies to call on Romney to release all his tax returns from years in which he filed public financial disclosure statements. On a conference call with reporters, DNC spokeswoman Melanie Roussell stressed the importance of these newest revelations, saying they show what Mitt Romney was trying to hide on his regular disclosure forms. Roussells charge that the LA Times found what it looks like he was trying to hide is based on the fact that the of the 23 funds and partnerships left off the disclosure, 11 were overseas investments in funds in the Cayman Islands and Bermuda as well as the already-notorious Swiss bank account the Romneys closed in 2010.
Further, Romney staked his credibility on these forms. As Roussell pointed out on the conference call: This is the form that Mitt Romney has been using for months, and years in fact, since he ran for the Senate, as an excuse not to release his tax returns in the first place. Its a potent argument; why trust that one year of Romneys tax returns are sufficient if they revealed new information? Thats the crux of Democrats argument that they now need all returns corresponding to past disclosures.
http://2012.talkingpointsmemo.com/2012/01/democrats-make-hay-of-romneys-financial-disclosure-errors----demand-more-tax-returns.php?ref=fpa
blm
(113,055 posts)something like this get past his attention?
bluestate10
(10,942 posts)Romney can lead raiders in a battle to destroy functioning american companies, while stuffing his pockets, but Romney knows nothing about how to build and sustain jobs that pay living wages and benefits. President Obama has shown that he can create jobs.
roguevalley
(40,656 posts)around me.
madokie
(51,076 posts)nothing more or nothing less.
elehhhhna
(32,076 posts)Bust him.
Quantess
(27,630 posts)Sorry, that's an insult to time-share salespeople.
PassingFair
(22,434 posts)If I were a yellowdog republican (or what ever they call themselves), I'd vote for Romney.
Just because he appears to be less CRAZY than the others.
Quantess
(27,630 posts)I have a facebook acquaintance (-R) who said that she doesn't like any of the candidates, so she'll probably pick Ron Paul.
Cognitive_Resonance
(1,546 posts)TBF
(32,058 posts)Thrill
(19,178 posts)Tx4obama
(36,974 posts)which are now going to come back to haunt him
In 1967, Michigan Gov. George Romney set the bar high for tax disclosure by presidential candidates. While running for the Republican nomination, he was "badgered" by a writer for Look magazine to release his most recent tax return.
Romney refused. Releasing a single return wouldn't prove anything, he told the magazine's senior editor, T. George Harris. It could be a fluke, or even a cynical manipulation designed to make the candidate look good. What really mattered was how a candidate managed his personal finances over the long haul.
Why Mitt Romney pays 15%
"Stumped by his argument," Harris wrote in the magazine, "I was not prepared for the move that it eventually led him to make: He ordered up all the Form 1040's that he and Mrs. Romney had filed over the past 12 years -- including those profitable ones when he saved the American Motors Corp. from bankruptcy and became a millionaire on the company's stock options."
SNIP
http://money.cnn.com/2012/01/18/news/economy/romney_taxes/index.htm
NBachers
(17,108 posts)He came from back in the day when Republicans could actually be respectful, and respected. I know a militant Democratic Detroiter who actually has good things to say about George Romney.
Art_from_Ark
(27,247 posts)At that time, Arkansas had a pretty decent Republican governor of its own-- Winthrop Rockefeller-- and in those days, when I was just becoming politically aware, I automatically thought Romney was like "WR".
PassingFair
(22,434 posts)Even my father loved Bill Milliken.
Romney, not so much.
tabatha
(18,795 posts)James48
(4,436 posts)23 missing funds and partnerships ...
2 Caymen Islands tax havens...
and an
...undeclared SWISS BANK ACCOUNT
in a treeee. ♪♪♫♪ ♫
fire_guy266
(10 posts)What Bain does should be illegal. Look at Dunkin Brands (Dunkin Doughnuts and Baskin Robbins). There was an IPO last year and I bought some of the stock. I then found out that Bain is the lead in the private equity consortium that bought Dunkin Brands in 2006. Private equity can be a sleazy business and is one of the problems with this country. You would think Dunkin Doughnuts is a good company right? They are expanding and they have good coffee. Bain was the lead in the consortium that bought it in 2006 with borrowed money for 2 billion dollars. They put the 2 Billion on the balance sheet of Dunkin Brands. All of a sudden a company that sells to franchisees and gets franchise fees was 2 billion in debt. They took the company public with an IPO last year. They put the cost of the IPO on the Dunkin Brands balance sheet. Recently they paid themselves a half a billion dollar dividend and put that on the Dunkin Brands balance sheet. Because of Bain the company is deep in debt and all the profits and used to pay down the debt. I sold my position. My experience gave me a clear picture of why Bain does. They just bleed these companies and suck everything they can out of them. Dunkin Brands would have been better off if the family that originally founded the company brought it public instead of selling it to leaches like Bain. You have people working very hard in those Dunkin Doughnut stores for low wages and you have millionaires like Willard that borrow money from the company to line their pockets while screwing common stock holders. Perry was correct when he called Mitt a vulture.
rocktivity
(44,576 posts)Last edited Fri Jan 27, 2012, 11:34 AM - Edit history (1)
TWENTY-THREE missing financial disclosures is an "EEEEEK!" And it doesn't speak well of his fiscal competence.
rocktivity
DallasNE
(7,403 posts)Romney is even more wealthy than has previously been disclosed. Perhaps, substantially more.
flamingdem
(39,313 posts)and i'm watching the debate on CNN but it hasn't been mentioned (I tuned in late though)
raouldukelives
(5,178 posts)Dyedinthewoolliberal
(15,574 posts)He's done. Kaput. Finis. History. Buh-Bye!
DallasNE
(7,403 posts)I gleaned that from a TPM link within the TPM link. What does Romney mean in this context? That Gingrich is a drunk? That is a serious charge. Or, is this a dog whistle thing when that is the impression Romney wants to leave. Now Romney did not actually name Gingrich, saying nominee instead, but when paired with "honesty" and "integrity" and Gingrich's status as his chief opponent the clear implication is that Romney was referring to Gingrich.
JJW
(1,416 posts)liberal N proud
(60,334 posts)My ass!
PassingFair
(22,434 posts)snagglepuss
(12,704 posts)malthaussen
(17,194 posts)The mendacity or the incompetence? I suppose I should also throw in the obvious contempt for both the law and the perceptiveness of the American people. This guy is just one self-inflicted wound after another.
-- Mal
magical thyme
(14,881 posts)incompetence can be overcome by a really good backup team. Mendacity is bone deep.
oldhippie
(3,249 posts).... that the Mitt was not required to disclose every single fund or partnership on the form.
I used to have to fill out an annual financial disclosure form since I was a "contracting official" for the US Govt. OGE Form 450. The form required disclosure of all stocks and bonds, but not mutual funds or other entities that were of a "generic" nature. The only funds I had to disclose were "sector" funds that may have had some connection to issues I was dealing with as a govt official.
I don't know the details of the form that presidential candidates have to fill out, but I would expect there to be similar exemptions. What would be the purpose of having to disclose ownership of an S&P 500 Index Fund? It would be hard to show a conflict of interest with such a broad index.
Maineman
(854 posts)This seems like a pretty good example of being unAmerican or unpatriotic. Great orientation for a potential president!
As noted on The Young Turks, Romney gave more money to the Mormon church than he paid in taxes. So, avoiding taxes and the Mormon church are more important to him than his country. Great values for a potential president!
Romney says corporations are persons, absolutely. Great perspective for a potential president.
fire_guy266
(10 posts)They would say we just envy them. Not everyone can take advantage of tax loopholes and pay 15% tax. Not everyone has what it takes to do leveraged buyouts of companies and milk them for all they are worth; put those companies in debt and then bankrupt them. Bain didn't put Dunkin Doughnuts in bankruptsy, but they managed to get the company two billion in debt and pay themselves a half a billion dollar dividend while the common stock holder got nothing. It's nice to be Mitt. I would like to think that if I was wealthy I would do things to better society; like Bill gates trying to wipe out Aids. With Mitt, we get Swiss bank accounts.
Hubert Flottz
(37,726 posts)democrats.
1% republicans are "entitled" to be above the laws the rest of us live by.
DippyDem
(659 posts)Fire the accounting powerhouse, Mitty boy and have fun firing, remember it's your favorite hobby. Go do your own taxes with Turbotax Online with your idle time. Save a few bucks, hmm? After all you don't have a job to preclude doing your own taxes. Get it done right the first time. Then you can claim that you will have the experience to do the Fed budget!