Woman at a town hall Asks Romney: Is it patriotic to stash your money in the Cayman Islands"

[Ichingcarpenter]

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At a town hall style meeting in Portland, Maine today a woman confronted Mitt Romney over his foreign investments in the Cayman Islands. Romney responded to the woman by explaining his investments are handled by a blind trustee, and that he pays all the taxes required of him.

[oh08dem]

1. In Romney speak

"blind trustee" translates to "I've been robbing you blind!"

[russspeakeasy]

16. Shouldn't it really be "blind truster" ? If you blind idiots are willing to let me

get away with it, I will.

[MADem]

2. Cough-horseshit-cough, and all that! nt

[gateley]

3. I heard that on the radio - and good for her! But in the part I heard she didn't follow up --

like maybe saying "couldn't you be patriotic and have your blind trusts only stash money in American banks?"

He's right - nothing he's doing is illegal and we all know it's the system (unless, of course, he IS doing something illegal), but it leaves a bad taste in the mouths of millions.

[Ohio Dem]

6. That, and his career at Bane.

Average Americans aren't fans of vulture capitalists and offshore accounts. And he can't spin it, imho.

[JDPriestly]

20. We don't know whether what he is doing is legal.

He could be laundering money to be used in his campaigns.

He said his employees who manage his trust open an account in the Caymans because that way foreigners can invest in it.

Now my question is "What happens to the money once the mix of his money and that of the unnamed foreigners is in the account?"

Is it used for overseas investments or for investments in the US? If for investments in the US, why can't the foreigners just invest in Romney's companies in the US? Why does he need accounts in the Caymans?

Who decides on what investments the money is used for? And what happens to the presumed profits from those investments? Does he declare the profits on his tax return?

Or does Romney have the income from his foreign investments deposited in his Cayman accounts? That also needs to be reviewed for either money laundering or influence purchasing if not downright bribery by foreigners.

I have the impression that Romney is hiding or covering something up. I'm suspicious that way. But this seems arcane and overly complex to me. These accounts make all kinds of illegal activities possible. Doesn't mean Romney is doing anything illegal, but we can't assume that what he is doing is entirely legal either. The US government scrutinizes all our transactions and bank transfers over a certain amount. It used to be $10,000. I believe that amount is lower now.

Romney's answer was just terrible. It would take a long interview to get clarity on this.

[thelordofhell]

4. "Not a dollar more"

republicans in a nutshell

[Cali_Democrat]

7. Yup. "Not a dollar more"

Rmoney: I pay a 13.9% tax rate and not a dollar more!

Meanwhile, most Americans pay much more than that. What an asshole.

[Cali_Democrat]

5. That woman is my hero!

Blind trustee? 13% tax rate?

Fuck you, Rmoney.

[midnight]

8. Romeny made good investments with his insider trading privaledges,and

now doesn't want to pay taxes because he has another tool of privledge to keep the money... Blah Blah Blah.....Why are these people clapping?

[Ichingcarpenter]

9. The blind Trust administration probably costs more than you make in 20 years

But it saves him millions.
Lawyers are not cheap and they administrate a blind trust.

[malaise]

10. What I don't get is his belief that he is not accountable

because of his blind trust. Fugg him.

[Ichingcarpenter]

12. The name itself 'blind trust' is something to think about

There is no such thing, it is not blind.

[SDjack]

11. Mittens can give trust Administrator general instructions

to keep the money invested within the USA. But, he wants low risk, low taxes, and low risk.

[thucythucy]

13. Since his entire campaign

is based on the premise that it's his experience "creating jobs" in the private sector that justifies his running for the White House, isn't him saying he in fact has nothing whatsoever to do with how his money is invested a negation of that theme?

"I'm the only one running with experience in the private sector on how to create jobs."

"I haven't had anything to do with how my money is managed since I became a career politician."

So which is it? And precisely how many years has it been since the man, according to himself, had anything to do with the private sector?

[dougolat]

17. good point, he's created jobs for tax-lawyers and gaming the system................nt

[fasttense]

14. A blind trust?

Is he employing the disabled? Blind CPAs?

Those RepubliCONS will not approve of him employing the disabled.

[SaintPete]

15. "i don't manage my money"

Of course you don't - you outsource jobs, you outsource responsibility, and you offshore your profits.

If you don't manage your money, then what's the basis of your claim that you'll be better able to manage our money?

[JDPriestly]

19. Question.

I do not understand what he means when he explains that he placed his money in the Cayman Islands so that foreign investors could invest in the funds.

I assume he means that the set up a business account in the Cayman Islands for a company with the intention that foreigners could invest in the Cayman Islands' account of the company.

My question is, why couldn't the foreigners invest in an account that Romney set up in the US? Why did the account have to be set up in the Cayman Islands in order for them to invest in it?

This suggests to me that he was doing something akin to laundering the money of foreigners by creating an account in the Caymans, accepting other people's money into the account (outside the review of our tax or legal professionals) and then bringing that mix of money into the US to invest.

Am I wrong?

His answer raises more questions than it resolves for me.

If not to avoid taxes or launder foreign money (maybe money he is representing as his own money and spending on his campaign???) then why do it. He could buy a foreign currency or trade in the foreign currency market right here in the U.S.

Please explain.