Romney, Marriott, "Son of Boss" scams, and "Lying for the Lord"

[BlueStreak]

When Romney was on Marriott's board -- actually chairman of the freaking Audit Committee, Marriott engaged in tax fraud schemes known generically as "Son of Boss". In other words, this was such a common tax scam (the official IRS term is "abusive tax shelter&quot that the IRS had a name for it. Here is a summary of what went on under Romney's watch.
http://www.cnn.com/2012/08/08/opinion/canellos-kleinbard-romney-taxes/index.html

Here's a primer on these "Son of boss" tax scams -- regarded by the IRS as an abusive tax shelter -- i.e. tax cheating.
http://www.forbes.com/sites/peterjreilly/2012/08/08/son-of-boss-for-sons-of-you-know-if-marriott-did-it-did-romney/

It appears that Joseph Smith's theology in forming the Mormon religion includes the concept of "lying for the lord" where it is OK to lie as long as it is to the benefit of Mormons, which of course it would be in the case of Marriott and Romney.
http://www.exmormon.org/lying.htm
It would not be hard for Romney to rationalize that his own personal tax cheating in general is OK because that generates a profit for him and he gives 10% of that to the church -- ergo lying for the lord.

[Angry Dragon]

1. Willard -- the great American liar and fraud

[russspeakeasy]

2. GOD TOLD ME TO LIE !! ESPECIALLY TO YOU PEOPLE !!

[otohara]

3. Always Lying For The Lord -

After reading the great-great-granddaughter of Bringham Young speak of this Lying For The Lord thing, I'm convinced Romney's magic underwear are always a reminder of what being a Mormon is all about. Keeping your eye on the goal, no matter how many lies must be told.

[BlueStreak]

4. I am surprised this isn't out there yet

This is undoubtedly the same kind of "abusive" i.e. illegal) scheme Romney used to stash $100,000,000 free and clear of taxes in his Cayman Islands IRA. He has been doing this kind of stuff his entire career.

It is like the old expression, "he was born on third base and thinks he hit a triple."

He started with a boatload of family money and his daddy had all the connections to get more of other people's money. From there it was a routine little business of swallowing up companies, ripping their books to shreds, putting the remains into abusive (i.e. illegal) tax shelters for Romney and his partners, then go on to the next one.

Bernie Madoff might have more integrity than this guy.

[RedStateLiberal]

5. Obama campaign is getting it out there now

http://www.democraticunderground.com/10021100741

That's how I learned of this scheme.

Thank you for your OP!

[Raine1967]

6. K&R n/t

[liberalla]

7. Kick

wow... just when I thought I couldn't think less of Rmoney...

[meow2u3]

8. Last time I checked, "lying for the Lord" is a lie in itself

You can't lie for the Lord because the Lord doesn't lie.

[BlueStreak]

10. Are you speaking as an expert in Mormon theology?

[BlueStreak]

9. Team Obama is all over this

Check out their latest ad

http://www.youtube.com/user/BarackObamadotcom?feature=watch

Now the strategy becomes a bit more clear. They knew that Romney would not release his returns. Now they are making him pay the price. Americans fully understand that Romney is hiding something, but what?

Well, since Romney has refused to come clean, this leaves him wide open for Obama to fill in the blanks. And the beauty of this is they probably 20 things just as bad or worse than the "Son of Boss" tax evasion scandal. And Romney can't do a thing about it.

They can tie "Son of Boss" right to the Magic IRA. "Son of Boss" was all about misrepresenting the basis of assets in a complex shell game. That's exactly the same game he played with his magic IRA.

America is going to get a real education about ho the rich have been screwing us. Before long, every tax-cheating billionaire (which is to say virtually every billionaire) is going to be crying "Uncle". They will be ready to hand Obama the election if he will just turn off the ads exposing all these rich people games.

[NYC_SKP]

11. So I looked up Son of Boss...

http://www.son-of-boss.com/index.html

[BlueStreak]

12. Yes, and the diagrams are helpful

Last edited Fri Aug 10, 2012, 11:06 PM - Edit history (1)

http://www.son-of-boss.com/Son_of_Boss_Diagrams.html

Even with that, it is an extremely complex scam. You have to be a good accountant to not get all twisted up in this shell game.

This is who the man is. His whole life is nothing but tax scams. It is the tax scams that allow him to attract investors with the money to buy out companies. Bain was most certainly not a venture capital company. Venture capital companies help start-ups get on their feet. They have every motivation for the start-up to be successful.

And Bain wasn't really even a pure vulture capital company. This is more like KKR, where they look for weak companies they can gobble up "turn around" and flip.

Bain was mostly a tax scam company. Sure they swallowed weak companies and sucked all their assets. But the big twist was that they wrapped it all in a tax dodge schemes that were so secretive and so complex that the IRS could never unravel them. This was what made Bain special, compared to companies like KKR, Blackstone and the like.

This is why he doesn't want anybody digging into those old returns. The IRS may not have had an auditor assigned that could figure this out. And because he was a Romney, maybe he didn't get audited at all. But he knows full well that if those returns get out in public, there are hundreds of thousands of accountants who can and will get right to the heart of this criminal enterprise.

And what is interesting to me is that evidently these shady tax schemes were still going on as late as 2009 -- even though he supposedly wasn't connected to Bain. That tells me that his payoff from Bain included handing over many of these phony tax schemes and fake offshore corporations to Romney personally in his severance from Bain. In other words, the partners didn't buy the company in cash. Romney's payoff was to take personal possession of some percentage of their con schemes. And some of those remained on his personal returns as late as 2009.

[NYC_SKP]

13. Exactly. His conflicting history with Bain is also part of this.

I'll bet there's criminality to be revealed here, but even if not, it's political dynamite.

[BlueStreak]

14. Another interesting twist: Why are prominent Mormons so out front on this?

You could say Harry Reid is just being a good foot soldier.

But what about Huntsman, Sr.? He's a Republican.

Many have explained this as an anger that Romney cheated the church out of its fair share of tithes. I don't buy that. Romney paid the church a bundle. So what if it wasn't 10% It still surely makes him one of the top donors to the Mormon church, is not THE top donor. I don't think they bite the hand that feeds them.

What makes more sense to me is that Romney is the most visible example of a Mormon since -- well, since Joseph Smith. Forget everything you might have thought you knew about Mormons. The face of Mormon, like it or not, is Willard Mitt Romney.

If the person most Americans see as your poster boy is basically a liar and a tax cheat, that cannot be good for the church. This is why I think they want him to come clean. If he releases his tax returns and that reveals Romney to be a crook, the LDS church can repudiate him and same themselves. As it stands, he is dragging the church under the bus with him.

[BlueStreak]

15. IRS had amnesty for Son of Boss in 2004

http://www.irs.gov/newsroom/article/0,,id=123025,00.html