A Thousand Pages Of Romney’s Confidential Bain Documents Leaked

Gawker has obtained a vast cache of information on Mitt Romney’s finances, much of it involving the labyrinthine stashing of enormous sums of money in offshore hedge funds:

Today, we are publishing more than 950 pages of internal audits, financial statements, and private investor letters for 21 cryptically named entities in which Romney had invested—at minimum—more than $10 million as of 2011 (that number is based on the low end of ranges he has disclosed—the true number is almost certainly significantly higher).

Almost all of them are affiliated with Bain Capital, the secretive private equity firm Romney co-founded in 1984 and ran until his departure in 1999 (or 2002, depending on whom you ask). Many of them are offshore funds based in the Cayman Islands.

Together, they reveal the mind-numbing, maze-like, and deeply opaque complexity with which Romney has handled his wealth, the exotic tax-avoidance schemes available only to the preposterously wealthy that benefit him, the unlikely (for a right-wing religious Mormon) places that his money has ended up, and the deeply hypocritical distance between his own criticisms of Obama’s fiscal approach and his money managers’ embrace of those same policies. They also show that some of the investments that Romney has always described as part of his retirement package at Bain weren’t made until years after he left the company.

Bain isn’t a company so much as an intricate suite of steadily proliferating inter-related holding companies and limited partnerships, some based in Delaware and others in the Cayman Islands, Luxembourg, and elsewhere, designed to collectively house roughly $66 billion in wealth in its many crevices and chambers. When Romney left in 1999, he and his wife retained significant investments in many of those Bain vehicles—he claims they are “passive investments” and that they are managed in a blind trust (though the trustee isn’t blind enough to meet federal standards of independence). But aside from disparate snippets of information contained in his federal and Massachusetts financial disclosure forms, his 2010 tax returns, and SEC filings, the nature of those investments has been obfuscated by design.

8 Comments on "A Thousand Pages Of Romney’s Confidential Bain Documents Leaked"

  1. every rich person does this. if only people would see that. politicians are scum, that’s fact, but they aren’t the ones who pioneered swiss bank accounts and such. this is why taxing the rich will never work. worse come to worse they simply pack up and move to a different country.

    • The tax evaders would just pack up and leave you say?  Well, that would be OK with me.  If they don’t want to play fair, they don’t have to, and we can keep our natural resources and our labor force away from their grubby fingers.  We can turn their mansions into homeless shelters and battered wife houses.  They can leave their land and all the infrastructure we all have worked for, not to mention the military and technology that we subsidize.

    • Good riddance.  Once they leave, confiscate their real property and let people who actually work do something constructive with it.

  2. Cewestcott | Aug 24, 2012 at 4:49 pm |

    in the 2011 US tax return citizens with foreign bank accounts and investments were required to submitt all the details to the IRS.  Penalty of non disclosure – forfeiture of said monies.

  3. Did Romney cross the line and become a ‘Tax Cheat’, answer do dogs have fleas, it is inherent to the activities of a vulture capitalist.
    The real questioned needing to be postured is, “Would the President of the United States of America be subject to blackmail by those who have knowledge of and access to proof of his tax evading ways”, penalties for which are well known and likely be of imprisonment level.
    How much power would those other owners of Bain Capital end up having of the US military. The ability to wage wars for their corporate advantage in South America for their personal economic gain.
    How likely a repeat of the Darth Cheney/Iraq/Halliburton war for profit and which country would likely be squeezed in the middle and who are the hundreds of thousands to be brutally murdered to feed psychopathic greed this time.

  4. If Romney gets elected pres, he’ll go down quicker than Nixon.

  5. Think of it as a clue to Mittens’ REAL religion and how he practices it.

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