There's that company! That's what happens when I don't check my pockets! Presidential candidate Mitt Romney owns offshore company which means he could be even RICHER than the estimated $250million
Republican presidential candidate Mitt Romney could be even richer than the $250 million estimated by his campaign after it emerged he owns an offshore company which has not been disclosed to the public.
The White House hopeful's campaign has been dogged by criticism that he is out of touch with average Americans due to his enormous wealth.
But further details of his earnings have emerged today which suggest he could be even richer than predicted.
Tax experts today said the lack of disclosure over the company means the public has no clear idea where Romney's money is coming from.
Sankaty High Yield Asset Investors Ltd, based in Bermuda, was not listed on any of Romney's state or federal financial reports.
The company is among several Romney holdings that have not been fully disclosed, including one that recently posted a $1.9 million earning.
The omissions were permitted by state and federal authorities overseeing Romney's ethics filings, and he has never been cited for failing to disclose information about his money, so there is no suggestion that he has done anything illegal.
Experts in private equity, tax and campaign finance law say Romney's limited disclosures deprive the public of an accurate depiction of his wealth and a clear understanding of how his assets are handled and taxed.
Sankaty was transferred to a trust owned by Romney's wife, Ann, one day before he was sworn in as Massachusetts governor in 2003, according to Bermuda records obtained by The Associated Press.
The Romneys' ownership of the offshore firm did not appear on any state or federal financial reports during Romney's two presidential campaigns.
Only the Romneys' 2010 tax records, released under political pressure earlier this year during the Republican primary campaign, confirmed their continuing control of the company.
The mystery surrounding Sankaty reinforces Romney's history of keeping a tight rein on his public dealings, already documented by his use of private email and computer purges as Massachusetts governor and his refusal to disclose his top fundraisers.
The Bermuda company had almost no assets, according to Romney's 2010 tax returns.
But such partnership stakes could still provide significant income for years to come, said tax experts, who added that the lack of disclosure makes it impossible to know for certain.
'We don't know the big picture,' said Victor Fleischer, a University of Colorado law professor and private equity expert who urged corporate tax code reforms during congressional testimony last year.
'Most of these disclosure rules are designed for people who have passive ownership of stocks and bonds.
'But in this case, he continues to own management interests that fluctuate greatly in value long after his time with the company and even the end of his separation agreement. And the public has no clear idea where the money is coming from or when it will end.'
Named for a historic Massachusetts coastal lighthouse, Sankaty was part of a cluster of similarly named hedge funds run by Bain Capital, the private equity firm Romney founded and led until 1999.
The offshore company was used in Bain's $1 billion takeover of Domino's Pizza and other multimillion-dollar investment deals more than a decade ago.
Romney's campaign declined to answer detailed questions from AP about Sankaty.
You see, when you're super rich, you practice "a lack of disclosure." When you're poor or middle class, you're being "sketchy as hell." Sketchy. As. Hell. Owning a company you don't claim MIGHT be legal according to private equity law, but from about any perspective outside legalese, it looks more than a shade shady. Etch-A-Sketchy? Etch-A-Shady? Yeah; I like either.
Now prance! Prance, Mitt! Prance I said!
Republican presidential candidate Mitt Romney could be even richer than the $250 million estimated by his campaign after it emerged he owns an offshore company which has not been disclosed to the public.
The White House hopeful's campaign has been dogged by criticism that he is out of touch with average Americans due to his enormous wealth.
But further details of his earnings have emerged today which suggest he could be even richer than predicted.
Tax experts today said the lack of disclosure over the company means the public has no clear idea where Romney's money is coming from.
Sankaty High Yield Asset Investors Ltd, based in Bermuda, was not listed on any of Romney's state or federal financial reports.
The company is among several Romney holdings that have not been fully disclosed, including one that recently posted a $1.9 million earning.
The omissions were permitted by state and federal authorities overseeing Romney's ethics filings, and he has never been cited for failing to disclose information about his money, so there is no suggestion that he has done anything illegal.
Experts in private equity, tax and campaign finance law say Romney's limited disclosures deprive the public of an accurate depiction of his wealth and a clear understanding of how his assets are handled and taxed.
Sankaty was transferred to a trust owned by Romney's wife, Ann, one day before he was sworn in as Massachusetts governor in 2003, according to Bermuda records obtained by The Associated Press.
The Romneys' ownership of the offshore firm did not appear on any state or federal financial reports during Romney's two presidential campaigns.
Only the Romneys' 2010 tax records, released under political pressure earlier this year during the Republican primary campaign, confirmed their continuing control of the company.
The mystery surrounding Sankaty reinforces Romney's history of keeping a tight rein on his public dealings, already documented by his use of private email and computer purges as Massachusetts governor and his refusal to disclose his top fundraisers.
The Bermuda company had almost no assets, according to Romney's 2010 tax returns.
But such partnership stakes could still provide significant income for years to come, said tax experts, who added that the lack of disclosure makes it impossible to know for certain.
'We don't know the big picture,' said Victor Fleischer, a University of Colorado law professor and private equity expert who urged corporate tax code reforms during congressional testimony last year.
'Most of these disclosure rules are designed for people who have passive ownership of stocks and bonds.
'But in this case, he continues to own management interests that fluctuate greatly in value long after his time with the company and even the end of his separation agreement. And the public has no clear idea where the money is coming from or when it will end.'
Named for a historic Massachusetts coastal lighthouse, Sankaty was part of a cluster of similarly named hedge funds run by Bain Capital, the private equity firm Romney founded and led until 1999.
The offshore company was used in Bain's $1 billion takeover of Domino's Pizza and other multimillion-dollar investment deals more than a decade ago.
Romney's campaign declined to answer detailed questions from AP about Sankaty.
You see, when you're super rich, you practice "a lack of disclosure." When you're poor or middle class, you're being "sketchy as hell." Sketchy. As. Hell. Owning a company you don't claim MIGHT be legal according to private equity law, but from about any perspective outside legalese, it looks more than a shade shady. Etch-A-Sketchy? Etch-A-Shady? Yeah; I like either.
Now prance! Prance, Mitt! Prance I said!
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