Mitt Romney Lies #55 – ‘Mitt Romney’s Family Trusts Continued To Buy Stocks That Clashed With Divestment Pledge Until 2010’
Oh but WAIT! They’re in a ‘blind trust’…..
‘The continual trading between 2006 and 2010 raises questions about why the investments continued for three years, even after Romney said in 2007 that the trust would sell off any conflicted holdings’.
‘Recently disclosed tax returns for three family trust funds for Romney, his wife, Ann, and their adult children show scores of trades in companies whose business operations are inconsistent with Republican Party stances that Romney favors on Iran, China, stem cell research, abortion and other issues’.
‘A Romney campaign spokeswoman, Andrea Saul, said the former Massachusetts governor has no control over the investments made by his blind trust, but the trustee has tried to manage the trades “in a manner consistent with Gov. Romney’s publicly expressed positions.”
‘The continual trading between 2006 and 2010 raises questions about why the investments continued for three years, even after Romney said in 2007 that the trust would sell off any conflicted holdings. Those trades came during a period when Romney has sought to convince voters of his conservative Republican values. The trades also raise questions about whether any of the transactions were vetted for possible conflicts or political perception before they were made’.
“Financially, these would seem to be completely legitimate investments,” said Thomas B. Cooke, a professor of business law at Georgetown University and former president of the National Society of Tax Professionals. “But for someone running for president, there’s also a smell test.”
From : http://www.huffingtonpost.com/2012/02/02/mitt-romney-divestment-pledge_n_1249118.html?view=print&comm_ref=false
‘Critics have warned that concerns about the steady flow of income from Bain are made more acute by Romney’s long-standing decision to withhold crucial details about his Bain separation agreement, leaving voters with little information about his continuing ties to the firm’.
“While he may not be actively managing the business anymore, he remains financially linked to them,” said Victor Fleischer, a University of Colorado law professor and private equity expert who has testified before Congress on complex finance issues. “The point of financial disclosure is to communicate the full extent of one’s potential conflict of interest, and until he discloses the severance agreement, we don’t know whether he’d manage the country on our behalf or be influenced by his ongoing relationship with Bain Capital.”
‘Under typical private equity arrangements, the Romney trust could receive interest from the “Bain Capital Partners (AM) X” investment fund over the next five to seven years, Wilkins said — meaning that Romney’s Bain Capital income might continue flowing through 2017’.
‘And because that income is treated as long-term capital gains, Romney would pay taxes on the earn-outs at the 15 percent capital gains tax rate, well below the higher rates paid by many middle-class American taxpayers’.
From : http://finance.yahoo.com/news/romney-plans-federal-blind-trust-elected-215458358.html