Leaked Bain Documents: More Romney Sleaze
“Romney Sleaze” — excuse the redundancy.
Some leaked documents are providing a glimpse into the methods used by super-wealthy tax dodgers. 950 pages of audits and financial statements from twenty-one funds — most of them affiliated with Bain Capital — have revealed that Mitt Romney is even sleazier than we thought.
There’s no smoking gun; nothing illegal. He’s just slippery. Very slippery.
As we already know, most of Romney’s fortune is tucked away in the Cayman Islands, Bermuda and Switzerland. A writer from Gawker said:
“The documents 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.”
Some of these funds make use of “blocker entities.” This isn’t exactly a household name unless you’re a multimillionaire frantically trying to hide your money so you can weasel out of paying taxes.
Other funds have financial statements saying the fund “intends to conduct its operations so it will … not be subject to United States federal income or withholding tax …”
So this is the “successful” career Romney is touting. Take over a company, lay off most of the workers and then sell the company at a huge profit. Rinse and repeat. And then squirrel away your ill-gotten fortune in offshore accounts so you don’t have to pay any taxes; don’t have to help contribute to the infrastructure that made your success possible.
Whatever anybody thought of the corporate takeover barons of the 1980s and ‘90s — Carl Icahn, T. Boone Pickens, Charles Hurwitz, etc. — did ANYBODY seriously think one of these people should be President of the United States?!?!?!?