Wednesday, January 25, 2012

Quotation for Today: Romney's Bank Accounts In Switzerland and the Cayman Islands

Mitt Romney, the leading Republican presidential candidate, released one year of his tax returns (2010 returns) and a pro forma tax return for 2011.  Romney's tax return information pointed out that he had bank accounts in Switzerland and the Cayman Islands. Both countries are notorious as being havens for tax cheats.  

Today's quotation (across the jump) highlights the fact that Romney, although invested via a blind trust, could have addressed the location of his bank accounts; but he didn't.

"He could say, 'I want the investments in the U.S..' " 
Edward Kleinbard
Edward Kleinbard is the former chief of staff of Congress' joint tax committee and tax professor at the University of Southern California.

Professor Kleinbard's comment was in response to the argument of Brad Malt, Romney's blind trust manager, that he couldn't communicate with Romney.  Mr. Romney needs to explain why he permitted his blind trust to maintain bank accounts in tax-cheat havens such as Switzerland and the Cayman Islands. 

According to the article, the bank accounts in Switzerland and the Cayman Islands were closed "as Romney was launching his presidential campaign in 2010."

By following the enclosed link, you can read the complete article.

Note: In many business circles, pro forma financial reports were viewed as fairy tales.

Vartabedian, Ralph, Tom Hamburger and Matea Gold. "Romney tax returns highlight tax code's breaks for rich." Los Angeles Times 24 January, 2012: online edition.

Related article:

Popper, Nathaniel. "Goldman Sachs a key player in managing Romney's wealth." Los Angeles Times 24 January, 2012: online edition.

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