New details about Romney's wealth confirm F. Scott Fitzgerald's quip about the rich
News sources report that Mitt Romney's financial portfolio has included an offshore company in Bermuda that remained invisible to voters. But it may be images of the Romney clan vacationing at their $8 million summer compound on a lake in New Hampshire that have more impact.
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Among them: $52 million in Bain & Company and Bain Capital funds, $23 million in mutual funds and exchange-traded funds (ETFs), $36 million worth of Federal Home Loan Banks consolidated obligations, an estimated $10 million of structured notes from Goldman Sachs and BNP Paribas, and a personal loan of $400,000 to the Romneys’ horse trainer.Skip to next paragraph
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This week, more details were revealed.
“For nearly 15 years, Republican presidential candidate Mitt Romney's financial portfolio has included an offshore company that remained invisible to voters as his political star rose,” the Associated Press reported.
“Based in Bermuda, Sankaty High Yield Asset Investors Ltd. was not listed on any of Romney's state or federal financial reports,” according to the AP. “The company is among several Romney holdings that have not been fully disclosed, including one that recently posted a $1.9 million earning suggesting he could be wealthier than the nearly $250 million estimated by his campaign.”
There have been no suggestions that the Romneys’ sheltering some of their wealth in Bermuda and the Cayman Islands breaks US tax law.
"Everything on the filings is reported as required," campaign spokeswoman Andrea Saul said in a statement. "If OGE [the US Office of Government Ethics] has an issue with any filings, they would let us know."
Not surprisingly, liberal organizations, such as the Think Progress political blog, are jumping up and down demanding more answers. That’s to be expected from Romney’s political opponents.
But as Vanity Fair observed in its own long investigative piece on Romney’s off-shore investments, “Given his reticence to discuss his wealth, it’s only natural to wonder how he got it, how he invests it, and if he pays all his taxes on it.”
As the TV political scenes focused on the Romney’s $8 million summer place, Obama couldn’t help mentioning that his family vacations growing up featured Greyhound bus travel and the swimming pools at Holiday Inn motels. Realizing the importance of leisure time imagery, however, especially given millions of Americans’ economic worries, he did cancel this summer’s Obama family vacation at the resort island of Martha’s Vineyard.
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