djAdvocate
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Post by djAdvocate on Jan 19, 2012 14:55:27 GMT -5
Daniel Henninger writes a fantastic article on venture capital and the role of Bain capital-- and one has to wonder why Romney can't defend it, and even more screwed up-- why on Earth Newt Gingrich would attack him on it? Henninger: Bain Capital Saved America that is as much as i need to read. Bain Capital most certainly did NOT save America.
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AgeOfEnlightenmentSCP
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Post by AgeOfEnlightenmentSCP on Jan 19, 2012 15:00:45 GMT -5
Daniel Henninger writes a fantastic article on venture capital and the role of Bain capital-- and one has to wonder why Romney can't defend it, and even more screwed up-- why on Earth Newt Gingrich would attack him on it? Henninger: Bain Capital Saved America that is as much as i need to read. Bain Capital most certainly did NOT save America. Maybe Newt is a genius. You'll be supporting him as a result of his class warfare, and I'll be supporting him for other reasons. I mean, you can't support Obama after he made a Bain alum head of the OMB?
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djAdvocate
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Post by djAdvocate on Jan 19, 2012 15:10:15 GMT -5
that is as much as i need to read. Bain Capital most certainly did NOT save America. Maybe Newt is a genius. You'll be supporting him no, i won't. i will be supporting Ron Paul. if Newt wins the nomination, Johnson gets my vote.
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djAdvocate
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Post by djAdvocate on Jan 19, 2012 15:11:07 GMT -5
I mean, you can't support Obama after he made a Bain alum head of the OMB? i can't support Obama for his foreign policy and his fiscal liberalism. i couldn't care less who he appointed to the OBM.
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Post by funforall on Jan 19, 2012 19:34:28 GMT -5
The size of his fortune
Last year, Romney filed a financial disclosure Form 278 with the Office of Government Ethics, as required by all presidential candidates. It’s 28 pages long, listing bank accounts, mutual funds, stock holdings, speaker’s fees and more.
That form only requires filers to select a range, for example between $100,001 and $250,000, for the value of each asset. King of Bain cites a Washington Post story that said the top end of the range of Romney’s wealth is $264 million. The low end is $85 million.
In that same story, the Romney campaign told the Post that "a more accurate range" is between $190 million to $250 million.
So the King of Bain narrator’s statement that Romney is now worth "somewhere over a quarter of a billion dollars" goes right for the high end of the range cited by the Washington Post. But the actual amount could be considerably less.
Blind trusts and offshore accounts
Romney’s disclosure form includes an attachment addressing the blind trust issue. It states:
"Other than assets and income sources listed on page 1 of Schedule A, all of the assets listed in this Report are held by the W. Mitt Romney Blind Trust, the Ann D. Romney Blind Trust, Mr. Romney's IRA or Mrs. Romney's IRA (collectively, the 'Reporting Entities'). In each case, R. Bradford Malt, as Trustee (the 'Trustee'), has complete investment discretion over the assets held by these investment vehicles, except where the Trustee has delegated that discretion to third-party investment managers.
"The management of the assets of the Reporting Entities was deemed blind by the Massachusetts State Ethics Commission. Since January 1, 2003, neither Mr. Romney nor Mrs. Romney has had any control over any of the assets acquired or disposed of by the Reporting Entities and neither Mr. Romney nor Mrs. Romney has previously received any reports identifying specific assets currently held by any of the Reporting Entities."
Politicians commonly put their money in blind trusts while they hold office to prevent conflicts of interest. If they don’t know what investments they own, they can’t pass laws benefiting themselves, the theory goes.
Bill Allison, editorial director for the Sunlight Foundation, which advocates for openness in government, said that even though the rules aim to prevent self-dealing, they aren’t airtight.
"I think a lot of times politicians with blind trusts do have a pretty good idea what they own," he said. News stories have raised questions about the "blindness" of Romney’s trust.
Still, the intent of blind trusts is to avoid conflicts of interest. So the video is correct in stating that much of Romney’s wealth is in a blind trust -- all but about $1.5 million, according to the form.
But what about offshore accounts?
We asked Winning Our Future to provide us with support for that claim but didn't receive any.
Romney’s financial disclosure form lists several investments held by firms in Europe, including PNB Paribas, in France, and Rabobank Nederland, which is Dutch. But that type of investment isn't different from holdings in many people's 401(k) retirement savings funds. Romney’s financial disclosure doesn’t list list any foreign bank accounts, Allison said.
"He’s obviously a wealthy guy with a lot of money and a very diversified portfolio, but it doesn’t appear that the bulk of it is in foreign bank accounts," said Allison, who reviewed Romney’s financial disclosure. "There are all kinds of funds and financial instruments, but it doesn’t look like there are bank accounts -- a checking account or a savings account."
Our ruling
Winning Our Future’s movie puts Romney’s personal fortune at more than $250 million and says most of it "remains in blind trusts and overseas bank accounts."
According to one analysis of Romney’s financial disclosure, his wealth may total $264 million -- but it may also be closer to $85 million. It’s clear that most of it has been held in blind trusts since 2003, which is common practice among elected officials to avoid conflicts of interest.
But the super PAC didn't provide, and we didn't find, any evidence for the overseas bank account claim. Romney’s financial disclosure form lists not a single foreign account in 28 pages. It’s clear he has some foreign investments in his vast portfolio, but that’s far different from stashing money in foreign bank accounts, a practice sometimes identified with tax avoidance. Taken all together, we rate the claim Half True.
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dumdeedoe
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Post by dumdeedoe on Jan 19, 2012 20:50:23 GMT -5
It looks like Romney disclosure has his income at a shade under 10 million for 2010 and his total wealth at 202 million... He is a middle paid outfielder at this point... So whats all the guff about? When he steps up to Jordan type money or Pujos let me know....
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AgeOfEnlightenmentSCP
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Post by AgeOfEnlightenmentSCP on Jan 23, 2012 15:00:41 GMT -5
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AgeOfEnlightenmentSCP
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Post by AgeOfEnlightenmentSCP on Jan 23, 2012 15:17:17 GMT -5
Very unlikely that he paid tax twice. Most likely his income is now primarily from investments which are only taxed at a rate of 15% on their return. If it's corp. dividends, the money was taxed at 35% before dividends were paid. If it's anything else, he had to earn he money first, so he likely made investments with after tax dollars. If I ever run, I'd release 20 years worth. Let folks see where I started.
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AgeOfEnlightenmentSCP
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Post by AgeOfEnlightenmentSCP on Jan 23, 2012 15:21:42 GMT -5
So much for 'electability'. Not only did Newt take every single county- all 40- in SC, but the folks that advised Crist, wo tried to bury Marco Rubio, lost in a three way race in the general election, and they are pretty well hated in FL.
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AgeOfEnlightenmentSCP
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Post by AgeOfEnlightenmentSCP on Jan 23, 2012 15:51:24 GMT -5
Again- wtf is wrong with Mitt. The GOP does not need a nominee that is so out of touch they don't realize what a disaster this is. He's gonna have to fire them all to have a shot in FL, and even if he does, once again it's gonna be reactive.
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mmhmm
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Post by mmhmm on Jan 23, 2012 15:51:44 GMT -5
So much for 'electability'. Not only did Newt take every single county- all 40- in SC, but the folks that advised Crist, wo tried to bury Marco Rubio, lost in a three way race in the general election, and they are pretty well hated in FL. Not exactly, paul. There are 46 counties in South Carolina, not 40. Gingrich won 43 of 46. Charleston, Beaufort and Richland counties went with Romney. It was a stunning victory for him, but it wasn't quite a sweep of all counties.
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AgeOfEnlightenmentSCP
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Post by AgeOfEnlightenmentSCP on Jan 23, 2012 16:07:33 GMT -5
I stand corrected. Still, it was a drubbing. You gotta ask how a guy that can't get a majority of the GOP is gonna get a majority of he electorate at large.
As to Romney' Florida advisors...
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djAdvocate
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Post by djAdvocate on Jan 23, 2012 16:26:31 GMT -5
there are a lot of people that dislike Gingrich that have spoken out against him. now that he is a real threat, those that LOATHE him are going to do their best to bring him down. they have plenty of ammo.
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Post by Deleted on Jan 23, 2012 16:33:07 GMT -5
I am beginning to think it isn't what is wrong with Romney, it is WTF is wrong with the republican party. What a mess. Gingrich, you have to be kidding me...... right?
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Post by billisonboard on Jan 23, 2012 17:07:07 GMT -5
... You gotta ask how a guy that can't get a majority of the GOP is gonna get a majority of he electorate at large. ... Newt only got 40.4% of the Republican vote
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handyman2
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Post by handyman2 on Jan 23, 2012 20:31:54 GMT -5
It is obvious many here do not understand tax laws and I must say I and the neighborhood tax person does not understand them all either. In short Capital Gains tax was a tool put in place so that a business who needed capital but could not get additional funds from banks could attract investors to supply the cash to expand or to get over a rough spot. The investors are taking a risk in loaning the money and sometimes they lose. The government in response to the risk factor decided to give the investor a lower tax liability to get them to put up money in these cases. Sometimes if the investment pays off they make a boat load of money and sometimes they lose. No different than playing the market in a sense. Sometimes you win sometimes you lose. If this resource dried up you would have a lot fewer companies out there today. That is the simple answer. Nothing illegal about it or morally wrong.
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Post by dumdeedoe on Jan 23, 2012 20:43:48 GMT -5
[
Both of these candidates have torn the republicans apart. You will see a apathetic turn out in November and Obama will be reelected by 5-8% margin
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diamonds
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Post by diamonds on Jan 23, 2012 22:54:32 GMT -5
I agree with what Fred Thompson said today. "Our country is at a tipping point and the numbers are worse than projected". Nothing is going to change with Obama as part of the State of the Union tomorrow is going to be nothing new. Just the same old raise taxes on the rich, more regulations, and the lie that things are improving and will take more time. No, we need specific solutions now as the hope you promised us never came to fruition. The Senate has not passed a budget in 1000 days and now he promised by the first of February. I see the Congressman from Colorado will not attend as he does not approve of all of this procratination and the same business as usual. It's quite discouraging to say the least and I don't care at this point what Republican wins the nomination. This will be the most critical election of our lifetime if we want to survive.
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handyman2
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Post by handyman2 on Jan 24, 2012 0:10:18 GMT -5
Diamonds I agree. What is hard for me to understand is how such an intelligent nation that we are could let things get so out of hand. For the general public I can only attribute it to complacency or apathy. It is time to break that cycle now.
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djAdvocate
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Post by djAdvocate on Jan 24, 2012 0:16:29 GMT -5
I agree with what Fred Thompson said today. "Our country is at a tipping point and the numbers are worse than projected". what numbers?
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djAdvocate
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Post by djAdvocate on Jan 24, 2012 0:17:11 GMT -5
Diamonds I agree. What is hard for me to understand is how such an intelligent nation that we are could let things get so out of hand. For the general public I can only attribute it to complacency or apathy. It is time to break that cycle now. really? you think our survival as a nation hinges on this election?
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Post by Opti on Jan 24, 2012 0:41:11 GMT -5
Interesting pair of sentences. The most critical election of our lifetime and yet I don't care what Republican gets the nomination? If we want to survive? Are you all planning to die if the election doesn't turn out the way you want or is some impending doom going to smack the US out of existence in under 4 years? We give all these numbers and ideas power but we forget things do change. Manhattan was bought by trinkets not gold or cold hard cash.
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dumdeedoe
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Post by dumdeedoe on Jan 24, 2012 0:48:42 GMT -5
Some numbers that I worry about, not sure what Fred was saying tho... GNP USA 15.442 trillion www.data360.org/dsg.aspx?Data_Set_Group_Id=231 Trade deficit: about 600 billion 2011 Foreign ownership of US debt: So 31% is owned by foreigners (4.756 trillion) which at 4% a year is a foreign debt leak of 186 billion. and drug money losses of 80 billion a year comes to a total economic leak of 860 billion a year going out of this country. I kinda worry about those numbers... along with 10% unemployment. Unbalanced federal budget. A mole that needs checked out on my back...
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djAdvocate
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Post by djAdvocate on Jan 24, 2012 0:51:56 GMT -5
and drug money losses of 80 billion a year comes to a total economic leak of 860 billion a year going out of this country. I kinda worry about those numbers... along with 10% unemployment. Unbalanced federal budget. A mole that needs checked out on my back... i don't worry much about drugs. unemployment is under 9%. the deficit is about 40% under revenue, 40% over spending, and 20% recession - so there is some stuff there for everyone to work on. but yeah, i would get that mole checked out for sure.
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diamonds
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Post by diamonds on Jan 24, 2012 1:29:53 GMT -5
Diamonds I agree. What is hard for me to understand is how such an intelligent nation that we are could let things get so out of hand. For the general public I can only attribute it to complacency or apathy. It is time to break that cycle now. With the loss of jobs and more people on unemployment for so long, that is untaxable income. A lot of people are over-qualified and can't find any sort of job to support their families. We need to press on with energy resources and stop the borrowing. Make a dam budget as the House has submitted 30 bills, and all have been rejected. Repeal Dodd-Frank, repeal Obama Care which will cost us trillions more down the road and audit the Federal Reserve. GDP is stagnating and most states are hovering close to 9% unemployment or more. The only State that has a decent unemployment number at 3.4% is ND as they are drilling. How long before the money well dries up? How can we possibly pay back on the 5 trillion from China under Obama, or keep printing money? It can't continue. Bring our jobs back to America, and employ our people. The Saul Alinsky method of governing is not for America, and big Government is not the solution. We have allowed this to happen handyman, and will have dire consequences in the future.
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diamonds
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Post by diamonds on Jan 24, 2012 1:45:51 GMT -5
Obama promised the first time he would be willing to try every alternative energy available. Instead he lost 1/2 a million or more in taxpayers money for failed Solar Companies. Now he has rejected the Keystone Pipeline which would bring jobs and revenue to our country. Our people want to work but the economy has become stagnant and when he says X amount of jobs have been created, I say doctored numbers and that's exactly what Fred Thompson was saying.
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Post by floridayankee on Jan 24, 2012 8:28:46 GMT -5
It's quite discouraging to say the least and I don't care at this point what Republican wins the nomination. This will be the most critical election of our lifetime if we want to survive. People spout this 'if we want to survive' drama every election. Republican POTUS. Democrat POTUS. It doesn't matter. Different side of the same pile of shit.
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diamonds
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Post by diamonds on Jan 24, 2012 12:09:13 GMT -5
The Boston Bruins won the Stanley Cup and were invited to the WH to be congratulated by Obama. Tim Thomas, I believe a goalie did not attend as he said the government is out of control. I say good for hm to stand by his moral beliefs.
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Don Perignon
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Post by Don Perignon on Jan 24, 2012 13:03:14 GMT -5
Some Professional Hockey player says government is out of control?
Say it ain't so, Josie!
LOL!
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Post by AgeOfEnlightenmentSCP on Jan 25, 2012 21:17:13 GMT -5
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