By Joe Conason

Report: Romney Millions In Cayman Island Accounts

January 19, 2012 1:30 pm Category: Memo Pad, Politics 30 Comments A+ / A-

Mitt Romney’s reluctance to release his tax returns suddenly makes perfect sense. According to a report filed by the ABC News investigative team late on Wednesday, the Romneys have invested millions of dollars in offshore tax havens — specifically, in several accounts domiciled in the “notorious” Cayman Islands.

Headlined “Romney Parks Millions In Cayman Islands,” an article on the network’s website describes Romney as “one of the wealthiest candidates to run for president in recent times,” adding that “he has used a variety of techniques to help minimize the taxes on his estimated $250 million fortune.” Earlier this week he admitted paying as little as 15 percent of his multi-million-dollar income in federal taxes. But the ABC report said that “in addition to paying the lower tax rate on his investment income, Romney has as much as $8 million invested in at least 12 funds listed on a Cayman Islands registry.” Romney has at least one other holding, with a value he estimated between $5 million and $25 million, that securities records show is domiciled in the Caymans. ABC also reports that Bain Capital, Romney’s private equity firm, “has set up some 138 secretive offshore funds in the Caymans” for its clients and partners.

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Report: Romney Millions In Cayman Island Accounts Reviewed by on . Mitt Romney's reluctance to release his tax returns suddenly makes perfect sense. According to a report filed by the ABC News investigative team late on Wednesd Mitt Romney's reluctance to release his tax returns suddenly makes perfect sense. According to a report filed by the ABC News investigative team late on Wednesd Rating:

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Comments

  • bbarrett49

    as long as you pay your taxes. romney pays his taxes and doesnt try to hide or not pay, such as tim guiterner and other obama staff have. ….so what’s the complaint? romney paid more, by his admission, 15%, which is more than the 12% rich boy kerry paid when he ran for president. are we really anti money now in america? do we have to be on foodstamps and unemployment to be somebody? is success out? i live off dividends just like romney does. im not rich. but i obey the tax laws. pay what the law says. stop twisting the truth

  • jimmyags

    I’ll use the favorite line of the right, “if you haven’t done anything wrong you have nothing to hide”.He hasn’t released his tax information for 2 DECADES, Obama and the Clintons have. So what is your guy hiding?

  • MargaretSabel

    This is huge and should reach all who are not rich in time for voting on our future.

  • robmohr

    An person who runs for president of the United States and has such little faith in the financial systems within his country, puts his “love of country” in question, while clearly showing his disdain for fairness and paying his fair share to support the programs and institutions of the US. Romney’s actions show him to be self-interested above all else . Is he the kind of man who would serve the US faithfully as president? Rob Mohr

  • BillyBob369

    The term “Robber Baron” comes to mind. It’s like these guys are Dr. Jeykill and Mr. Hydes. When it comes to family values they are Father Knows Best. When it comes to money, they are like Attila the Hun. Hypocrites all.

  • KarenAndersonBrindley

    Seems like a lot of politicians are doing this. Maybe all Americans should put their money in the Cayman Banks too. Wait, they would say that is un-American. Think that it is hypocritical!

  • Vail

    It is time to stop punishing success in this country I voted once for the patron of food stamps. Never again huge government. Explosive debt. No business resume. I would love Hillary but am happy with Mitt. Unfortunately most complaints about Mitt’s money is to cover the concern about his religious preference. Let’s get real we supported Obama for hope and change. But he has been a big disappointment. Time for a less radical president. And Mitt is a person of high standards with the ability to work with both democratics and republicans

  • sylviafoil1

    The US has explosive debt because rich people have Representatives that protect them from paying their fair share of taxes. It does not require economist or psuedo-historian to analyse that.

  • katygailb10

    So what? It is not illegal.

  • freethinker

    Assume for a moment that Romney has paid his fair share of taxes. That is, his legally obligated taxes’ for those of you in Rush Limbaugh’s favorite place of Rio Linda. Why the offshore accounts? Safety. It is not impossible to conceive, given the wealth envy hatred that the current administration is promoting, that a clamor is made to tax already taxed wealth, the ‘intangible tax’, or the return to the historical highs of the death tax. Where to protect wealth against the looters? The Caymens.

  • GaryDuell

    I have a suggestion. Stop making your online comments anonymously and perhaps you’ll put more thought into them. This country does the opposite of “punishing success”, it rewards sheer random ovarian luck and greed.
    It is time, instead, we rewarded hard work, intelligence, creativity and the ability & desire to make this world a better place. To do that will require the re-elevation of real citizens to their proper place at the helm of this country by (1)Revoking the idiotic laws that give paper fictions- corporations -personhood and (2)Clarifying what we all know, that money is not speech. When Constitutional rights are confined to living, breathing people, and, money is taken out of politics then we won’t have a system which permits the treasonous tax-dodging of the super rich.

  • Peter

    Wealthy people hire accountants who understand the complex tax codes and know where the many loopholes are. These accountants know how to help them structure their assets and income to “legally” pay the least in taxes. I don’t envy the wealth of these people, and I don’t hate them for what they do. I do believe that some of the tax codes are unfair and favor those who can afford to hire tax accountants. And don’t tell me that the reason they stick their money in off-shore accounts is because of “safety”. That is an insult to my intelligence.

  • pisces62

    As a black person, I have a problem with his church and the phony epiphany. Spare me, you drink the kool-aid., I won’t. The point about the Caymans is he admitted himself he only paid a 15% tax rate. I am for people making and keeping money but i have a serious problem with people who, if this is true, hide their money and pay a tax rate equivelant to a person making $70,000.00. I paid more when my husband died. Anyone, with a brain, knows it is a hiding place, like Switzerland where they are going after these people and putting pressure on the Swiss to disclose. Be obtuse on your own time. Hope and Change? No, you’re tired of not getting the invites to the neighborhood barbeques because you sided with ‘one of them’. So now you pretend everything is this president’s fault. Tell it to the marines, my dad was in the navy.

  • pisces62

    Considering this president left his church for people who do not matter, because of what his minister SAID in HIS pulpit and he was quoting someone else, at that, and was not running for a thing, his whole religion comes into question. THEY preached, taught and practiced we were meant to be their slaves, even after death. Blacks had no rights in that church. There are papers, written, on this matter. Just look it up. It came to a head when Donnie and Marie was on and they were questioned about the same things I am writing about and GASP!!!!, The elder had a epiphany that very night changing things in 1978. Save the duplicity for someone else, not me.

  • pisces62

    Food stamps. Thanks Santorum. My family has never used them nor been on them except in the early 80’s when my husband’s plant moved out of Cleveland. I guess what Mitt did for a black woman was better. He gave her $50.00 for her light bill. why not a job? Isn’t that what the right spouts? A job instead of a handout. I guess it is ok when you are this multi-million white man, handing out $50.00 to the poor colored woman like the hand me downs handed down to THE HELP.

  • granny6

    Mitt Romney has millions, he grew up with millions as are his children doing. What they never will develop is a sense of balance with the rest of the world. They an only see their own point of view. If they want something they buy it. They have never had to struggle to keep body and soul together. To drive a junker because it is the only thing you can afford. It makes you very alert to all noises, making you wonder “now what is going on with this heap”. They have never been hungry. Not to gain a goal. But because there is no food in the house. Has he ever looked at the paneling on the walls wondering if he could pull them off in the middle of the night and stuff them in the wood stove to get more heat? Cried because he knew he could not feed his family when they got home from school? Nor has ever had friends who show up on at the door asking if you could cook a turkey, because they didn’t have time but would be back later, when you know they are lying. Have people who have never cut wood in their lives come and help you so you would be warm? He also missed what it is to have true friends and family who love you for who you are not what you are. Knowing you would do the same for them.
    Money can’t buy friends, love or respect. I often think I would just like enough for emergencies, or a special treat, or that all my bills could be paid on arrival.
    I’d rather be a Whole person who gives to others even when I don’t have. I can live with myself that way.

  • cindy77

    We just need a new more simplified tax code. Include all income of US citizens no matter where it is physically and tax all income equally: whether dividends, interest or wages.

  • kurt.lorentzen

    GaryDuell, your statement, “when… money is taken out of politics then we won’t have a system which permits the treasonous tax-dodging of the super rich” is right on the money. All of this is because we’ve allowed or system to permit the wealty to control it, and everyone who enters politics is either already rich or more than willig to become rich at the expense of the rest of us. Romney is the poster child for government-wealthy alliance. Obama is an enabler, and well on his way to becoming one of them. Grass roots movements like Occupy and, yes, the tea party need to come together and slay both of the giants.

  • EllenieAsh

    By concentrating on the gathering of wealth our cultures (worldwide), many of the “haves” use our “have-not” fellow citizens as stepping stones and push them down into the proverbial mud. I am not a Ron Paul supporter but find his comments about the Golden Rule most interesting.
    If our society used this “Rule” as the grand design for our lives, fewer would be homeless, hungry, sick, or disenfranchised and would be contributing to the betterment of all.
    I am not against people who have worked hard and accumulated wealth nor am I against people who have inherited it. What I am against is a system that puts wealth before it’s own citizens and makes them 2nd, 3rd, or worse class. Those who have found themselves in the “privileged” category could help support programs and foundations that encourage the “under-privileged” to live better lives. I am not naive but I see many “rich” folk who go out of their way to put their money to helping rather than hindering. No matter what you think of Oprah, Bill Gates, Pres. Clinton, Pres. Carter, and others, personally or politically, you cannot deny that they are all doing what they can to make our world a better place. They do what they can, use their money and influence to improve the human condition and don’t get the “Bad Karma” that many in the “Get it all before someone else” group do.
    Our country and our world would be a better place if we all looked out for our fellow citizens by giving a hand up or encouragement, rather than deriding and criticising those who don’t have the wherewithall to do so.
    By looking at the consequences of our actions, in the bigger picture, we can make a difference.
    Politicians must remember that their job is to represent ALL of the People, not just those who try to “buy” their votes. Compromise cannot not be an answer when the action of a Bill will hurt the People. We are their ultimate Employers and they are responible to THE PEOPLE! Political Partys must start looking at what they are doing instead of trying to get the better of the opposing Party. Our Government is at a relative standstill because of bickering and political one-upsmanship.

  • rustacus21

    … b/c the last decade produced a windfall for the rich like Romney, his hidden millions, like those of Wall St., etc., criminals, is ignored by rite-wing heretics, who continue searching for minimum-wage (or less) tax-cheaters!!! An earlier article on a woefully shrunken IRS work force proves that the only real champions for smaller govt., are those who benefit most from it. As for those at the Middle Class level & beneath, propaganda fuels their anti-govt rage, as they ignorantly misapprehend that an enfeebled IRS is primarily whats at the root of our economic crisis. Their inability to ferret out legitimate tax exemptions from the bogus, make more difficult by an overworked, understaffed bureau, which just wants to be recognized for doing a their job & being paid for it. Instead, Americans of the conservative persuasion continue to confuse elitism w/government competence. Another argument long since retired, but incessantly rehashed – is this a government of the “people” or the “monarch/elites & corporations”? According to Romney, his failure to fully disclose his total wealth, along w/the vacant silence of his supporters reveals the same loyalty gap which existed between patriots & traitors on July 3, 1776… Sadly… Consequently, we know who made the correct call. If only we could keep “real” patriots engaged long enuff to make a consistent, concerted difference…

  • rustacus21

    … is the conservative, anti-intellectual fever, that caused hatred of President & First Lady Bill & Hillary Clinton, as well as the hate campaign against President & First Lady Barack & Michelle Obama. What is truly sad is the apologists for tax evaders, who hide wealth “apprehended” off the sweat, toil & suffering of hourly wage earners & their companies, acquired & then gutted, all for the sake of stockholders & other investors like Romney. The “checks” signed were to staff “speculators” & “negotiators” who low-rated the purchase price of bought companies, then sold high, at astronomical prices, pocketing 10’s of millions in profits, in the process. Americans who call this “success” are woefully missing the point: success is in creating, making or crafting a better product, service or idea, toward the betterment of the greater majority of the nation/world. Romney, his tribe & their supporters are content in the role of traitor, as they watch the demise of their own country, so long as they get paid. The Constitution & Federalist Papers elaborate on such “schemes” & sought to create an intellectual atmosphere where the common citizen would “get it.” Thanx to conservative undermining of government, we have a divided American public of “haves” & “have-nots” – of money & intellectual impoverishment & intellectual wealth & vast poverty. Allowing our Liberal/Progressive values to stagnate ensured the former over the latter…

  • dpaano

    I have to agree with almost everyone’s comments above!!! People like you and I…middle class (still) can’t afford those high-priced accountants and CPA’s to find all the tax loopholes that we can use to save us money. We also don’t have enough money to put away in the Caymans unfortunately! Just the fact that Romney has held off so long with showing his tax returns tells you something. In the meantime, have we seen Gingrich’s returns yet? That’s another one I’d like to peruse Anyone with a million dollar open account at Tiffany’s has me worried! I’m lucky to have a $100 open account at Penny’s! As Rustacus21 says, it’s a fight between the “haves” and the “have nots” and, unfortunately, if we keep going the way we are…the “haves” are going to rule the world and the “have nots” will be working like slaves so they can do so!! Sorry, I think I’ll stay with President Obama!!

  • julie

    John kerry got caught trying to skip paying taxes on his 76 foot yacht. Romney trying to cheat on his taxes and watched a video that in Romney’s own words that he was going to support a woman’s choice to have an abortion now all of a sudden he is pro life he is something alright he is a pro liar.

  • EATHERICH

    it’s not hideing it it’s how you make it. scumbags like this are thieves no mater where they hide the spoils. make profitirng in office a capital offence, it is treason to sell your country out to the high bidder.

  • julie

    Obama trying to go after Sheriff Arpaio of Maricopa County so he will back down and let all the illegals in that want to come in. Michelle Obama who has 27 assistants that make anywhere from $$50,000 to $170,000 and Nancy Pelosi who used the air force jet for personal business cost the taxpayer approximately $27,000 per trip . They are all corrupt and thieves thats why I am an independent.But I have to say one thing for the republican party Ron Paul will only accept $39,000 salary as President. A TRUE CONSERVATIVE who unlike Romney is not hiding his taxes in the Cayman islands and is PRO LIFE not PRO CHOICE like Romney.

  • rustacus21

    …Julie & “they’re” going after the law, not the “sherrif”. This has nothing to do w/Romney, by the way, but the attention-deficit thing is only matched by the fiscal deficit conservatives bring w/them to break a run for prosperity. Paul is no different. Conservatives take all the money they can, over, under, around & even THRU the table, in order to make rich White men richer & the rest of us in depraved poverty! Look at U’r commentary, which makes no sense, considering YOUR conservatives created the destruction America is suffering thru, but more critically, forces citizens from other nations to come here, b/c the slave-wage pool American corp.’s created there, has dried up!!! America can’t absorb the world. But only a true Progressive Liberal can strategize the means of creating prosperity here in America, but abroad w/other nations – like President Clinton did! It wasn’t perfect, but immigration slowed to a trickle! World-wide prosperity was up!!! This was what Dr. King alluded to, in emploring all hand pitch in!!! Conservatives? They’re looking to make opportunity for only each other. There is an America that frowns on that & has legislated such actions as criminal! But it doesn’t deter conservatives. By the way, how does $5 billion disappear off a govt plane? It happened in Iraq. In 2004. No Liberal would be so… silly to fly that much money around, unless it was for the explicit intention of offering up a crime to be committed. & it was! $5 BILLION!!! Wow Julie, that’s what makes us all want to be conservative I guess, so we can digress to our most animal & savage. No thanks tho. I’m better as a Progressive Liberal & U will be too, once U free U’r self from the propaganda, fictions & falsehoods U & other conservatives are prisoners of…

  • dfrosenzweig

    Romney’s finances, even without knowing the exact numbers, were always known to be large, so why is it suddenly so important during an election year? Why should we care as much about his taxes when we would do the same thing if we were as wealthy? Well, even if there are good answers, you know this is going to be a sticking point in the presidential debates if he is the Republican’s candidate of choice. Quite frankly I only wish I had his financial freedom, but I don’t. HAving Romney and others of his financial status pay larger taxes isn’t going to better the economy. Let’s give up our idealistic and unrealistic views of what is right. LEt’s all come to live in the real world and tolerate, as we have to, the imbalance of wealth in this country. As unfair as it might seem for most of us, it’s not just that way in the USA. The obvious financial class differences in any society has always been part of reality, dating back to biblical times when power was being sought through accumulation of wealth.

  • rustacus21

    …is what it’s called! They (the rich) are no different the we the non-rich, here in America! Stop coddling & making excuses for them!!! Do U get a special exemption or benefit for supporting their delinquency of supporting the upkeep of yours & THEIR Democracy? NO! & U will never be rich in U’r lifetime, so what does it matter to U (dfrosenzweig, etc.) ANYWAY?! Think about it: in whose interest is it NOT to pay their FAIR SHARE of taxes – U’rs or their? It doesn’t help U, that’s 4 sure, but it sure as h#@l hurts U when bridges fall down, crime is up (due to laid off cops), food & water is tainted (b/c not enuff regulators we on the job of keeping it safe 4 U!), or criminals have stolen U’rs or U’r parents or grandparents retirement/pension, b/c regulators we downsized, in the now notorious “shrinking” of government!!! Newsweek has a really good article about U. Read it & get back w/me on the XL pipeline story… If U dare…

  • Inquiring Lynn

    Joe, how true! Republi-cons lied about Whitewater, and now Willard wants to exempt himself from needed scrutiny. Tax him high!

  • BluSatin

    on 15,000 a year I pay 1500 a yr in taxes…this is in Canada, the GOP are stealing from all of you …they want a free ride, while most of you in America struggle everyday to make a living, feed your family, pay rent or your morgage… if the two running against Obama really cared about the people who go out to wk everyday really cared about YOU they would have no problem paying their fair share in taxes…who in their right mind needs millions upon millions to live on, leave to their kids who I bet doesn’t even know the value of a dollar, or cares…none of the GOP care enough about the people to be even in an election… Obama has done his best to pass bills, but the GOP have stopped everything because they are against losing even one dollar to people in the middle, lower class…selfishness is something the GOP are good at, giving to those less fortunate they care nothing about…. if you vote , you vote for the right reasons, not because you don’t like Obabma…me I feel he has always tried to fight for what is right for all people..

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