The Score So Far
Since 1900, Democratic presidents have produced a 12.3 percent annual return on the S&P 500, Republicans only 8 percent. GDP growth since 1930 is 5.4 percent for Democratic presidents and 1.6 percent for Republicans.
Sorry, no cartoon. Just facts. http://annarbor.craigslist.org/rnr/3124337445.htmlThey're in a blind trust
There are still more questions than answers, but these occur to me:
* Did Mitt Romney have any of these offshore investments before he put his holdings into a blind trust? If so, that would expose his statement today as a clear effort at misleading the public.
* Will Mitt Romney release records proving that he didn't have any offshore accounts or investments prior to the establishment of his trust?
* If Mitt Romney is telling the truth and even he doesn't know about his own investments, isn't that all the more reason he should lift the veil of secrecy?
* Mitt Romney may call it a blind trust, but does that mean that he has no involvement in it? The trust is run by one of his closest friends and colleagues and has invested millions in his family's businesses.
And of course there remains the big question: What is Mitt Romney hiding and why is he hiding it?
He's going to need to release these documents sooner or later. The longer it takes him to do so, the harder it will be to analyze them before the election. Then again, maybe that's the whole point. http://annarbor.craigslist.org/rnr/3129458012.htmlSo Much Deeper
"If the company was sold off in the US the profits are taxable in the US. If YOU know all about it so does the IRS."
There's a quote from someone who is clearly not in the 1%. Dear heavens, that's not how things are done in the deep end of the pool. That's just how honest, aboveboard companies operate, you know, like in "It's a wonderful Life".
Bain Capital operated through shell companies and "blocker" corporations located in the Cayman Islands, Bermuda and other No-tell Mo-tel countries around the world to buy, sell and invest in companies. Investors funneled money through these phony companies which then made the investments on their behalf, thereby avoiding taxes. In Bermuda, Romney was President and sole shareholder for four years of Sankaty High Yield Asset Investors Ltd. It funneled money into Bain Capital's Sankaty family of hedge funds, which invest in bonds and other debt issued by corporations, as well as bank loans. Like thousands of similar financial entities, Sankaty maintains no office or staff in Bermuda. Its only presence consists of a nameplate at a lawyer's office in downtown Hamilton, capital of the British island territory.
Another corporation that heavily used these kind of shell corporations to hide money transfers was Enron.
Information for this story was gleaned from the L.A. Timeshttp://annarbor.craigslist.org/rnr/3123070635.htmlRe: So Much Deeper
All these shell corporations, routing money exchanges through blocker corporations to hide tax liability offshore are legal. That's not necessarily the question though. I would submit that the question is whether we want a person who does business this way to be president. Certainly the people we think of as honest upstanding businessmen don't operate that way. George Bailey wouldn't have done it.
The other question is whether we want the person who participated in predatory business practices that resulted in lots of people being fired, having their pensions stripped, factories closed down, not for the purposes of creating a better business, but just to siphon off profit and leave the plundered company to burn.
There are questions about Mr. Romney's financial situation because he refused to reveal his finances the way other candidates have done. George Romney, Mitt's dad, revealed something like 12 years of tax returns when he was running for president, he said "well one year might have been a fluke".
Mitt finally revealed one year, but it brought up more questions than it answered because there were so many offshore accounts that were "amount not disclosed". Not surprisingly, some reporters saw that as a challenge to research, thus leading to the present controversy. http://annarbor.craigslist.org/rnr/3123583356.htmlSay NO! To Mitt Bush
We do not want to go back to the Bush policies that led to the worst recession in 80 years. Two wars that weren't paid for, 8 million jobs lost and countless lives ruined right here in the good ole USA. Republicans don't care about Americans. They purposely wreck the economy i e Reaganomics, Bush I, Bush jr. All rang up huge debts and passed it on to their Democrat counterparts. By the time it was all fixed, the Republitards convinced half of this brain dead country that it took too long! Rich are getting richer, folks. Everyone wants smaller government, but they are the same people on unemployment checks, food cards, medicaid and social security! If you are a Republitard please send those benefit dollars back, now. After all you are against Socialialism, right? HYPOCITES!! Every social benifit we have is because of the hard working Democrats that fight for the average American. There is no middle class without them, no American Dream and no dignity for the old, sick and poor. http://annarbor.craigslist.org/rnr/3123230012.htmlBain-erred
For those who expressed doubts, there is an article in Vanity Fair detailing all the offshore accounts and the web of secrecy surrounding them.
Information about the offshore accounts was also published by the Associated Press. Google and ye shall find.
Basically, there are only two reasons to have an offshore account, either you're doing something illegal or you're evading taxes.
I don't have one, most Americans don't
There was also a step by step account of a successful company, Dade International - a medical diagnostics company that Bain took over. They drastically cut R&D investment, closed factories, laid off employees and raided the pension fund.
Then they took the money from the pension fund and used it to leverage more debt for the company, leaving the company $870 million in debt, while the Bain fellas and their investor partners siphoned off $365 million in dividends.
Dade International ended up having to go bankrupt. Bain exited stage right with all the cash.
This is only one of many stories like this.
The goal of a company like Bain is not to provide jobs, a chicken in every pot and sunshine every day. It is to suck the value out of companies, fire everybody in sight, and abandon the smoking shell, then put all the money in offshore accounts to hide the obscene profits from the American public, who would surely be getting out their torches and pitchforks if they knew what was really going on.
Well, the former employees of Dade International know the score.http://annarbor.craigslist.org/rnr/3122720432.htmlStill Voting For 'Mitt Romney'?
Video shows just how un-sure 'Mitt Romney' is about almost everything in the world, See for yourself.Still Voting For 'Mitt Romney'?http://annarbor.craigslist.org/rnr/3122044388.htmlhttp://annarbor.craigslist.org/rnr/3121726642.html