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Sun Aug 26, 2012, 05:07 PM

"The GOP candidate failed to include...Swiss bank account on...personal financial disclosure forms"

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The GOP candidate failed to include the Swiss bank account on the personal financial disclosure forms that he filed in 2011 with a federal ethics office. Romney’s campaign amended his disclosure forms and added details about the Swiss account after the discrepancy was reported by the Los Angeles Times/Tribune Washington Bureau.

On Sunday, Romney indicated that the Swiss bank account was part of an investment strategy that allowed him to hold foreign currencies. He said the president was attacking his personal finances because he was trying to avoid addressing the economy.

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http://www.latimes.com/news/politics/la-pn-romney-says-he-gained-no-tax-reduction-through-overseas-funds-20120826,0,4014791.story


Remember when Mitt forgot that he had a Swiss bank account? Now he's defending it and claiming it was an "investment strategy."



Trust Mitt: Releasing his tax returns would be "damaging" and policy details would be "suicidal"
http://www.democraticunderground.com/10021151118

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Reply "The GOP candidate failed to include...Swiss bank account on...personal financial disclosure forms" (Original post)
ProSense Aug 2012 OP
unblock Aug 2012 #1
nc4bo Aug 2012 #2
sad sally Aug 2012 #3
Progressive dog Aug 2012 #5
klook Aug 2012 #11
jsmirman Aug 2012 #4
ProSense Aug 2012 #16
BlueStreak Aug 2012 #6
oldhippie Aug 2012 #7
ProSense Aug 2012 #10
oldhippie Aug 2012 #12
ProSense Aug 2012 #13
oldhippie Aug 2012 #14
ProSense Aug 2012 #15
BlueStreak Aug 2012 #18
BlueStreak Aug 2012 #17
oldhippie Aug 2012 #24
piratefish08 Aug 2012 #22
oldhippie Aug 2012 #23
DonRedwood Aug 2012 #8
Skittles Aug 2012 #9
Blue Idaho Aug 2012 #19
Gabi Hayes Aug 2012 #20
Amonester Aug 2012 #25
reformist2 Aug 2012 #21
ProSense Aug 2012 #26
ProSense Aug 2012 #27

Response to ProSense (Original post)

Sun Aug 26, 2012, 05:12 PM

1. an investment strategy which doesn't affect his taxes by one single dollar! but he's not shifting it

there's no benefit to him at all from having his accounts overseas, but even if he becomes president, he won't shift his accounts to the u.s.

how silly of us to meddle with his private affairs!

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Response to ProSense (Original post)

Sun Aug 26, 2012, 05:15 PM

2. Jeesus, I hope there is a cave wherein lies barrels of powder. Hope it's still dry.

I do believe we're gonna need it to dam up the flood of sewage that's bound to flow towards us.

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Response to ProSense (Original post)

Sun Aug 26, 2012, 05:28 PM

3. Does Romney Have Alzheimer's? Seriously, Does He?

from Daily Kos:

Alzheimer's is no laughing matter and this Diary is not meant to be funny. I seriously wonder if Romney has Alzheimer's. In my opinion, he is showing the signs of a person who is in the early stages of Alzheimer's or some other type of dementia.

One of the early symptoms to Alzheimer's is short-term memory loss, forgetting what you recently said or did. Confusion and poor judgment are also early signs. In the early stages, the patient can still function in society but lacks good judgment so usually family members will step in to correct any problem the poor judgment may have caused.

For months, we have literally witnessed Romney say one thing, then within seconds tell the media he did not say it. Then we go back to the video, and sure enough, Romney said what we thought he said. Now, I know Romney is a pathological liar -- but I think there is something more going on.

I remember several, several times when Ann Romney has had to step in to correct comments Mitt has said and then the campaign puts Mitt on a Media Blackout.

If you watch Romney's face when he denies saying what he just said, Romney gets a confused and bewildered look in his eyes. It is the confusion on his face that makes me think he has Alzheimer's. Reagan, and other patients of Alheimer's would get that same look.

the rest at: http://www.dailykos.com/story/2012/08/01/1115628/-Does-Romney-Have-Alzheimer-s-Seriously-Does-He
...................

Having gone thru the disease (Alzheimer's) with Mom and Father-in-law (between their diagnosis and finally it claiming both of them - 12 years total), and flashing back to Reagan and his "odd" behavior and statements, the signs are there. edited to include: Maybe that's where Ryan comes in.

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Response to sad sally (Reply #3)

Sun Aug 26, 2012, 05:35 PM

5. Probably not Alzheimers

He just has trouble keeping his etch a sketch up to date.

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Response to sad sally (Reply #3)

Sun Aug 26, 2012, 07:40 PM

11. Very hard to keep such an elaborate network of lies consistent...

Add the frequent shifts in policy position and you have the makings of a house of cards.

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Response to ProSense (Original post)

Sun Aug 26, 2012, 05:33 PM

4. "Because he was trying to avoid addressing the economy"

No. It's because he's making clear that you're not fit to hold public office, no less the Presidency.

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Response to jsmirman (Reply #4)

Sun Aug 26, 2012, 08:48 PM

16. Fascinating when you consider that Mitt is keeping his proposal details secret.



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Response to ProSense (Original post)

Sun Aug 26, 2012, 06:15 PM

6. This is pure BS. Every money manager knows that you hedge currency fluctuations by ...

Last edited Mon Aug 27, 2012, 01:13 PM - Edit history (1)

using currency futures. Nobody ever actually opens an account in a Eurozone coutry to hedge the dollar against the Euro. Nobody ever opens an account in Japan to hedge the dollar against the yen. That is complete nonsense.

That is exactly what currency futures are for and everybody involved in currency exchange understands that perfectly well.

As usual, Romney is lying. That isn't a surprise. But how could this lie have persisted for 3 months without anyone in the media asking the basic question, "If your concern was currency fluctuation, why would you not use currency futures like everyone else, instead of doing something that seems to be 1000 times more complicated than that?"

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Response to BlueStreak (Reply #6)

Sun Aug 26, 2012, 07:20 PM

7. No, it's not BS .....

Nobody ever actually opens an account in a Eurozone coutry to hedge the dollar against the Euro. Nobody ever opens an account in Japan to hedge the dollar against the yen. That is complete nonsense.

No it is not complete nonsense. I know for a fact that some people do this. I am one. I know others that do also. Yes, it could be done with currency contracts, but there are transaction costs. There are advantages to having actual accounts in a Eurozone country other than avoiding taxes. Any real money manager knows this.

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Response to oldhippie (Reply #7)

Sun Aug 26, 2012, 07:36 PM

10. You have to admit

Nobody ever actually opens an account in a Eurozone coutry to hedge the dollar against the Euro. Nobody ever opens an account in Japan to hedge the dollar against the yen. That is complete nonsense.


No it is not complete nonsense. I know for a fact that some people do this. I am one. I know others that do also. Yes, it could be done with currency contracts, but there are transaction costs. There are advantages to having actual accounts in a Eurozone country other than avoiding taxes. Any real money manager knows this.

...no one is going to be thrilled about a Presidential candidate who used foreign accounts "to hedge the dollar against the Euro." Still, the issue with Mitt is tax evasion.

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Response to ProSense (Reply #10)

Sun Aug 26, 2012, 07:55 PM

12. Yes, I will admit .....

... that the financially unsophisticated will not be thrilled. Others will realize that hedging the dollar against the Euro is not a bad idea for any intelligent investor. But I guess there are not many of those types around these parts, and those that are have probably learned to keep quiet.

I keep hearing about tax evasion. Isn't the IRS supposed to be on top of that? Shouldn't we expect that if the Mittster's returns showed any type of tax evasion that the IRS would prosecute? Or do you think that President Obama's administration is in the tank for Rmoney?

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Response to oldhippie (Reply #12)

Sun Aug 26, 2012, 08:24 PM

13. The

Yes, I will admit .....

... that the financially unsophisticated will not be thrilled. Others will realize that hedging the dollar against the Euro is not a bad idea for any intelligent investor. But I guess there are not many of those types around these parts, and those that are have probably learned to keep quiet.

...road to corporate greed is paved with "intelligent investors." Fine, but stay the hell out of the Presidency.

I keep hearing about tax evasion. Isn't the IRS supposed to be on top of that? Shouldn't we expect that if the Mittster's returns showed any type of tax evasion that the IRS would prosecute? Or do you think that President Obama's administration is in the tank for Rmoney?

Are you defending "intelligent investors" or making excuses for tax evasion? I mean, are you equating Mitt's actions, which appear to be dubious and possibly illegal according to numerous tax experts (including prominent Republicans), with those of "intelligent investiors"? The IRS offered amnesty. That's not a program to celebrate the clever investor.




Edited for clarity, typos.

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Response to ProSense (Reply #13)

Sun Aug 26, 2012, 08:31 PM

14. OK, I got it.

You don't think intelligent investors should be President. OK, I can live with that.

I will always defend "intelligent investing." Don't see much of a downside. And if anyone breaks the tax laws to evade taxes, they should be prosecuted.

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Response to oldhippie (Reply #14)

Sun Aug 26, 2012, 08:37 PM

15. No you don't

"OK, I got it."

..."got it."

See, you're not explaining why you're conflating the questions around Mitt's actions with those you consider "intelligent investors."

"I will always defend "'ntelligent investing.' Don't see much of a downside. And if anyone breaks the tax laws to evade taxes, they should be prosecuted."

Go right ahead, and here's a little more information on amnesty:

Swiss-US Tax Amenesty Deal DID send someone to Jail

by jamess

But it wasn't anyone who personally benefited from the little-mentioned Swiss-US Tax Havens, themselves.

No, those Swiss-US clients, got only a stern, scary warning instead. And ample opportunity to mend their IRS "Tax Dodging" ways.


US files for disclosure of 4,500 Swiss accounts

Geneva, 04 August 2012 -- deccanherald.com

The out-of-court settlement required that the country's largest bank UBS AG hand over to US authorities information on accounts that are believed to belong to clients who hid their assets from the Internal Revenue Service to avoid paying taxes. Swiss confidentiality laws generally mandate that banks are not allowed to divulge client information.
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The 4,450 accounts -- estimated to hold some $18 Billion -- will come on top of data of some 250 accounts that was already handed over in February, when UBS also agreed to pay a fine of $780 million.

UBS has admitted its employees helped clients evade paying taxes, in some cases committing fraud.
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And about ... Romney's Tax Returns?

middleclasspoliticaleconomist -- July 18, 2012

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Wouldn't it be great if we knew which Swiss bank Romney's money had been hidden in?
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In fact, we do know which bank held $3 million of Ann Romney's blind trust. It was UBS.

How do we know? Brad Malt, the Romneys' trustee, said so. Not only that, when Romney released his 2010 tax return in January of this year, he had to amend two previously filed disclosure forms, for 2007 and 2011. In 2007, he had not specified that the UBS account was in Switzerland, not the U.S., according to ABC News (UBS has branches in the U.S.).

Let's review the bidding: Ambiguous disclosure in 2007. UBS income on 2010 tax return. Retroactive revision of 2007 disclosure. IRS amnesty for undisclosed foreign accounts in 2009 powered by UBS prosecution. Refusal to release 2009 tax return. Yes, 2009 could be a big problem.
<...>

Romney Failed to Disclose Swiss Bank Account Income

by Matthew Mosk and Brian Ross, abcnews.go.com -- Jan. 26, 2012

(pg 2)

The discovery that Romney's vast holdings included an account in Switzerland, a country long notorious for helping the very wealthy hide their assets, came during his release of his tax return earlier this week. Malt, who oversees Romney's blind trusts, acknowledged during a conference call with reporters that he decided to shut down the Swiss account because he worried it could create a headache for Romney's campaign. "It might or might not be consistent with Governor Romney's political views," he said. "The taxes were all fully paid … it just wasn't worth it. And I closed the account."

That suggests, Allison said, that the campaign had a motivation to exclude any evidence of the Swiss account from the candidate's forms. The Romney campaign called the omission an oversight.
<...>

Mitt Romney had millions in a Swiss bank account, Barack Obama campaign ad says

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And about that "someone" who saw the full weight of the IRS-Banking Law ... I'm sure those Swiss-US clients feel that Justice was served (the 2nd tier of it at least), in this little-discussed case ...

Why Is the Whistleblower Who Exposed the Massive UBS Tax Evasion Scheme the Only One Heading to Prison?

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http://www.dailykos.com/story/2012/08/04/1116691/-Swiss-US-Tax-Amenesty-Deal-DID-send-someone-to-Jail


Brad Birkenfeld: Tax Cheat and UBS Informant Doesn't Deserve Pardon
http://www.politicsdaily.com/2010/04/26/brad-birkenfeld-tax-cheat-and-ubs-informant-doesnt-deserve-par/

Mitt, what are you hiding?



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Response to oldhippie (Reply #12)

Sun Aug 26, 2012, 09:45 PM

18. A swiss account does not hedge against the Euro.

Switzerland has its own currency whose value fluctuates independent of the Euro.

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Response to oldhippie (Reply #7)

Sun Aug 26, 2012, 09:43 PM

17. Bull. You don't open a Swiss account to hedge against the Swiss Franc.

Don't mislead people here. That is a completely outrageous claim on Ro0mney's part.

First, there is no need to hedge against the Franc. It isn't a major world currency. If you are hedging, it will be against the Euro or Yen, or maybe the Sterling, but not the Swiss Franc. People with serious hedging concerns use currency contracts. That allows you to put the money wherever you need it and does not encumber any funds, but still protects you from currency fluctuations.

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Response to BlueStreak (Reply #17)

Sun Aug 26, 2012, 11:36 PM

24. OK, you must be the global financial expert

and I guess I have been sadly misinformed in my previous endeavors.

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Response to oldhippie (Reply #7)

Sun Aug 26, 2012, 10:44 PM

22. Switzerland's on the Euro? I guess only the real savvy investors would know that.



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Response to piratefish08 (Reply #22)

Sun Aug 26, 2012, 11:31 PM

23. No, the Swiss are not on the Euro, but ....

.... you can open an account and have it denominated in dollars, Swisss francs, Euros, and several other currencies. That's one of the reasons to have a Swiss account. I had accounts at UBS (decades ago) in both dollars and Swiss francs.

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Response to ProSense (Original post)

Sun Aug 26, 2012, 07:31 PM

8. kick

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Response to ProSense (Original post)

Sun Aug 26, 2012, 07:32 PM

9. Greedy Old Pig party

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Response to ProSense (Original post)

Sun Aug 26, 2012, 09:52 PM

19. And we're supposed to trust this pathological liar with our lives and livelihoods?

Not bloody likely.

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Response to ProSense (Original post)

Sun Aug 26, 2012, 10:33 PM

20. I decided to torture myself this morning and watch some of the garbage that passes for

informed political discourse/analysis this morning--skipped around among Facenation/tweety sunday/candycrow/cspan/howardk/georgesteph, and some msnbc show, and NOT ONE word was mentioned about any of this.

not by dems, not by hosts, certainly not by the esteemed members of the other party. I may have missed it, but one would think that in two and a half hours of diastolic hypertrophy, I'd have caught a snippet.

why aren't dems going APE over this? have they been warned not to bring it up, upon penalty of being forever banned?

or what?

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Response to Gabi Hayes (Reply #20)

Mon Aug 27, 2012, 02:33 PM

25. I am hoping Dems are holding all that 'amusition' for next week...

when Robmehood will be the official nominee and that there will be no chance for any other 'stand-in' to save the party of no.

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Response to ProSense (Original post)

Sun Aug 26, 2012, 10:36 PM

21. Mitt serves only one master alright....

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Response to ProSense (Original post)

Wed Aug 29, 2012, 02:52 PM

26. Maybe Ann can explain this?



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Response to ProSense (Original post)

Thu Aug 30, 2012, 04:10 PM

27. Romney Party Yacht Flies Cayman Islands Flag

Romney Party Yacht Flies Cayman Islands Flag
http://www.democraticunderground.com/1014211588

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