Much of White House hopeful Mitt Romney’s fortune lies well-hidden in a network of opaque offshore investments including some $30 million in the Cayman Islands, Vanity Fair reported Tuesday.
Romney has amassed vast wealth — estimated to be as high as $250 million — since founding private equity firm Bain Capital in 1984, and he consistently says his successful business experience is what puts him in better position than President Barack Obama for turning around the sluggish US economy.
But while his campaign insists Romney has not exploited the offshore havens to avoid paying necessary US taxes, the difficulty in tracking the overseas transactions and holdings raises questions about the candidate’s finances in the heat of a campaign.Read it at Raw Story
Romney’s offshore wealth deeply hidden: report
by Agence France-Presse
This is not going to help Romney's image, but I think that the real story here is that is calls attention to something that most Americans already know and don't like. It seem shady and un-American, really. So regardless of how it impacts Romney politically, it will contribute to rising awareness of offshoring havens, and that's not good for those using them.
“What Romney does not get,” veteran Washington lawyer and offshore expert Jack Blum told the magazine, “is that this stuff is weird.”
And Romney is turning the public's attention to the weird big time as President Obama calls him out on his "Swiss bank account."