With questions continuing to mount about Mitt Romney’s offshore investments and bank accounts and $100 million IRA, Romney yesterday responded by claiming that he did not know anything about his fortune being stashed overseas because his finances are purportedly taken care of by a blind trust. As reported by Talking Points Memo:
Mitt Romney disavowed any responsibility for investments in the Cayman Islands and Bermuda, saying his personal finances are part of a “blind trust” that’s out of his control. Democrats have seized on reports on the holdings, about which little is known, to demand Romney release more of his tax returns and related material.
“I don’t manage them, I don’t even know where they are,” Romney told Radio Iowa Monday of his investment portfolio. “That trustee follows all U.S. laws, all taxes are paid as appropriate, all of them have been reported to the government. There’s nothing hidden there.”
Romney’s claim of ignorance, however, is questionable at best, given that his blind trust does not appear to be all that blind. As we’ve reported previously, Romney’s blind trust is run by R. Bradford Malt, his longtime lawyer who is the President of your Bermuda company Sankaty. While that alone may not be enough to demonstrate a lack of blindness, one of the investments that Mr. Malt made with the trust was to put $10 million into a company named Solamere, which was co-founded by Romney’s son Tagg and Romney’s National Finance Chair for his campaign, Spencer Zwick.
The Solamere investment strongly suggests that Romney’s “blind” trust is not as blind as his comments today suggest. And if you don’t believe us, then ask a real expert . . . . the 1994 version of Mitt Romney who, as shown in the video below, explained that the “blind trust is an age-old ruse”:
The next time that Romney or his campaign PR flacks raise the blind trust excuse, reporters should ask:
- Did you know about the Solamere investment in advance?
- Were you involved in deciding that the Solamere investment should be made?
- What other investments by your blind trust did you know about in advance?
- What instructions have you given to Mr. Malt about investment of the blind trust?
- If you were to become President, what additional steps, if any, would you take to make sure your decisions as President are not affected by your knowledge regarding your investments?
- Do you still believe, as you said in 1994, that the “blind trust is an age old ruse”? If so, why? If not, why not?
We suspect that Mr. Romney’s answers to these questions will be just as evasive as everything else he says about where his quarter-of-a-billion dollar fortune is stashed away.
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