Romney’s Bermuda Money

Last month The Washington Post ran the stirring story about Romney’s Bain Capital shipping jobs overseas to China, and after The Post denied the Romney Campaign’s request to retract the story, the campaign settled on the defense that Bain had actually downsized its ownership of Global-Tech. The company responsible for outsourcing.

That was at least partially true, but according to David Corn of MotherJones, what actually happened is the Bain affiliate Brookside split its share of ownership in Global-Tech with Mitt Romney’s Bermuda shell corporation.

Brookside downsized its Global-Tech holdings later in 1998. An SEC filing submitted on December 21, 1998, reported that the Bain affiliate now controlled only 4.63 percent of the company’s shares. But Brookside was sharing its stake in Global-Tech with Sankaty High Yield Asset Investors LTD—a Bermuda-based corporation of which Romney was the “the sole shareholder, a director, and President.” That is, Romney had split his Global-Tech holdings between two of his various business entities. (The SEC filing doesn’t indicate why he did that.)

Sankaty is a story in itself. It was recently the focus of an Associated Press investigation that reported that Sankaty “is among several Romney holdings that have not been fully disclosed” and that there is a “mystery surrounding” Sankaty. Reporting on this Romney entity, Vanity Fair noted that “investments in tax havens such as Bermuda raise many questions, because they are in ‘jurisdictions where there is virtually no tax and virtually no compliance,’ as one Miami-based offshore lawyer put it.” With Sankaty, Romney was using a mysterious Bermuda-based entity to invest in a Chinese firm that thrived on US outsourcing.

In early 1999, Romney’s investment in Global-Tech expanded again. An SEC report filed on March 25, 1999, stated that Brookside and Sankaty at this stage owned 9.11 percent of the firm’s stock. Romney was still listed as the sole shareholder and president of both Brookside and Sankaty.

In case you missed it, here’s the original story on Romney’s Bermuda money.

(AP) WASHINGTON – For nearly 15 years, Republican presidential candidate Mitt Romney’s financial portfolio has included an offshore company that remained invisible to voters as his political star rose. Based in Bermuda, Sankaty High Yield Asset Investors Ltd. was not listed on any of Romney’s state or federal financial reports. The company is among several Romney holdings that have not been fully disclosed, including one that recently posted a $1.9 million earning suggesting he could be wealthier than the nearly $250 million estimated by his campaign.

“I don’t even know where my money is” is the defense Romney settled on to explain away his Bermuda money, but given this information, that seems increasingly hard to believe.

Do you really expect us to believe two companies Romney owned split ownership of another and he had no knowledge of it?

Following the revelation today that Romney was still the CEO of Bain Capital for three years longer than he publicly admits according to SEC filings, you’re forced to wonder if any of what Romney or Bain say is true.

We simply don’t know. And as long as Romney refuses to come clean, these kinds of stories will continue to leak out.

My gut says Romney would rather protect his assets than become president.

Print Friendly
This entry was posted in Lying Liars and tagged , , , , , . Bookmark the permalink.
  • Zen Diesel

    There is no way Mittens should get a free ride on this. His days of hiding behind the skirt of Fox News is getting shorter. If he truly love America in heart as he told the NAACP yesterday, then he needs to put all his cards on the table and let the voting public decide if his lying ass is worthy of being President.

    • D_C_Wilson

      Mitt loves America.

      He just loves his money more.

    • http://twitter.com/ljward Larry

      Zen,
      Being from the Mitten state (aka the Hi Five State) I take issue with giving Willard the nickname ‘Mitten’. His name is Willard. Please don’t denegrate Michigan by giving Willard the same nickname as our great state.

      • Zen Diesel

        Duly noted, from now on I will call that douchebag Willard like Rev. Al does on his show.

  • Lazarus Durden

    He had no control over this money! Just like Ron Paul had no control over the content of those newsletters that he was editor of… that had his name attached to them… for a couple of decades… Yup both men are pillars of integrity.

    • Zen Diesel

      Normally Republicans wait until they get into office before they start lying. The Rombot2012 ability to lie is the stuff of legends.

  • http://rob.yurkowski.net/ Rob Yurkowski

    I’m mostly glad these revelations came forward before the GOP nomination was given to him. Thank God there’s still time for Sarah Palin to swoop in at the last minute to save the Republican Party from itself. She’s not the hero Amercia deserves, but she’s the hero it needs!

    On a tangent, the more I think about it, the more I see HBO miniseries voice-overs in the works for the failed candidates. It should be a show called Snow Ain’t White, and it details the cutthroat existence of the real seven dwarves—Flopsy, Crazy, Sleazy, Lusty, Slimy, Oopsy, and Doc—as they struggle to figure out how to fill the vacuum left by the departure of Snow White, who wasn’t cool with mandatory transvaginal ultrasounds.

  • Victor_the_Crab

    Mitt Romney is obviously using the Alberto Gonzales “I can’t remember” defense stragedy when discussing where his money is.

  • bphoon

    I thought that kind of financial shit was known as money laundering…

  • http://drangedinaz.wordpress.com/ IrishGrrrl

    “I dont even know here my money is”….

    No, you do because you had to sign an effin agreement to exchange or buy the stock for the subsidiary in the first place. So you either signed something you didn’t read, which makes you a rich, arrogant and stupid asshole, or you signed something you fully understood, which makes you a super-cynical grade-A dick. Either way, you shouldn’t be President.

  • Lazarus Durden

    Okay to paraphrase VP Biden this looks like a “big f*king deal” to me. Anyone else have any thoughts on this? I’m hoping like hell the press dog piles on it. I don’t think Romney can evade this, and it’s going to come out fully before November.

    So what do you all think? Is this where the Romney train goes off the tracks, and his chances for election in November are finished?

    • JMAshby

      As long as the president remains black, Team Romney has something going for them in America.

      I have absolutely no doubt that the polls wouldn’t even be remotely close if he was white. This country is very racist.

      • Victor_the_Crab

        But yet, each and every day, Romney finds new ways to let the election slip through his grubby little fingers.

      • ranger11

        But he’s not even a cool white guy. Does the country really want this Lawrence Welk/Donnie Osmond shit in this day and age?