Posted by: coastcontact | July 8, 2012

Do You Own an Offshore Bank Account?

I know that few of you do.  One person that does is the Republican candidate for president, Mitt Romney.  Just Google the above question and you will obtain quite a few responses.  Google, “Romney’s secret offshore bank accounts.”  You will see articles posted by Vanity Fair, Huffington Post, and the NY Daily News.  I know what you are thinking.  Those are all Liberal news companies.  You would be wrong.  The NY Daily News is owned by one wealthy businessman, Mort Zuckerman.  The same Mort Zuckerman who also owns U.S. News & World Report.  The same Mort Zuckerman who has been appearing as a guest on many political talk shows and slamming Barack Obama.

Mitt and Ann Romney

Mitt and Ann Romney

This is the New York Daily News report.

Mitt Romney’s massive fortune – estimated to be as high as $250 million – is held in a complex and opaque network of offshore havens that are impossible to penetrate, according to a report in Vanity Fair.

By / NEW YORK DAILY NEWS

Mitt Romney’s massive fortune – estimated to be as high as $250 million – is held in a complex and opaque network of offshore havens that are impossible to penetrate, according to a report in Vanity Fair.

Romney had a Swiss bank account and has interests in tax havens like Bermuda and the Cayman Islands. The Romney campaign has insisted he does not use the havens to avoid paying U.S. taxes, but Vanity Fair wrote it is impossible to confirm that he is not seeing a savings.

The Republican candidate paid a 14 percent tax rate on $21.7 million in income in 2010 – far lower than the rate paid by many Americans because his earnings comes from investments rather than wages.

Vanity Fair noted that Romney has continued to receive large payments from Bain Capital since leaving the private equity firm in 1999.

Romney has personal interests in at least a dozen of the 138 or more funds organized by Bain in the Cayman Islands. Vanity Fair said the Romney-related funds are worth as much as $30 million and hidden behind confidentiality disclaimers.

READ MORE: MITT ROMNEY HOLDS MILLIONS IN CAYMAN ISLES TAX HAVEN, BUT SAYS ‘I’M NO TAX DODGER’

The report also raised questions about Romney’s blind trusts, which are used by politicians to remove conflicts of interests by turning investment control over to an independent trustee.

Romney’s financial disclosure form lists 25 such investments in an open-ended category labeled “over $1 million,” Vanity Fair reported. Many of them are set up in tax havens like the Cayman Islands.

Meanwhile, the Romney campaign is distancing itself from the CEO of Barclays, who stepped down from the British bank Tuesday amid an interest-rate fixing scandal.

Robert Diamond will no longer co-host a London fundraiser scheduled for July 27 when Romney will be in town for the Olympics.

“Mr. Diamond decided to step aside as a co-host for the upcoming London reception to focus all his attention on Barclays,” Romney spokeswoman Andrea Saul told The Financial Times. “We respect his decision.” The fundraiser will go on without the former CEO.

Barclays was fined $453 million last week by U.S. and British regulators for submitting false reports on interbank borrowing rates between 2005 and 2009.

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