quote:

Romney revising disclosures for overseas accounts
by NBC's Michael Isikoff • Jan. 26, 2012

Mitt Romney could face new questions about his overseas investments after a campaign official acknowledged to NBC News that his campaign is revising his financial disclosure forms to report more than a half dozen offshore holdings, including income from a multi-million dollar Swiss bank account that was not disclosed last year.

The tax returns released by the Romney campaign this week showed that the Ann Romney Blind Trust had reported $1,783 in interest income from a bank account held at UBS in Switzerland in 2010. But the Swiss bank account -- as well as other offshore investments in the Cayman Islands, Bermudas and Ireland that appear in the trust fund's tax returns -- were not disclosed in Romney’s financial disclosure form filed with the Office of Government Ethics last August.

A Romney campaign official emailed Thursday afternoon that Romney’s financial disclosure form is now being amended with the government ethics office “to address this minor discrepancy” and “to deal with some other minor issues.”
...

Malt said he opened up the Swiss bank account, holdings in which are valued valued at between $1 million and $5 million, in 2003 on behalf the Ann Romney trust in order to provide “international currency diversification” for the trust's holdings. He then shut it down in early 2010, he said, noting that Romney was preparing to run for president at the time and he did not want to have it become an issue in the presidential campaign.

The campaign had no immediate explanation for why the $1,783 in interest income from the UBS account had not been included in the 2011 financial disclosure, an omission noted by political rivals.
...

Malt initially insisted in an interview that the amount was below the threshold that needed to be reported. But one category on the standard government financial disclosure form specifically asks candidates to report assets valued at between $1,000 and $5,000 as well as income from any holdings of between “$1,001 and $2,500.” A campaign official later said Malt had been misunderstood, acknowledging that both the 2007 and the 2011 financial disclosures the campaign filed are being revised.

But the inclusion of the Swiss bank account is apparently not the only revision. The Ann Romney blind trust also reported income from shares in offshore companies such as Barricuda Investments Ltd. in Ireland, Castle Garden Funding in the Cayman Islands, and Sankaty High Yield Assets Investors Ltd. in Bermuda. Those holdings also were not included in the financial disclosure form that Romney filed last August. The form requires presidential candidates to report all assets and income for them and their spouses for the full calendar prior to the year of the filing.

quote:

Romney revising disclosures

quote:

Originally posted by CompGuy:
Well, well, well. Seems like the Mittster filed reports with the government that had a "minor discrepancy" according to his PR staff--he didn't mention the interest from a Swiss bank account and didn't mention his investments in the Cayman Islands, Ireland, and Bermuda.

Details:

quote:

Romney revising disclosures for overseas accounts
by NBC's Michael Isikoff • Jan. 26, 2012

Mitt Romney could face new questions about his overseas investments after a campaign official acknowledged to NBC News that his campaign is revising his financial disclosure forms to report more than a half dozen offshore holdings, including income from a multi-million dollar Swiss bank account that was not disclosed last year.

The tax returns released by the Romney campaign this week showed that the Ann Romney Blind Trust had reported $1,783 in interest income from a bank account held at UBS in Switzerland in 2010. But the Swiss bank account -- as well as other offshore investments in the Cayman Islands, Bermudas and Ireland that appear in the trust fund's tax returns -- were not disclosed in Romney’s financial disclosure form filed with the Office of Government Ethics last August.

A Romney campaign official emailed Thursday afternoon that Romney’s financial disclosure form is now being amended with the government ethics office “to address this minor discrepancy” and “to deal with some other minor issues.”
...

Malt said he opened up the Swiss bank account, holdings in which are valued valued at between $1 million and $5 million, in 2003 on behalf the Ann Romney trust in order to provide “international currency diversification” for the trust's holdings. He then shut it down in early 2010, he said, noting that Romney was preparing to run for president at the time and he did not want to have it become an issue in the presidential campaign.

The campaign had no immediate explanation for why the $1,783 in interest income from the UBS account had not been included in the 2011 financial disclosure, an omission noted by political rivals.
...

Malt initially insisted in an interview that the amount was below the threshold that needed to be reported. But one category on the standard government financial disclosure form specifically asks candidates to report assets valued at between $1,000 and $5,000 as well as income from any holdings of between “$1,001 and $2,500.” A campaign official later said Malt had been misunderstood, acknowledging that both the 2007 and the 2011 financial disclosures the campaign filed are being revised.

But the inclusion of the Swiss bank account is apparently not the only revision. The Ann Romney blind trust also reported income from shares in offshore companies such as Barricuda Investments Ltd. in Ireland, Castle Garden Funding in the Cayman Islands, and Sankaty High Yield Assets Investors Ltd. in Bermuda. Those holdings also were not included in the financial disclosure form that Romney filed last August. The form requires presidential candidates to report all assets and income for them and their spouses for the full calendar prior to the year of the filing.

Read between the lines. The Swiss bank account was closed down because "Romney was preparing to run for president at the time and he did not want to have it become an issue in the presidential campaign." So this was something that Romney ALWAYS planned to hide. He didn't realize, though, that he still had to report the interest earned by that account even though it had been closed.

Notice how dismissive Romney is of the idea that he had to follow the law and file an honest report. Oh, a half-dozen foreign accounts with tens of millions of dollars is a minor oversight to him and his staff.

Fact is, Romney never planned to release his tax returns and thought he could lie freely on his official report. He was wrong about that.

Makes you wonder what is in the 2009 and earlier tax returns that he DIDN'T clean up. What does he have to hide in those?

Note, also, that Mitt lied in his 2007 financial statement too, submitted when he ran for office then.

Absolutely shameful, IMHO--both the attempted subterfuge and his regal dismissive attitude when his lies of omission were uncovered.

And a good reporting job by investigative reporter Michael Isikoff!

Jeff

Source:
http://firstread.msnbc.msn.com...or-overseas-accounts

quote:

Big deal. When he discovered it, he disclosed it.

quote:

Do you really think the people who submitted his financial information to the SEC in 2007

quote:

Romney also decided to amend the report from his 2007 run for president, a decision first reported by the New York Times. That form identified a UBS money market account, but did not clarify that it was held by his wife's trust.

quote:

that the Ann Romney Blind Trust had reported $1,783 in interest income from a bank account held at UBS in Switzerland in 2010

quote:

Originally posted by Dr Chango:
Of John Kerry was French, then Mitt is Swiss, and more so.

quote:

Originally posted by Zorro:

quote:

Romney revising disclosures

Big deal. When he discovered it, he disclosed it.

quote:

When he discovered it? Did his money fly overseas without his knowledge?

quote:

Originally posted by Zorro:

quote:

When he discovered it? Did his money fly overseas without his knowledge?

Yes. His money has been in a blind trust for many years.

quote:

Originally posted by Zorro:

quote:

When he discovered it? Did his money fly overseas without his knowledge?

Yes. His money has been in a blind trust for many years.

quote:

That trust must have been really blind!

quote:

A blind trust is a trust in which the fiduciaries, namely the trustees or those who have been given power of attorney, have full discretion over the assets, and the trust beneficiaries have no knowledge of the holdings of the trust and no right to intervene in their handling.

quote:

Comp Guy has run and hid almost like he is a lying skunk or somethin?

quote:

It was shown in his 2007 disclosure, it simply did not clarify that it was his wife's trust, not his.

You are wrong. You claimed "he lied" when it was you who deliberately omitted exculpatory information.

quote:

one category on the standard government financial disclosure form specifically asks candidates to report assets valued at between $1,000 and $5,000 as well as income from any holdings of between “$1,001 and $2,500.” A campaign official later said Malt had been misunderstood, acknowledging that both the 2007 and the 2011 financial disclosures the campaign filed are being revised.

quote:

quote:
Comp Guy has run and hid almost like he is a lying skunk or somethin?

Amazing. I have a job, Zorro.

quote:

Amazing. You have time to post lies and insults about Romney, but then when the NY TIMES verifies that he evaded no taxes, in fact, he even paid more than required, then suddenly you are "to busy" to retract your false statements?

quote:

I said he lied on his financial disclosure docs submitted to the FEC in 2007 and 2011. He admits now that he did.

quote:

3) It's exactly the fact that his tax returns DID list assets that he should have but didn't list on his FEC disclosures that unmasked him as a liar.

All clear now?