Web Site Publishes Trove About Romney's Bain Investments

Aug 24 2012 | 12:50pm ET

Republican presidential candidate Mitt Romney has been pretty tight-lipped about his fortune, estimated to be in excess of $250 million, earned during and after his tenure as leader of private-equity firm Bain Capital. But Gawker is seeking to throw some light on the issue—which President Barack Obama has so far effectively mined in attacks against his November opponent—with the release of a trove of documents about 18 Bain funds and three hedge funds to which Romney and his family have entrusted their fortune.

Gawker said the 950 pages of documents, disclosure of which Bain said was "unauthorized," "shed a great deal of light" on Romney's fortune and on the firm he co-founded. In particular, the information about the funds, many domiciled in the Cayman Islands, show how Romney and other wealthy investors keep their tax rates so low, according to Gawker, through "tax-dodging tricks."

Romney as his family are invested in eight Sankaty Advisors funds through Bain, as well as Bain's Absolute Return Capital Partners. The former Massachusetts governor also invests in Karsch Capital, Taconic Capital Advisors and Viking Global Investors.

Another, Prospect Harbor Credit Partners, in which Romney has between $1 million and $5 million, was two years ago no fan of the policies pushed by Romney's vice-presidential running mate, Rep. Paul Ryan (R-Wisc.).

"With an economy that is still highly dependent on fiscal support, the outcome of the midterm elections could lead to gridlock that would have major ramifications for the economy," Boston-based Prospect Harbor told investors in 2010, before Republicans took control of the House of Representatives. "An expiration of stimulus would be a significant fiscal drag."

Romney has called the stimulus "the largest one-time careless expenditure of government money in American history" and has said that it "didn't work."


In Depth

Bob Doll's Ten Market Predictions For 2016

Jan 7 2016 | 9:37pm ET

Well-known market strategist Robert Doll has published his annual list of ten predictions...

Lifestyle

Citadel's Ken Griffin Donates $40M To New York's Museum of Modern Art

Dec 22 2015 | 9:23pm ET

Citadel founder Ken Griffin has donated $40 million to New York’s Museum of Modern...

Guest Contributor

Hedge Fund Marketing - Making the Most of Your Salesperson

Jan 20 2016 | 8:11pm ET

In this contributed article, Bruce Frumerman of Frumerman & Nemeth takes a close...