Tuesday, 29 July 2014
Last updated 16 hours ago
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."
Jul 8 2014 | 10:48am ET
The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…