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Otherwords / Op-Ed
Published: Monday 30 July 2012
“Romney is, of course, a full-fledged initiate in the Uppermost One-Tenth-of-1-Percenters Club.”
How Mitt Got His
What a blessing it is for Mitt Romney to serve as the Republican nominee for president.
He's a living portrait of Mr. Wall Street Man. As his candidacy unfolds, it's allowing us commoners to get a peek into how the privileged few rig the rules for their own gain — at our expense.
Romney is, of course, a full-fledged initiate in the Uppermost One-Tenth-of-1-Percenters Club. He's got at least a quarter-billion dollars stashed away.
It's not Mitt's wealth, however, that's troubling. We've had many rich politicians who've become admirable servants of the common good. Rather, it's how he got it — and where he put it.
The "how" has now been well documented: Romney's corporate takeover outfit, Bain Capital, practiced the hocus-pocus of legalized Wall Street robbery known as private equity deals. Bain continues to put millions in Mitt's pocket, even as it has bankrupted companies, cut thousands of jobs, and slashed workers' pay.
But where did he put his booty? We don't know about all of it, for Romney keeps playing hide-and-seek with his fortune, refusing to release his tax returns or fully report his holdings on legally required disclosure forms. Good investigative reporters, however, are now digging out some rich nuggets, such as the secret $3-million Swiss bank account he has used to bet against the U.S. dollar. That's legal, I guess, but not nice.
Also uncovered is his tax shelter in the Cayman Islands, where he uses a tricky dodge called a "blocker corporation" to shield his IRA investments from business taxes — and from public scrutiny. Other assets turn out to be hidden in offshore accounts and tax havens in Australia, Bermuda, Luxembourg, and elsewhere.
How sneaky! As the old saying goes, Romney can run, but he can't hide.
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ABOUT Jim Hightower
National radio commentator, writer, public speaker, and author of the book, Swim Against The Current: Even A Dead Fish Can Go With The Flow, Jim Hightower has spent three decades battling the Powers That Be on behalf of the Powers That Ought To Be - consumers, working families, environmentalists, small businesses, and just-plain-folks.
5 comments on "How Mitt Got His"
July 31, 2012 12:53pm
Willard had a reputation for being a bully in high school. Any sensible person can simply view some of his recent comments and arrive at the conclusion that he is a callous ass who has exactly zero empathy for any human other than his select group of wealthy friends, (and he may loath them too). It's clear that he is safely ensconced in a protective cocoon designed to keep the riff-raff out and the sounds of their wailing and complaining about their economic plight from his sensitive ears. In mitt world if you want to live very, very well you need to make a better choice of parents........ just like he did. He lives in a world where people make $10,000.00 bets on a rhetorical point.
And even if his obscene wealth was acquired by amoral, craven and despicable means, remember, it was all perfectly legal.
July 30, 2012 7:46pm
Last Friday was a bad day for Mitt. The market went up 1.4% in one day to top 13,000. Of course he made 3.5 million from that, but how to you convince everyone that the other guy has failed to make the economy work?
July 30, 2012 5:49pm
Romney is like a 9 dollar bill. Totally phony. It escapes me how intelligent people think his doubling down on W's failed economic policies will work. We are in a financial bind, to put it lightly, that requires revenue increases as well as cost cutting. Romney has signed a pledge with a private political ideological group that revenue increase from our wealthiest citizens is not an option. He has obligated his commitment to someone other than our government. He is a disgrace and does not deserve the vote of any patriot.
July 30, 2012 4:03pm
Whose the patriot?
Romney has chosen to make his American earned capital foreign domiciled for personal advantage at the county's expense.
If the Republican agenda were to waive the flag and beat the drum for patriotism why wouldn’t they choose a candidate who pays his taxes as an American and keeps his capital in America?
Hiding your money overseas is a trait of third world dictators, before they flee to a life in another country.
America deserves more sophisticated lairs. We laughed when the Iraqi Information Minister stood on TV and said “the Americans are nowhere,” when invading tanks could be seen in the background. Saying you are a patriot and hiding you money overseas is hardly a more sophisticated lie.
July 30, 2012 12:31pm
How did tax evasion become so fashionable? Al Capone should have used Romney's accountant. The 1% continue to play by different rules... more and more they are getting to write those rules.
In conservative circles the objective to cut taxes on the wealthy is only the first benefit of cutting taxes on the wealthy. The secondary benefit is --to bankrupt government-- which allows it to starve so it can be "drowned in a bathtub" (as Grover Norquist advocates.) Evading taxes is fashionable to conservatives because it helps weaken government so issues like getting rid of Social Security and Medicare can be discussed.
The rules need to be changed and then enforced.