Gawker has obtained a large cache of confidential internal financial documents from more than 20 secretive hedge funds and other investment vehicles in which Mitt Romney has stashed his considerable wealth.
Romney has long claimed, despite evidence to the contrary, that he retired from Bain Capital in 1999. The Bain documents we obtained indicate that his involvement with the company extended years past that date.
Romney owns a stake in Sankaty Credit Opportunities L.P., a Delaware-based partnership. According to its financial statements, it had $201 million in assets in 2009 and a $52 million gain on the year—that's after a stunning $91 million loss in 2008. But what's interesting about Sankaty Credit Opportunities is that, according to his 2012 financial disclosure, Romney's interest in the entity was part of his retirement package: It was made "pursuant to an agreement with Bain Capital regarding Mr. Romney's retirement" in 1999. But according to its audited financial statement, Sankaty Credit Opportunities didn't exist yet when Romney retired: "Sankaty Credit Opportunities, L.P., is a Delaware limited partnership which commenced operations on August 12, 2002." In other words, Romney's 1999 retirement agreement included an investment in an entity created in 2002—in fact, was created in the heat of his first gubernatorial campaign in Massachusetts.
Even more drastic, Sankaty Credit Opportunities IV—of which Romney owns more than $1 million in his IRA and which earned him between $50,000 and $100,000 in 2011, and which is likewise described as an investment made pursuant to his retirement package—wasn't even created until July 2008. That's nine years after his retirement from Bain and five months after he withdrew from the 2008 GOP primary.
Originally posted by OutKast Searcher
It was only a matter of time for something like this to leak.
Romney is hiding something in his tax returns...and it seems like he is hiding even more in his retirement package.
It will be interesting to see how much damage this does and how much additional pressure is put on Romney to release his taxes.
Originally posted by camaro68ss
Obama is hiding something in is Collage records and transcripts. It would be interesting to see how a lower class person got into these prestige collages after saying in his own words how his" last two years of high school were a bluer" from doing drugs all day long.
First revelation...An entity that Romney claimed was part of his Retirement package in 1999, wasn't even created until 2002.
But Fortune senior editor Dan Primack says Gawker’s huge dump is much ado about nothing.
However, before another word on the subject is said, it should be noted that neither the folks at POLITICO nor the folks at Gawker (nor this author) fully understand everything in these documents.
“These documents — not all of which are new — will require a great deal of vetting,” writes POLTICO’s Dylan Byers, eagerly adding that early “signs indicate that there are some new, and potentially controversial, details.”
“The documents are exceedingly complicated. We don’t pretend to be qualified to decode them in full, which is why we are posting them here for readers to help evaluate — please leave your thoughts in the discussion below,” Gawker’s John Cook writes.
Ouch. He goes on to critique and/or correct each of Gawker’s possible “finds” including:
Bain’s Cayman Islands accounts: “the reality is that most private equity firms form Cayman-domiciled funds to accommodate investors based outside of the United States (particularly when those funds also are making some non-U.S. investments).”
The fact that Romney’s retirement package involves companies created after he left Bain in 1999: “[H]is retirement package provided Romney with ownership positions in Bain funds raised for 10 years after he left the firm (plus the ability to co-invest his own money). This isn’t breaking news (mentioned here, for example).”
On the “mystery” surrounding Romney’s holdings: “There actually is plenty of data on Romney’s Bain-related holdings. For example, Bain’s own website lists most of its active private equity portfolio companies. Then there are third-party databases operated by such organizations as Dow Jones, Thomson Reuters and CapitalIQ — each one of which includes searchable lists of past Bain Capital deals (often with detailed financial information).”
“I totally understand why a stack of papers marked ‘confidential’ seems exciting, particularly for those without a deep understanding of private equity. And I‘m not taking any position on if Romney did or didn’t duck taxes at some point, either related or unrelated to Bain holdings. All I’m saying is that Gawker has posted tons of smoke without any fire,” Primach adds.
Originally posted by Resurected
gawker is not a left wing site..
Theblaze however is a right wing site..
"Gawker's worthless 'Bain files' "
Actually came from a blog..
Apparently, nobody thought to tell the boys on the Romney beat that Gawker Media is part of a shell company incorporated in the Cayman Islands. Gawker’s money lives in the same neighborhood as Romney’s money. Call it bipartisanship.
As John Cassidy relates in The New Yorker, Gawker’s finances are “organized like an international money-laundering operation.” For example:
Much of its international revenues are directed through Hungary, where [bossman Nick] Denton’s mother hails from, and where some of the firm’s techies are located. But that is only part of it. Recently, [Felix] Salmon reports, the various Gawker operations—Gawker Media LLC, Gawker Entertainment LLC, Gawker Technology LLC, Gawker Sales LLC—have been restructured to bring them under control of a shell company based in the Cayman Islands, Gawker Media Group Inc.
In my mind, hypocrisy is a lesser sin than stupidity, and it is sort of stupid to write up a breathless account about Romney’s doing the precise same thing your company does. Incidentally, there is nothing in the Gawker report or the accompanying documents suggesting that Romney or Bain did anything improper. And neither did Gawker, for that matter: U.S. tax practices create very powerful incentives to pursue avoidance strategies. Gawker’s owners apparently know that, even if its writers lack the guts or the intellectual capability to acknowledge as much.
We eagerly await the next Gawker editorial on the need for corporate-tax reform.
Originally posted by Resurected
reply to post by jibeho
So Gawker is running for president? Fail attempt at distraction there..