Monday, February 06, 2012

Mitt Romney and Wife Ann: Offshore Accounts

   You all know about GOP front-runner Mitt’s offshore banking interest, but, it looks as if his wife also has had a Swiss bank account with $3 million in it.

Ann Romney: $3M Swiss Bank Account for fun and pleasure

Fri Feb 03, 2012      By Polecat @ Daily Kos

Mitt Romney's wife had $3M in a secret UBS Swiss Bank Account through 2010.  This was not reported on Federal Disclosure Forms.

link and here's a Google cache because the other link is very slow.

The release of the tax returns shows Romney neglected to disclose some required financial information in his personal disclosure form filed with the Office of Government Ethics last year. His team apparently timed the release of his tax records with the hope that State of the Union hooplah would dominate news coverage and result in his finances getting less attention than they might otherwise. And that appears to been correct. His failure to divulge information about 23 investments, and more important his use of secret Swiss bank accounts, has been given a free pass.

23 Investments were not declared on his Federal Disclosure in 2011.

From the LA Times

An examination by the Los Angeles Times/Tribune Washington Bureau found that at least 23 investments detailed in the couple's 2010 tax returns did not show up or were not listed in the same fashion on Romney's most recent financial disclosure, including 11 based in low-tax foreign countries such as Bermuda, the Cayman Islands and Luxembourg.

(my emphasis)

Among the assets omitted is a Swiss bank account in Ann Romney's blind trust that held $3 million until it closed in 2010. The account was listed on a financial disclosure Romney filed in 2007, but it was mistakenly named as an asset held by the couple, not as part of Ann Romney's trust. A campaign spokeswoman said Thursday that Romney will file amendments to both his 2007 and 2011 financial disclosures to correctly identify the bank account.

The Romney campaign dismissed the omission of information as inadvertent and inconsequential, noting he has released more than 600 pages of details about his finances. Indeed, among the hundreds of investments listed on his recent financial disclosure are many foreign funds.

Inconsequential.  $3M in a Swiss Bank Account for your wife.

And she has a blind trust?  Is this blind trust also run by your close friend that runs your own trust, Mr. Romney?

The part that I find the most interesting is that it was closed in late 2010: "I'm running for office, for Pete's sake!"