Mitt Romney’s Endless ‘Retirement’ Package --exposes BIG LIES about BAIN retirement

[DonRedwood]

Gawker has put out half a dozen big posts spilling different parts of Bain's taxes--which gives huge insight into Romney's taxes/income. Here are some quotes and links that will get you to some of the more important parts:

http://gawker.com/5936873

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. When Romney explained at an October 29, 2002, debate in Massachusetts that he wasn't responsible for Bain's actions after his 1999 retirement, it was just 8 weeks after the creation by Bain of a fund that was part of his retirement agreement.

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.


Go read it everyone....pretty amazing stuff

[DonRedwood]

1. Another story about short sales...very good info! LINk

http://gawker.com/5936876

[DonRedwood]

2. woah...this is important. a quote from this article below

Like all preposterously rich people, Romney is heavily invested in the sort of glorified gambling that helped bring down the global economic system in 2008. Sankaty Credit Opportunities IV, for example, made $89 million from credit default swaps in 2009. Here's a mouthful from the Sankaty Credit Opportunities L.P. audited statement:

The partnership may from time to time enter into various managed tranche credit default swap transactions whereby the partnership contributes a net amount to financial intermediaries and provides protection, in aggregate, on pools of underlying reference assets. The net amount contributed consists of a gross amount paid upfront by the partnership for potential credit events and a gross amount of upfront interest received by the partnership for certain tranches of these pools. As of December 31, 2009, the partnership holds six swap transactions on three pools of credit default swaps, of various credit quality, with a total notional amount of $55,136,418.

He built that.

[Viva_Daddy]

3. Maybe Romney will have to "retroactively retire" from the Presidential race.

[DonRedwood]

4. It is possible he already has.

[DonRedwood]

5. This gawker article shows how romney gets money from gambling and cigarettes (w/ proof attached)

Sankaty High Yield Partners II also lent money to such un-Mormon concerns as Las Vegas Sands, LLC ($3 million), which operates casinos in Las Vegas and China; Motor City Casinos ($1.8 million), and Yonkers Racing Corporation ($214,000). Not to mention Core-Mark, a nationwide cigarette distributor ($13 million in bonds). The Church of Jesus Christ of Latter-Day Saints, for which Romney has served as a bishop and "stake president," opposes gambling and smoking. Mother Jones' David Corn has detailed another Romney holding—Brookside Capital Investors Inc.—that also held substantial gambling-related investments, despite Romney's record of opposing "access to gaming" due to its "social costs."

http://gawker.com/5936868

[DonRedwood]

6. And read this!!!

For instance: Romney has between $1 million and $5 million parked in Prospect Harbor Credit Partners LP, a $1.2 billion (as of 2010) fund. According to a 2010 investor letter from its advisors, the tenuous economic recovery underway in 2010 was at risk of a Republican victory in the midterm elections:

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. An expiration of stimulus would be a significant fiscal drag.

Let that one sink in: An expiration of stimulus would be a significant fiscal drag. Here is Romney's position on the stimulus: "The largest one-time careless expenditure of government money in American history." Here's another: "That stimulus didn't work. That stimulus didn't put more private-sector people to work."

http://gawker.com/5936878

[tallahasseedem]

7. I will be continually...

checking DU and Kos for amazing analysis...this stuff is way beyond me!

Thank you for your insight!

[DonRedwood]

8. The comments on the articles will also give us much more info

as tax people get a chance to weigh in!

[LiberalFighter]

9. Am I understanding that the ties between Bain and Romney have not been severed AND

Romney receives an annual regular income via the Sankaty Credit which is mostly used to hold deposits made from other Bain holdings which Romney then withdraws for himself?

[DonRedwood]

10. I'm confused by some of this but....overall, they are still writing him checks

from one account or another. Different names but all the same accountants I'd bet.

[DonRedwood]

11. MILLIONS of oversea holdings exposed

http://gawker.com/5936878

Eight of the entities we've obtained documents for are based in the Cayman Islands; Romney's 2011 holdings in them amounted to at least $4.6 million (though the actual number could be many times higher).

[Berlum]

12. Wow - Romney caught red-handed in his 1% fatcat ripoff lies to America

Greedy bastard.

[DonRedwood]

13. I LOVE YOUR PICTURE...lol..hadn't seen that one yet