According to former Democratic Ohio Governor Ted Strickland, the Presidential battle for that all-important swing state is about to heat up--with presumptive GOP nominee Mitt Romney feeling much of the heat. The Dems are poised to point out three problem areas for Romney due to his past modus operandi.
First, there is his decision to file for an extension before making public his federal tax return. That, in itself, conjures up the image of a man deferring as long as possible the release of information not conducive to public confidence.
The delay, the extension, is counter to tradition, and it leads to speculation that there will be information contained therein that will not be helpful to the Republican cause.
Then, there is the matter of investments placed with off-shore, Cayman Islands banks. The question here is, " What is wrong with American banks?"
Finally, and most damaging to the Romney image, is the disclosure in Romney's 2010 federal tax return that he has enjoyed the protection and privacy of a numbered Swiss bank account. That account was closed about the same time that Mitt Romney became a serious candidate for The White House, but it still begs the question, "why?"
Why did Mitt Romney feel the need for a secret Swiss account. Was he looking to make money on the fluctuation of the U.S. dollar, or was there something else he wanted to hide?
Whatever eventually comes of these three problems, Mitt Romney may well regret not enlightening the American people earlier on.
Wednesday, May 2, 2012
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Diversification is the mantra of wealthy people. They live by the adage "don't put all your eggs in one basket." Buying land in far off places such as Patagonia in Argentina (of all people, Sylvester Stallone), making business and real estate investments in high-risk former communist countries such as the Republic of Georgia (Donald Trump), keeping assets denominated in a basket of foreign currencies to protect against an eroding dollar(just about everyone rich), protecting assets from predators in the most sue-friendly environment in the world (the U.S.) by putting some of them in overseas banks and trying to save on taxes using the opportunities that your friendly "crony capitalism" Congress makes available to you are common strategies among the truly rich. I am sure the President were he in the same category (not quite there, yet) would not shy away from similar strategies if his financial advisers were to recommend them.
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