Romney on investments: 'Nothing hidden there'
July 10th, 2012
11:46 AM ET
2 years ago

Romney on investments: 'Nothing hidden there'

(CNN) - Following a week of blistering attacks from Democrats over Mitt Romney's personal, offshore investments, the presumptive GOP presidential nominee responded Monday and denied any wrong-doing in his finances.

Saying his foreign investments have been held in a blind trust and managed by a trustee, Romney emphasized he has no knowledge of where his money is being placed.

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"I don't manage them. I don't even know where they are," Romney said in an interview on Radio Iowa.

Obama's campaign recently seized on a report in the magazine "Vanity Fair," which called Romney a "remarkable financial acrobat," with accounts and investments in several places considered tax havens for Americans - Bermuda, the Cayman Islands and Switzerland.

CNNMoney.com: Romney's investments, blind trust, and financial disclosure docs

Romney countered his rival's re-election campaign, which has also been hammering the candidate to release more than the two years' worth of tax documents that Romney has already made public.

While Team Obama hasn't directly charged Romney with tax evasion, they suggest the millionaire may be hiding important details about his finances by not disclosing multiple years of returns.

Romney, however, reiterated that there is no violation of tax law.

"That trustee follows all U.S. laws. All the taxes are paid, as appropriate. All of them have been reported to the government. There's nothing hidden there," the candidate said.

Federal campaign law does not require candidates to release tax returns, but it does require candidates to file annual financial disclosure paperwork, which Romney has done in addition to the taxes he has released.

The presumptive GOP presidential nominee argued Monday that his opponent was simply trying to cause a distraction.

"I understand the president's going to try to do anything he can to divert attention from the fact that his jobs record is weak and he has no plan to make things better," he said.

– CNN's Paul Steinhauser, Ashley Killough and Gregory Wallace contributed to this report.


Filed under: 2012 • Mitt Romney • Taxes
soundoff (168 Responses)
  1. Republican Class Warfare

    "Hey, I have nothing to hide, I'm just not going to show you anything." Sounds like something someone with something to hide would say.

    July 10, 2012 01:56 pm at 1:56 pm |
  2. Hugganoak

    How does Romney know whether anything illegal is going on with them or not? He says he doesn't know where they are and doesn't manage them. Shouldn't he take a little initiative to make sure nothing shady is going on with the funds?

    July 10, 2012 01:56 pm at 1:56 pm |
  3. Karm99

    Romney's so called blind trust is managed by his personal lawyer, how does that make his investments out of his hands?

    The bottom line Mr Romney, until you fully disclose your assets and investments, at least half of the American people are going to believe you are evading taxes.

    The other half are Faux News watchers and they don't care to know the truth.

    July 10, 2012 01:57 pm at 1:57 pm |
  4. Lenny Pincus

    Yeah, if Romney paid a big fine in 2009 for avoiding taxes, we don't need to know.

    July 10, 2012 01:57 pm at 1:57 pm |
  5. vamom23

    This is the guy that Republicans want in the White House? No transparency whatsoever. Playing dumb about his investments doesn't reflect well on the fact he wants to be the leader of our country. I have a 401K plan and I know where my money goes. Not in a Siwss Bank Account or hidden in an offshore bank like the Cayman Islands. Good Grief!

    July 10, 2012 01:57 pm at 1:57 pm |
  6. Wake up people

    This is a crock of ish. If this were President Obama he would be vilified. What's the problem Mittens just show the American people what we deserve. Surely he understands that..... If President Obama can be made to show his birth certificate, surely Mittens won't mind showing us the tax records all other Presidents have. But of course the media and everyone else will say he doesn't have to.

    Double standard anyone??? The right are so desperate to reclaim the White House and the media, including CNN, are nothing but their lapdogs to help in any way they can.

    OBAMA 2012!
    Go ahead and not print it cnn like you do all of my posts that point out the obvious.

    OBAMA 2012!

    July 10, 2012 01:58 pm at 1:58 pm |
  7. fredisdead

    Maybe i cant tell you where all my investments are but what American Citizen maintains a swiss bank account and why???

    July 10, 2012 01:58 pm at 1:58 pm |
  8. Nagrad

    That's beside the point @transparency. The point is that he doesn't play by the same rules that 99% of the rest of us do.

    Don't get me wrong, I have no doubt that everything he (and his trustee) have done is 100% legal – but that doesn't mean he isn't taking significant advantage of loopholes and dodging taxes (legally).

    July 10, 2012 01:58 pm at 1:58 pm |
  9. Tom

    Does this idiot think if he states he doesn’t know who is doing what with his money makes him look any better? This guy is wasting time & money running, it is sad the GOP can’t find someone better to push out front.

    This guy’s track record is showing how the rich are raping the middle class. They changed the laws so anyone with 5 million or more can’t lose. If your have a net worth of less than that voting for this guy would like shooting yourself in the foot. He’s a danger to your kids’ future and our nation’s tax base (AKA) your paycheck! The more Americans back to work making bigger paychecks means fewer taxes for all. This guy’s plan is to outsource jobs to drive down US wages, look where that has got us!!

    July 10, 2012 02:00 pm at 2:00 pm |
  10. Anonymous

    Since there is nothing to hide, why not release them? If Mitt wants to focus on the economy (and he should) then why let this continue to be a distraction? Seems if there was nothing to hide, disclosure is the way to go.

    Then after that disclosure, he can say "See, I told you so". Surely that would be the path to take if everything was on the up and up....seems like common sense and a great way to end the "distraction" to me.

    July 10, 2012 02:00 pm at 2:00 pm |
  11. Mike Buck

    I have a 401 K and can track my investments. Romney doesn't even know where his investments are? Really?

    July 10, 2012 02:00 pm at 2:00 pm |
  12. fredisdead

    every presidential candidate from Reagan, Carter, Bush, Bush, Clinton, Obama released at least 12 years of returns before running. How come Robme can only find ONE year of tax return; and that after being hounded for it? Course hes a tax and Military service evader!

    July 10, 2012 02:01 pm at 2:01 pm |
  13. Steve

    Nothing to see here folks! Just keep moving. Maybe Romney would like to explain why his father released 12 years of tax returns while Romney only wants to release two years? Or where the $4 Million of charitable deductions went? (I'm guessing it all went to the Mormon church.)

    July 10, 2012 02:01 pm at 2:01 pm |
  14. scoobypoo

    A true patriot would keep the money in the US, just like a real patriot would keep jobs in the US and not outsource them [like Romney].

    July 10, 2012 02:02 pm at 2:02 pm |
  15. anthonyp27

    Mr Romney, you don't have any plans at all but to attack the President who is cleaning up a mess brought on by your party.
    The GOP who want nothing more than failure for the US while Obama is President.

    July 10, 2012 02:02 pm at 2:02 pm |
  16. Maria Rivera-Carvalho

    Me thinks he is hiding plenty. Mr. Romney is the ONLY candidate that ever refused to release his tax returns. Besides no other presidential candidate has hidden his mony overseas and then asked American taxpayers to trust him. Why so many secrets? Republicans would be crucifying a Democrat that would dare to be so sleazy. Money is their onlu god.

    July 10, 2012 02:03 pm at 2:03 pm |
  17. Ronda in Houston,TX

    If Romney doesn't know where his money is, how in the world can he be POTUS and know how to handle a budget? I see why the Repubs want him as POTUS...he doesn't know how to manage money so Romney would possibly leave it up to someone in his administration to handle such affairs. This is what he is claiming for his own finances. Why would he change?

    July 10, 2012 02:03 pm at 2:03 pm |
  18. JohnK

    If he truly has nothing to hide, he should release his tax returns for the last ten years.

    If allegations like this had been made against Obama, the Repubs would be screaming and calling for a special prosecutor.

    The comparison between investing millions in offshore accounts and a 401K are ludicrous. The possiblity that he invested millions of dollars in offshore corporations and so-called "offshore funds" is a lot different than investing in a fund managed by a financial services company that contains stocks in many companies.

    July 10, 2012 02:04 pm at 2:04 pm |
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