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. Laverne

    ".................so when the truth comes out, I had nothing to do with it" !!!!

    July 10, 2012 11:53 am at 11:53 am |
  2. Sniffit

    Deputy Doublethink's recipe for $100M IRA tax shelter that avoids the Unrelated Business Income Tax:

    Open an IRA.
    Create and capitalize a foreign company/fund to do a bunch of borrowing ad investing.
    Have said foreign company issue shares with a par value of $0 or thereabouts.
    Put thousands/millions of shares in the IRA account (value is zero so it avoids the $6,000 deductible contribution cap).
    Begin borrowing and investment with foreign corporation.
    Foreign corporation grows quickly and immensely in value.
    Foreign corporation issues dividends to the IRA account.
    Laugh at stupid Americans who believe you're a patriot and would never take advantage of tax loopholes paid for and written by rich people like yourself...and which would only be available to extremely wealthy in the first place.

    July 10, 2012 11:54 am at 11:54 am |
  3. ja

    the mere fact that his money stuck in overseas tax havens, and the audacity to run for president, enough said, hypocrisy

    July 10, 2012 11:54 am at 11:54 am |
  4. ThinkAgain

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

    Prove it, Mittens!

    July 10, 2012 11:54 am at 11:54 am |
  5. Sniffit

    "All the taxes are paid, as appropriate."

    Translation: "I've structured them to take advantage of all kinds of tax loopholes available only to extremely rich people like myself, so that there's no tax liability. Therefore, it's totally appropriate that I'm not paying any taxes on it all."

    Anyone wanna post the definition of "appropriate" and explain how it applies here?

    July 10, 2012 11:57 am at 11:57 am |
  6. Nathan

    Its now a Global economy in case the wingnut liberals have not heard. People and corporations make investments where they get the best return which may not always be the the US. Unfortunately for patriots our idealogue as a President wants to turn us into a European welfare state so yes opportunities to invest capital have to be sought outside the states.

    July 10, 2012 12:01 pm at 12:01 pm |
  7. nrc

    Obama needs to focus on getting some confidence in the economy. He is not responsible for creating jobs, he is responsible for cultivating the fields so that business people will want to grow something. This crap is a distraction and I am not buying into it. I NEVER thought Obama would act this way, I voted for him and bought into his line about being different I will not do it again.

    July 10, 2012 12:02 pm at 12:02 pm |
  8. Rudy NYC

    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.
    --------------
    Romney has not released two years worth of records. All that he has released has been one, 2011.

    July 10, 2012 12:04 pm at 12:04 pm |
  9. kakaraka

    Nothing hidden there but why you are refusing to release your tax returns so the american people know where your income come from? This is just an ethical issue.

    July 10, 2012 12:07 pm at 12:07 pm |
  10. Kenny K

    If Romney doesn't know where his investments are, how can he truely manage nation's finances?

    July 10, 2012 12:07 pm at 12:07 pm |
  11. Gurgyl

    .............I am not going to display my taxes., Bain-capital. Shhhhhhhh, don't tell all.

    July 10, 2012 12:07 pm at 12:07 pm |
  12. American

    Then release the tax returns, Romney.

    It is reprehensible Romney is evading investment in America by hiding his accounts in other countries. Sorry, that's not presidential material.

    July 10, 2012 12:08 pm at 12:08 pm |
  13. American

    Nathan,
    Swiss Mitt is the one investing his accounts in Europe, not the president.

    President Obama 2012

    July 10, 2012 12:11 pm at 12:11 pm |
  14. sonny chapman

    "Trust me". I'd say ANYTHING to be the next POTUS–please let me have this; I want it SO bad !!

    July 10, 2012 12:14 pm at 12:14 pm |
  15. Gotta Be Kiddin

    So he doesn't know where his money is but he wants us to put him in charge of spend our taxpayer dollars? Something doesn't sound right about this.

    July 10, 2012 12:15 pm at 12:15 pm |
  16. Harry From Pa

    So now we know how he handles situations, instead of going head on he rather pass the buck, way to go RMoney. Can you imagine this flipflopper in a high office, Sir where did the jobs go? I don't know I have others that handle it. Sir why did we lose more jobs under you? WellI don't know let me get back to you on that...

    July 10, 2012 12:15 pm at 12:15 pm |
  17. Jake

    I just don't get the Romney logic when you pair this story with the tax reform issue. OK Mitt, so you've done everything 100% legally–no tax code violations, all A-OK under current law, your managers are all perfect Saints. SO THEN, let us see just what exactly the existing current law allows folks like you to do with your millions. If it is 100% legal to move it offshore and greatly minimize your (legal) tax burden, then this just highlights the need for the reforms Obama wants.

    Mitt: "It's 100% legal for me to work the system and avoid my fair share" Yes, that's the exact problem, no wonder you don't want it out in open.

    July 10, 2012 12:19 pm at 12:19 pm |
  18. Joe M

    do nothing middle clss day 7 25 2012

    July 10, 2012 12:21 pm at 12:21 pm |
  19. IF YOU SIGNED GROVER'S PLEDGE, YOU ARE A TRAITOR TO THE U.S.

    I wonder why Sen. McCain is so silent on this issue. He's seen Willard's previous taxes. I bet there is some really damming things in them. Why won't the media do some real investigating and ask McCain staffers what were in the taxes.

    July 10, 2012 12:21 pm at 12:21 pm |
  20. FreeWheelin'Money!

    @Nathan – so how long then has robmey been creating jobs in foreign countries? obvious, much longer than Obama. They may both be liars, but at least our president wants to be commander in chief, not investor in chief.

    July 10, 2012 12:21 pm at 12:21 pm |
  21. TomInRochNY

    At least Obama has a jobs record and your "trickle down" economic plan, Mitt, would destroy our country once and for all.

    July 10, 2012 12:22 pm at 12:22 pm |
  22. n

    NRC, you are what's wrong with this country, a little head wind and you are ready to change direction. I bet you are forever coming in last place.

    July 10, 2012 12:22 pm at 12:22 pm |
  23. Rudy NYC

    There. Are you satisfied? He said it. Nothing is hidden. Do you believe him? He's a flip-flopper, who's willing to tell any audience exactly what they want to hear. Nothing is hidden. I don't beliieve him.

    After Romney's latest flip-flop on the penalty/tax argument, I've come to realize that Romney has taken flip-flopping to a new level and made it an art form. I call it kaleidoscoping. Spin masters would call it "refining the message". I'll call it what it is, kaleidoscoping.

    July 10, 2012 12:23 pm at 12:23 pm |
  24. Independent For President Obama

    Romney probably has investments with arms dealers that supply weapons that kill our military men and women. He is also investing in big oil and other companies that take advantage of us. He knows where some of his money is invested that is why he won't release any information.

    July 10, 2012 12:23 pm at 12:23 pm |
  25. IndeePendant

    Romney will be defnitely legally correct, BUT do we need a President who is going to pander to his Hampton friends and continue to keep the laws of the country to lopsidedly benefit his rich friends like KOCH, TRUMP, COHEN, etc.? Thus depriving the middle class and lower class of any chance to come up in their lives.

    July 10, 2012 12:23 pm at 12:23 pm |
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