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. FreeWheelin'Money!

    Also, according to this, Robmey handed over sums of money and said "invest it".. but couldn't be bothered to add "but only invest in solid, US based investments"... meaning he's about profit, not patriot.

    July 10, 2012 12:23 pm at 12:23 pm |
  2. Curt

    Any reason why Mitt needs a blind trust for his investments when he brags about what a good investor he is ? Maybe he could make the effort to make sure his money is invested in American business. What a copout to say he has no idea where the blind trust invests his money.

    July 10, 2012 12:24 pm at 12:24 pm |
  3. California Gary

    I'm sure what he has done with his money and taxes is quite legal and is the norm in the world that Romney moves in. But that is not the world the rest of us live in........and he will never be able to relate to our world. If people like him would bring their money home, and invest it in American enterprises, our economy would not be in the shape it is. He, and those like him, are the problem, not the solution.

    July 10, 2012 12:24 pm at 12:24 pm |
  4. v

    I would say that if you have no idea where your money is...that does not show good leadership or commn sense.

    July 10, 2012 12:25 pm at 12:25 pm |
  5. Sniffit

    ""I don't manage them. I don't even know where they are," Mittens said about his own $250M-$300M (that we know about) fortune, proving to everyone what great personal responsibility and accountability he has."

    FIFY.

    If this is what he says about his own fortune of that size, what do we expect him to do with a national annual budget well over a trillion dollars of OTHER PEOPLES' money?

    July 10, 2012 12:25 pm at 12:25 pm |
  6. Expat American

    Romney is duckin' and weavin' but he's going to pay in the end.

    July 10, 2012 12:26 pm at 12:26 pm |
  7. mcskadittle

    Do you really believe that he doesn't know how his fortune is invested? He just told a lie to the American people, not the first and it won't be the last

    July 10, 2012 12:27 pm at 12:27 pm |
  8. Ms K.

    Nathan
    by your statement , if they are alive, your parents and grandparent are NOT recieving goverment funding thru Mediaid and other goverment programs; a socialist system...you people talk about western socialism but except US socialist/welfare program funding in a heartbeat...what do you want or you are just brainwashed by fox news and other rightwing nuts while living on welfare yourself...if not, be careful when the white boss man tells you "your fired"

    July 10, 2012 12:28 pm at 12:28 pm |
  9. David

    In a global economy many people invest where they get the best returns. It would be stupid to not do so. Romney, as many others do, take advantage of all legal tax loopholes. It would be stupid not to do so. I would much rather have a successul businessman and former Governor as President than a former community organizer. And, the President has created, for himself, a serious trust issue.

    July 10, 2012 12:29 pm at 12:29 pm |
  10. n

    There is no excuse for anyone wanting run for the office of the United States of America. That person is held to a higher standard. Period. No longer shell he/she, be self serving, no longer privileged, This person must be ready to abandon, items that would put him in conflict, he/she must be ready to lead by example, must be self sacrificing. One can't expect to send sons of America to war and not be willing to sacrifice one son of their own. When your country is in need of tax dollars, as the leader, you can't hide yours where as another country and banks benefits from your greed and your country suffer because of it. The president of these United States must expire to be The One True Patriot to this country. President Obama, comes pretty close, Romney is left far behind. Period.

    July 10, 2012 12:34 pm at 12:34 pm |
  11. Governor 47th in Job Creation (excluding jobs off-shored to China)

    Never has a blind anything seen so well. Yet another lie from Willard, who continuously lies about everything. Shell game Willard has mitt for brains if he thinks that we believe the blind trust fabrication.
    Open the Bain books too, Willard.

    July 10, 2012 12:36 pm at 12:36 pm |
  12. SFRich

    It doesn't take a lot of intelligence to see that there must be something in those tax returns that Mitt and team want to hide. Perhaps it is all legitimate, but that doesn't mean that there's something hidden there that is revealing about Mitt's pattern of investing in places that—are lucrative, or tax shelters—are not in the best interests the US workers.

    The success of America has been built on industry and innovation. Where we have gotten in trouble—in early 20th century and especially in the past decade—is building an economy based on the manipulation of money. In the Great Depression of the 1920s it was rooted in the stock market. In the 1970s and 1980 it was junk bonds. In the past decade or more it was inflating the real estate market market by creating demand driven by the banks & mortgages.

    Such an economy HAS NO TANGIBLE PRODUCTS per se, but rather a false value system based on demand. It's not sustainable. Mitt is a master of this sort of manipulation.

    I don't think this is going to go away. Consider the piddle of "evidence" that fires Obama's critics to say he's not a citizen.

    July 10, 2012 12:36 pm at 12:36 pm |
  13. Jimh77

    Lie detector test time. I think this should be mandatory for all politicians to weed out all corruption, including every member of government in all areas It is coming time for a revolution.

    July 10, 2012 12:40 pm at 12:40 pm |
  14. MikeT

    I thought Robmey was the brains behind his steady financial growth–maybe his account manager should run for President. Just saying!

    July 10, 2012 12:40 pm at 12:40 pm |
  15. Milton K. Wiah

    If Romney does not know where his money is and can not manage that then how can he manage the US
    economy?

    July 10, 2012 12:40 pm at 12:40 pm |
  16. CanadaONE

    Wait until you learn the truth about the mitt – boy did the GOP pick the wrong candidate – it is COMING OUT this Sept.

    pick the WRONG candidate

    July 10, 2012 12:42 pm at 12:42 pm |
  17. Jon

    LOL ... you guys are so funny ... a BLIND TRUST IS EXACTLY THAT ... People (like political figures) place their money in a blind trust so that there is no possible claim of wrong doing. if you guided or directed the money manager of a blind trust ... it is no longer a blind trust.

    Instead of complaining that Romeny has placed his money in a blind trust so that no one can claim he has done anything wrong, you should be thanking him because he is insuring that no one can claim that he will make any decision that would put more money in his pocket.

    Thank you Romeny for being abover reproach

    July 10, 2012 12:43 pm at 12:43 pm |
  18. Ms K.

    @ David...the former community organizer is "CURRENTLY THE POTUS"...where have you been...thus has more knowledge and experience the Mittens....he can be rich.. .great...have tax havens..legal...but seriously , do you want a Presidential candidate who hides money now with no disclosure, that as president (ok he will not became POTUS)would sell out US citezens to big corparations for more big profits thru tax payer money to put in more tax haven countries. self interest not thiers...Didn't you hear....The rich are doing fine!!!!!!!!!!!!!

    July 10, 2012 12:44 pm at 12:44 pm |
  19. Martha in CF

    Can you believe Mitt? Not knowing anything about his investments? He is either lying or he is not qualified to run the U S of A. Scary!!!!!

    July 10, 2012 12:45 pm at 12:45 pm |
  20. emma

    I get the impression that Romney sets himself up as needing to be what he says he is. Big mistake.

    July 10, 2012 12:46 pm at 12:46 pm |
  21. Sean From Atlanta

    Can anyone imagine if it was President Obama who was hiding all of this money and investing in other countries while trying to become president of the US. Republicans would want to hang him from a tree even more than they already do.
    And mit romney CLAIMS he doesn't KNOW WHERE the money is or HOW MUCH it is! Well, if you can't manage your own money then you damn sure can't manage the nation's finances
    Hypocrisy at its finest

    July 10, 2012 12:46 pm at 12:46 pm |
  22. Jon

    Also ... I would think that if you want to complain about Romney's blind trust ... you should be screaming about Obama claiming executive priv. and hiding his involvement in Fast and Fourious

    July 10, 2012 12:46 pm at 12:46 pm |
  23. n

    David, you are unexplainable, and I quote "I would much rather have a successul businessman and former Governor as President than a former community organizer." End of quote. Business people can care less about you, their bottom line is making a buck and Romney was not a successful governor. A community organizer, bring people together for the common good of the community that all will prosper. Business man, self-serving . . . greed over humanity. Get a Clue.

    July 10, 2012 12:47 pm at 12:47 pm |
  24. Jon

    Dont forget this election is about JOBS ,,, Yes Mr. Obama this election is about JOBS ... so all your distractions will not change the peoples focus ...

    July 10, 2012 12:49 pm at 12:49 pm |
  25. rh

    Lying by omission is perfectly acceptable, lying by commission isn't, right?

    July 10, 2012 12:51 pm at 12:51 pm |
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