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. ourjungle

    If Romney becomes an open book, we will see Americana,and if Obama becomes an open book, we will see This Material Seal By Executive Order.

    July 10, 2012 01:17 pm at 1:17 pm |
  2. Moby49

    Then prove it. Seeing is believing.

    July 10, 2012 01:17 pm at 1:17 pm |
  3. nora

    The Bermuda corporation—Sankaty High Yield Asset Investors—was registered in 1997 and Romney was listed as the “the sole shareholder, a director, and president” of the corporation. The Bermuda corporation was under his personal ownership until it was transferred into a blind trust in his wife’s name the day before he was sworn in as governor, possibly to avoid disclosure. In fact, the one fulltax return Romney did release shows that he directly owned the company as recently in 2010 and it was not held in his trust.
    Mitt Romney’s continued dishonesty on his investments in offshore tax havens and corporations raises serious questions about why he won’t release his tax returns. Only a release of additional tax returns will allow us to see if Romney avoided U.S. taxes with his offshore holdings.

    July 10, 2012 01:17 pm at 1:17 pm |
  4. c

    There is no comparison between a 401 k and Swiss/ Cayman Island, Bahama bank accounts. Romney keeps talking about tax cuts for the rich, people paying their fair share, transparency, me thinks he doth protest too much. Romney comes from a Bain Capital culture where the hierarchy/Investment advisors are ery secretive about their finances.

    July 10, 2012 01:18 pm at 1:18 pm |
  5. Taylor

    transparancy

    If you have a 401k, then you are just like Romney. I would be willing to bet that you could not tell me, off the top of your head, where all your investments in your 401k are.

    Really

    Romney has a 401 K however the cap is 15,000.00 per year, so help me understand this why does he have over 25 million in the 401K ??????????????????

    July 10, 2012 01:20 pm at 1:20 pm |
  6. Darryl E. Miller

    That is the Dumbest thing any one should ever say: Romney emphasized he has no knowledge of where his money is being placed. That a straight out lie. That would like me saying I don't know where I parked my car. This man think we are a bunch of fools.

    July 10, 2012 01:22 pm at 1:22 pm |
  7. Stinger

    Yes, I have a 401k, and I don't know where all my investments are, but I'm nothing like Romney. I'm not trying to be elected to a position that influences and decides tax policies that benefit me and my friends at the expense of everyone who is not me and my friends. Come on... do yo really expect Americans to turn a blind eye to someone who says everything I've done is prefectly legal, because I decide what's perfectly legal. What a joke.

    July 10, 2012 01:22 pm at 1:22 pm |
  8. Mark

    But doesn't Romney promote that he is going to be the "business" president. If I were running for President I damn well better know where my money was going. Plus, Romney, isn't a normal American and his "401(k)" isn't your run of the mil 401(k), so no excuses. Granted most American's don't know what's in their 401(k) but they should and I expect more out of Romney. His dodge is very concerning.

    July 10, 2012 01:23 pm at 1:23 pm |
  9. Pat

    Running on the fact that he is such a great businessman and could financially run this country better than Obama wouldn't a good businessman find out where all of his money was so he could answer these questions that obviously would come up. I don't believe the does not know and if he does not know he should not be even running for President of a corporation. He is either really stupid or a big liar. There is a reason he has not presented his tax forms and we all know what that reason is – he has paid less taxes than the average citizen. He will not get my vote and the American people are too smart to vote him in office. The only reason he has GOP nomination is he spent more money than the others. What a shame that is the best we had. I now will vote for Obama.

    July 10, 2012 01:23 pm at 1:23 pm |
  10. Nate

    This is excellent news! If I'm just like Romney, how many millions should I hide offshore?

    July 10, 2012 01:23 pm at 1:23 pm |
  11. joejeffrey

    But of course, we can't know if he's guilty of tax evasion, because he refuses to release his returns, and the poor guy's accountants couldn't manage to get the 2011 return done in time. R-i-g-h-t. Sure, Mitt, we'll just trust you!

    July 10, 2012 01:23 pm at 1:23 pm |
  12. Laura, Boston

    Try Googling "blind trust" before opening up your mouths. Maybe you will learn that he is avoiding a conflict of interest.

    How many of you have an accountant do your taxes? You pay them to be ethical and reliable. Also, there is no rule that says how many years of tax returns are necessary. What Mitt has turned over showed he paid his taxes and also was very generous to charity. Joe Biden is a cheapskate when it comes to giving so he should not pass judgment on someone else.

    July 10, 2012 01:23 pm at 1:23 pm |
  13. DocHollywood

    "I don't even know where they are.".....Yeah, right. A man with that much money ALWAYS knows where his money is, blind trust or not.

    July 10, 2012 01:24 pm at 1:24 pm |
  14. Romney Outsource America Jobs

    Romney why you lying to american people that dont know about your investment.
    Romney is a big lier.

    July 10, 2012 01:24 pm at 1:24 pm |
  15. Sniffit

    That photo looks like Mittens is trying to teach someone how to play "If you're happy and you know it clap your hands" by clapping with one hand. Wouldn't be suprised since it makes about as much sense as believing that there's such a thing as economic gravity.

    July 10, 2012 01:24 pm at 1:24 pm |
  16. harvey 60

    Transparancy: Buyer beware. If you don't know where your investments are in your 401K or anywhere else, shame on you. Romney is the one clouding the issue. If he's got nothing to hide, release ten years of tax forms. Unless you don't want people to know how rich your really are. Blind trust? You mesn to tell me the former head of Bain Capital, who still makes a fortune off of their current investments, doesn't know where his money is? Bull. Wonder if some of the so-called blind trust investments are in any companies doing business with Syria or Iran? By the way, learn how to spell, the word is Transparent.

    July 10, 2012 01:25 pm at 1:25 pm |
  17. Copper's Donut Shoppe

    romney ~ americans deserve him

    July 10, 2012 01:25 pm at 1:25 pm |
  18. Russ

    My 401k isn't subject to taxes either. I'm pretty sure none of it is hidden in offshore accounts. I have looked at my portfolio and it's all in legitimate stocks and bonds. I will disclose the investments the second Romney does. So there.

    July 10, 2012 01:26 pm at 1:26 pm |
  19. ldean50

    Do we really want a man who states he "has no knowledge of where his money is being placed," being in charge of OUR money? He is either a liar, or muy estupido – not much of a choice.

    July 10, 2012 01:27 pm at 1:27 pm |
  20. wdacdashda

    I know where every penny of my 401k and IRA is invested. Yes, off the top of my head. I check their performance regularly. So should everybody. If I were a candidate for POTUS, my taxes and investments would be on the public record, just as George Romney's were. PR disaster for Mitt. One mass disclosure and it's over in one 24 hour news cycle unless...........? Perception is everything in a national campaign.

    July 10, 2012 01:27 pm at 1:27 pm |
  21. Governor 47th in Job Creation (excluding jobs off-shored to China)

    According to another version of Willard (not sure if it's Mitt Flip or if it's Mitt Flop)..."a blind trust is a ruse, if you will..." - Willard R Romney in his own words.

    July 10, 2012 01:27 pm at 1:27 pm |
  22. joejeffrey

    We have no idea about whether he's guilty of tax evasion because he refuses to release his returns. And the poor guy couldn't manage to get his 2011 return done in time - or rather, have his accountants get it done in time, so we could have it in front of us now. R-i-g-h-t. Sure, Mitt, we'll just trust you! Rich guys are always truthful about money!

    July 10, 2012 01:28 pm at 1:28 pm |
  23. Two Of AKind -

    Transparency is a two way street. Romney has the paperwork required. Now let's have some of the same transparency from Obama on:-
    [1] Fast and furious
    [2] Bin Laden [and no! giving STATE secret info to Hollywood but not the nation doesn't cut it!]
    [3] The Generals cover-up of the Afghan Mil. hospital scandal [ He IS C-in-Cisn't he? And they DID cover it up for the White House - not Congress didn't they?]
    [4] The security leaks from the White House [to boost popularity and scrounge votes]
    [5] Larry Sinclair
    [6] George Soros' behind the scenes "fixing"
    [7] The number of jobs Jeffrey Immelt's sending abroad.
    etc etc,
    [8] His SEALED Harvard and school records?

    Come on, Democrat sheep, how about some REAL transparency? No? Oh well now we know 2 things for sure: Obama knows Romney is a real threat and he's panicking. And this ploy is just another typical Democrat smokescreen to blind the fact that Obama doesn't have anything other than failure to run on. Ain't THAT the truth!

    July 10, 2012 01:28 pm at 1:28 pm |
  24. Tom Lee

    Yeah he does not know where his billions are? Can you believe it? Romney needs to disclose all of this accounts..
    currently no logical math can explain how his IRA has hundreds of millions of dollars...I would love to learn his tricks!!!!!

    July 10, 2012 01:28 pm at 1:28 pm |
  25. Vidyashanti

    We know you are not hiding anything. Then why not come clean. Clear the doubts and move on. Longer you delay more bothersome it will get- Mr honest man.

    July 10, 2012 01:29 pm at 1:29 pm |
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