(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.
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
Not off the top of my head, but I could pull them up on my account in about ten seconds. I also happen to know none of my investments are in foriegn tax shelters.
You wanted the Birth Certificate, and you got it.
WE WANT THE TAX RETURNS. 12 YEARS WORTH!!! The same standard set in place by a Mr. Romney. (His daddy)
Fair is fair people!
If as he says he is not hiding anything, then why won't he release his income tax forms. Americans arent that dumb to believe hm.
You do have the ability to see where your 401k is being invested. When you setup your 401k investments you have the ability to review various investment options. Once selected you can then view those stocks you are investing in. What Romney has done is intentionally creating a blind trust so he can not be accountable for his attorney's investment actions.
Definition of Blind Trust – Blind trusts are generally used when a settlor (sometimes called a trustor or donor) wishes to keep the beneficiary unaware of the specific assets in the trust, such as to avoid conflict of interest between the beneficiary and the investments. Politi...cians or others in sensitive positions often place their personal assets (including investment income) into blind trusts, to avoid public scrutiny and accusations of conflicts of interest when they direct government funds to the private sector.
That is definitely the kind of President we need...NOT!
"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"
Bermuda, Cayman Islands and Switzerland. Yeah, for the 'best return on investments', riiiiight, thats what its for *wink*
Oh transparancy there are a couple differences, you or I aren't a multi millionaire and we're not running for president. Romney didn't become a millionaire not knowing where his millions were. People don't become/stay millionaires by putting there money in blind trusts.
'Romney, however, reiterated that there is no violation of tax law.' Yea, the 'tax law' created by the rich, for the rich.... move along people, nothing to see here.
How funny! Romney bragging about being astute business man but doesn't know where and how much money he has been hidding outside America ?What a lier. Come on people this alone disqualifies him to be potus. This is scary and strange. I just told my 9years old son and he can't stop laughing.
What really surprises me is that the Democrats forget that John Kennedy was a millionaire, his father made a fortune with guess what? whiskey in the black market!!! (look in the History channel about Joseph Kennedy) I don't hear anybody mentioning the Kennedys.... They call themselves the camelots!!!! Kerry is a very rich man also..
Careful when you attack Romney, you might put the Kennedys in hot waters....
double standard...couldn't imagine obama not disclosing his investments.
Mitt Romney will be the only US President to join Sani Abacha, Mobutu, Lansana Conte, Gnassingbe Eyadema, Arap Moi, Omar Bongo, Obiang Nguema, Blaise Campore, Denis Sassou Nguesso, Eduardo dos Santos, Sadam Hussein, Ferdinand Marcos, Baby Doc Duvalier, Hosni Mubarak, Yoweri Museveni, Augusto Pinochet, Gaddafi and Ibrahim Babangida without questioning the source of their wealth. Not a very good start.
The guy has over a 25% averaged return on his 401k and he wonders why we think he's a crook? That's better numbers than most ponzi investments claim to produce.
Must be nice to not know where your millions are. you know you just swipe your card and poof your election is bought
Nope it's completely legal to keep all your money hidden in off shore accounts...as long as the US Gov doesn't find out how much and where...you are safe!
Look he's doing nothing any more wrong then what the rest of the 1% do with their money...the rest of us will continue to pay the bills for Uncle Sam...why he sits out on the fun.
you spelled "transparancy" wrong...
"I understand the Romey's going to try to do anything he can to divert attention from his hidden tax shelters and he is going to do everything he can to keep them secret"
If you are not hiding anything, then release it. What's the problem with that. If you will not release it, it means you are hiding something or as usual you are lying.
And so did I ... : ( ... transparency
You're not hiding anything. Seriously? Everyone does their banking in Switzerland?
Mitt Romney is an honorable man – in distinct contrast to his opponent who is a man of unknown origin, suspect allegiance and questionable motivation. NOTHING is known for certain about Obama – except that his selective service card is phony and he has the social security from a deceased German immigrant that lived in Connecticut. WHERE he obtained all of the money to go to Columbia University and Harvard Law School, then, after working for three years at a salary of $12,000/year to afford a multimillion dollar home and get a Presidential race going is somewhat beyond my limited understanding. Mitt Romney, on the other hand, is a completely open book being scourged by a vicious, anti-American group of socialist radicals bent on destroying this nation of ours. No, I have no questions about Mitt Romney's investments – he's a very intelligent, forthright man – as opposed to the sleazy opponent that is again making politics a very dirty game,
IF you have nothing to hide mittwit, then release the tax returns. How about 12 years worth like YOUR father did.
Thank you, transparency. I was about to post that myself.
The 401K example that's is not the same thing, you're actually dumbing down the reality of what is going on here. Here you have a multimillionaire calling himself a patriot and is applying for a job that we consider sacred. This is the kind of job that not anyone can fulfill. It requires from the person enormousness sacrifice, truth and integrity. Multimillionaire approach investing differently from the 401K holders. They approach investing greatly by avoiding taxes. Believe it our not our tax system rewards this behavior and allows people to get away with it only because the few who really understand this is able to take advantage of this. As Romney said, everything is legal and he's correct, however this does not make it right. The question now is, how patriotic and truthful is he and does his background reflect sacrifice for the greater good as you would expect from someone holding a public office? The only reason why we have bad figures in office is we, the people, keep dropping our standards and forget out principles.
Yes, I could tell you where all my 401 investments are, I could do it in about 10 minutes.
"Romney emphasized he has no knowledge of where his money is being placed."
Yeah, I guess if YOU don't know where your money is, we can't possibly be expected to get an answer. Well played Mr Romney, well played. Also, it must be nice to have so much money that you have no clue where it is.