Obama team hits Romney over financial disclosures
April 6th, 2012
11:37 AM ET
11 years ago

Obama team hits Romney over financial disclosures

(CNN) - President Barack Obama's campaign wasted no time Thursday jumping on a report about Mitt Romney limiting certain disclosures of his financial investments. And Mitt Romney's campaign was equally quick to fire back.

Using the president's Twitter account, as well as accounts from top campaign staff, Obama's re-election team pushed a story by the Washington Post, even starting the Twitter hashtag: #WhatsRomneyHiding.

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"So what's Romney hiding?" the president's Twitter account (@BarackObama) read Thursday night, urging followers to demand that Romney release more years of his tax returns.

Romney's team, however, blasted Obama's campaign for launching the attack.

"President Obama will do anything to try and distract Americans from his failed record of chronic unemployment, lower incomes and higher gas prices," Romney spokeswoman Andrea Saul said in a statement to CNN.

The Washington Post reported Thursday Romney used an "obscure exemption in federal ethics law" that allows him to avoid revealing the full extent of his holdings in financial disclosures.

According to the Post, Romney took advantage of the loophole for 48 accounts at Bain Capital, the candidate's former private equity firm. By giving narrow descriptions of his holdings, Romney is permitted from fully disclosing the company's underlying assets, the Post reported.

"Romney has made it difficult to know precisely where his money is invested, whether it is offshore or in controversial companies, or whether those holdings could affect his policies or present any conflicts of interest," the article stated.

The newspaper noted, however, that Romney is not violating any rules and that his advisers have certified his financial documents with the Office of Government Ethics.

But that didn't stop Obama's campaign from using it as another way to paint the former Massachusetts governor as an out-of-touch businessman seeking to hide his true wealth.

"Mitt Romney has put his personal financial assets in a black box and hid the key, attempting to play by a different set of rules than any candidate in recent history," Jim Messina, Obama's campaign manager, said in a statement.

The campaign has previously attacked Romney for not releasing more tax returns than the ones he released in January, which only included returns from the years 2010 and 2011.

Romney spokeswoman, Saul, said the candidate's disclosures "completely and accurately describes Governor Romney's assets as required by the law applicable to candidates for president. If (the Office of Government Ethics) had at any point considered any part of the filing insufficient, it would have made this clear."

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Filed under: 2012 • Mitt Romney • President Obama
soundoff (359 Responses)
  1. rich

    Cayman, your absolutely right. There is nothing wrong with being rich. It is his policies going forward that are the problem. If the American people could vote directly on a bill that cut ordinary income tax rate versus capital gains tax rate I wonder which one would win? My biggest problem with Romney is that he wants to maintain a tax advantage that is geared specifically for the rich, not the average joe. Why should someone who made $21 million only pay $3 million in taxes - less than 15%? I don't need to look necessarily at Romney's financial records to know he has profited from this tax gem and I don't fault him for doing so. No I just fault him for wanting to continue it. There is no reason strong enough why we should continue to give this significant tax break to the very well off - this too is a form of redistribution of wealth.

    April 7, 2012 12:52 pm at 12:52 pm |
  2. WDinDallas

    Let's see Obama's transcripts. We have seen Clinton's, Bush's, Perry's, Romney's........

    Another distraction from Obama. Obama is a fraud.

    April 7, 2012 01:44 pm at 1:44 pm |
  3. Names seun hinmikaiye

    obama is de best man to revive america no man can beat mr obama.

    April 7, 2012 01:50 pm at 1:50 pm |
  4. Thomas

    Happy Easter !

    And especially to all those overseas in the military !

    Mitt Romney , and family who never served , Happy Easter.

    April 7, 2012 02:00 pm at 2:00 pm |
  5. Asian Herp Blogs

    No one said that he violated any law. The point is that he is using every loophole possible to hide things from the public. Why? When every other recent candidate released at least 6 years of tax returns (and Obama's released 11), why did Romney only release his last 2? Why won't he disclose all his holdings? Why hide this stuff if there isn't something to hide?

    April 7, 2012 03:16 pm at 3:16 pm |
  6. jerome

    This from the man who's first official act was signing an Executive Order sealing his records?

    April 7, 2012 03:27 pm at 3:27 pm |
  7. joesazza

    The last thing americans need right now is a get- rich- or- die- trying president whose tranperency is queried. Obama deserves a send chance. He'd be more aggressive in fighting for what he'd ever believed – hope.

    April 7, 2012 03:31 pm at 3:31 pm |
  8. Rick in Phx

    I am beginning to notice that when the liberals bring up Romney's Mormon faith all I here from the conservatives is crickets.

    April 7, 2012 03:37 pm at 3:37 pm |
  9. ThinkAgain

    @Bekah: "Looking at our current economic situation, I'd love to have a good, smart businessman as president. "

    The problem is Mittens made his millions by breaking up American companies, laying off American workers and shipping American jobs overseas.

    Time to research and accept the truth about Mittens and all his "experience." According to Bill Bain, who started Bain & Company and invited Mittens to head Bain Capital, Mittens initially said no (it was too risky a venture for Mittens).

    So Bill Bain told Mittens that if Bain Capital failed, he'd have his old job back, at his old salary, plus any raises he would have gotten. Bain also told Mittens that he'd provide him with a "cover story" so his (Mittens') reputation wouldn't be damaged by the failure.

    In a nutshell, according to Bill Bain himself, Mittens faced "no professional or financial risk" by going to Bain Capital.

    So much for being some hot-shot business guy.

    Obama/Biden 2012

    April 7, 2012 04:05 pm at 4:05 pm |
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