Obama team hits Romney over financial disclosures
April 6th, 2012
11:37 AM ET
10 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. BN

    Yeah and Obama has been real forthcoming with all his past right??? Please people, wake up and read ALL the news just not MSM! This man is the worst president in history! He hates America and everything we stand for! Did you all know The 5th Circuit Court of Appeals slapped him on the hand like an old school boy and made him write a 3 page explanation of what the SCOTUS role is? How is all your hope and change going for you? People that voted for him should be ashamed of themselves! Why don't you all try reading Breitbart.com, this stuff can't be made up!

    April 6, 2012 03:03 pm at 3:03 pm |
  2. Peace

    @Ya Right!

    PS. I am not republican and in fact would love to vote for H. Clinton if she was running! I just have the smarts to know what Obama is doing to our country! It seems that everyone on this web site is brain washed by the good speaking skills but lack of actual skills Obama.
    If you use your own head and think yourself, you will understand well and how much the President has done to rescue the country. BUT if you listen to Fox News (especially Sean Hannity), you will end up thinking the different way like him.

    April 6, 2012 03:03 pm at 3:03 pm |
  3. ray

    rommney lies for a living

    April 6, 2012 03:04 pm at 3:04 pm |
  4. ray

    cnn lets rommney gets away with living, fox news is the boos for that, rommney lies for a living , his children lies everyday

    April 6, 2012 03:05 pm at 3:05 pm |
  5. FIELD1stSGT

    Why do you s c u m try and bring good people down to your level.

    April 6, 2012 03:05 pm at 3:05 pm |
  6. Joe

    Funny how people forget 4 years ago Obama was doing the same thing now he blasts Romney over it. Honestly who cares about their money? Obama blamed Bush for everything bad and claimed credit for the sucesses. We have 2 choices one is picking a person who threatens the courts, blames everyone else, can't get a budget passed, has no friends in Washington, vacations more than anyone else, lowers our credit score, raises our debt, and ignores the people. All through US history Republicans start to fix the government but lose the office when the Democratic time bombs go off and are forced to take the heat.

    April 6, 2012 03:05 pm at 3:05 pm |
  7. Supa

    Obama should disclose his TRUE and REAL Birth Certificate, his education and who paid for it as he will face that in Novemeber. Barry, look in the mirror first before you cast the stone!

    April 6, 2012 03:07 pm at 3:07 pm |
  8. The Greedy Old PIgs declared class war on US!

    Ya Wrong, you need to brush up on your HS Civics lessons. The President cannot unilaterally raise taxes so your "I really wish Americans had some business sense to realize that higher taxs, and speaking of he hasn't even has the guts to raise those, for the rich and businesses only hurt America." is incredibly moronic.

    Even worse is your knowledge of history. America was nowhere close to "hurt" when the highest marginal tax rates were hovering near 90% during Ike's days. Nor was America "hurt" when the Clinton increase went through. You extreme rightwing nutjobs keep claiming raising taxes will harm America when historical evidence proves you are a lying. So why do you continue to lie?

    PS: Rmoney will do none of the things you believe he will. He cares only for the rich, not you or me. He's playing you for a sucker.

    April 6, 2012 03:08 pm at 3:08 pm |
  9. hammer

    I would bet both men are hiding something.And I'm not talking about the stupid birth certificate.

    April 6, 2012 03:08 pm at 3:08 pm |
  10. Brian

    So this guy is incapable of being transparent with his financial equity, yet is completely transparent in how he intends to win the election: by saying and doing whatever is necessary. Party affiliation aside, is there anything to like/respect about this guy? He truly has zero character.

    April 6, 2012 03:09 pm at 3:09 pm |
  11. Chris Millirones

    It is truly sad when Obama makes Jimmy Carter look great as a president. And Carter SUCKED.

    April 6, 2012 03:14 pm at 3:14 pm |
  12. karenjay

    This would seem more plausible is Obama was willing to release his records from Harvard. No grades, no transcripts, nothing. What is HE hiding?

    April 6, 2012 03:15 pm at 3:15 pm |
  13. OBG

    This article confirms that Obama continues to mislead and deceive the American people.

    April 6, 2012 03:16 pm at 3:16 pm |
  14. Dominican mama 4 Obama (the real one)

    Once again, his fortune is in a Blind Trust. The definition of a Blind Trust –

    "A financial arrangement in which a person, such as a high-ranking elected official, avoids possible conflict of interest by relegating his or her financial affairs to a fiduciary who has sole discretion as to their management. The person choosing the trust also gives up the right to information regarding the status of the assets"
    Hmm. Fair CAN be fair and civil.
    Given the above given definition it sounds fair to me. Questions: When was the Blind Trust set up? Has it been the case all along, or was it something that was done right before he decided to run for the presidency?

    April 6, 2012 03:16 pm at 3:16 pm |
  15. Obama Uncle

    In the middle of the night, every night, a goat is brought to the White House.
    Every morning the goat is led away, with a cigarette in it's mouth.

    What the heck is happening up there!?!?!?!?!

    April 6, 2012 03:17 pm at 3:17 pm |
  16. A.C.

    Folks on here stating Romney would be better JUST because he knows how to make money are dilusional, at best. If that's the case, every successful business person in America would qualify. Running a business and running a country is not one in the same. What's more important is how u govern. So, Rombey' s 4 yrs as governor would be a fairer comparison. You ever wonder why he doesn't taut that, or why he didn't run,for a second term? One reason is his state ranked 47th out of the 50 in, wait for it... ” job creation.” Where was that ” business experience” then? Obviously it takes more than that, especially for the US, which is also subject to the global economy. The POTUS only can do so much, which Pres Obama has been doing. Romney not only wants to hide his finances, but also how he has governed...Then, what about all of the thousands of other issues he would have to face as POTUS? He shows no knowledge on those. Plus, just saying he knows how to create jobs and the pres doesn't does not work. You have to present a plan and not just cutting taxes (by the way, the Bush tax cuts are STILL in affect). All that said....It should be Obama/Biden 2012.

    April 6, 2012 03:18 pm at 3:18 pm |
  17. rob

    i thought liberals were supposed to be pro-privacy? i guess only when it suits them. Mitt Romney's financials case-in-point. i guess it's similar to how they are pro-science until it comes to when life begins. another hypocrisy of hypocrisies.

    April 6, 2012 03:18 pm at 3:18 pm |
  18. Istenno

    @ Ya Right!

    So let me get this straight... you blame Obama for higher taxes that you say are a bad idea, and in the same sentence call him chicken for not raising them? So.... you have an issue with Obama for not doing something you think he should not do. How can anyone take you seriously?

    April 6, 2012 03:20 pm at 3:20 pm |
  19. Fred In LA

    Would President Obama please make available his college transcripts and the names of his former room mates and former girlfriends and prom dates? Would President Obama please divulge the past job experience that qualified him to be elected President? Would President Obama please divulge where he gained his economic expertise? I'm more concerned about these unanswered questions then I am about someone who knows how to make and invest his money for profit. IMO that's the kind of man we need in the White House.

    April 6, 2012 03:21 pm at 3:21 pm |
  20. lili

    the repos demanded a birth certificate. So whats wrong wanting to know where the money is? So much for transparentcy. Oh forgot these are repos and they use different rules. Obama 2012

    April 6, 2012 03:21 pm at 3:21 pm |
  21. Another Day in the Idiot MInes of the Obama Adminstration

    Obama is as clueless as they come. Non-stop attacks and demonization of business, taking control of companies illegally and giving them to unions, piling added taxes and regulations on them as well as huge healthcare expenses. All while growing government and spending like drunken sailors. Then they wonder where all the jobs are? This is what happens when you put an inexperienced community organizer that never evn ran a lemonade stand in the Whitehouse. Enoy all your Hopelessness and pocket change SUCKERS!

    April 6, 2012 03:22 pm at 3:22 pm |
  22. GoldenGod

    I don't care what Mitt Romney does with HIS MONEY. I care what Obama has done to ruin this country's economy and will vote for the best candidate to undo the disasterous path Obama has put us on. The national deficit is the NUMBER ONE problem we face – Obama continues to stick his head in the sand and ignore the problem. He throws down the race card every chance he gets in an effort to further polarize America, his fabricated "War on Women" is redonculous, and his refusal to do ANYTHING at all to address skyrocketing gas prices is irresponsible. Time for him to go back to Chicago and organize some bake sales. He is not qualified to be President.

    April 6, 2012 03:24 pm at 3:24 pm |
  23. NameKen

    What makes anyone think that Romney being wealthy means he knows how to create jobs? He didn't create jobs working with Bain Capitol! They bought controling interest in struggling companies who because they were hurting their stock prices drop. Bain comes in gains controling interest buying the stock at it's undervalued price, the price goes back up and Bain dumps the stock cashes in and bankrupts the company in the process! That is why Romney won't release the financial information! If you were in his position would you? And better yet does this really make him more qualified as president? As president we would be those small companies the middle and lower class! They would destroy us and make the richer richer at OUR EXPENSE! The same way Bain did!!!

    April 6, 2012 03:29 pm at 3:29 pm |
  24. Ben

    Ilya, you say that victim creation is what community organizers are great at. Just like a republican that you are, your party is too busy trying to deny Obama the healthcare Accomplishment, that republican party totally miss the point of the healthcare. You and the republican party chose to ignore the fact that millions of kids with pre-existing condition are going to be denied health-care if this law is overturned. Everyone knows your party have no solution for them. Thirty million people that would have been covered can say good bye to healthcare-thanks to the republicans who are bent on destroying a democratic president at any cost, including sacrificing our vulnurable children and the middle class. The middle class and kids with pre-existing condition are already victims of republican insensativity, lack of consideration, and total destrigard. At least Obama had a solution for them. What does the republicans have-notting. If the republican party succedes in overturning Obamacare, then you can take joy in the fact that you and your party have succeded in denying thirty million people, including children with pre-existing condition covered under this law their insurance coverage, and probably a part of their dignity.

    April 6, 2012 03:34 pm at 3:34 pm |
  25. michael

    Michelle – in order to make money the Gov must tax – and BTW the Government is NOT a wall street business and should not be ran as one

    April 6, 2012 03:34 pm at 3:34 pm |
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