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. Keep it Real

    President Obama will be re-elected – accept this and move on!

    April 6, 2012 03:39 pm at 3:39 pm |
  2. vatoloke

    Just the fact that he socks his money in foreign banks is a turn-off to me and because of that my vote goes to Obama.

    April 6, 2012 03:40 pm at 3:40 pm |
  3. Dean

    "Obama is weak, look at the economy, unemployement rate, gas prices, national debt,"

    You must be too young to remember George W. Bush's reign.

    "Atleast Romney knows how to MAKE money which will help us get out of dept"

    He knows how to get himself out of debt. At the cost of hundreds of jobs at-a-time. If you think he's ever worked a productive day in his life, you're as delusional as he is.
    Instead of FOX News, you should look these things up from reliable sources.

    April 6, 2012 03:40 pm at 3:40 pm |
  4. carlos

    Ya Right.....the President has a miilion more miles of intelligence than you would have in 100 years, likewise to Michelle because both of your below plant level IQ s are showing and really BAD.

    April 6, 2012 03:45 pm at 3:45 pm |
  5. carlos

    and the mittsy really walks very funnnnnnny.

    April 6, 2012 03:46 pm at 3:46 pm |
  6. Kenneth

    If there was nothing to hide he wouldn't hide behind "laws".

    April 6, 2012 03:47 pm at 3:47 pm |
  7. Scott

    Romney has nothing financial to gain by being President. At least he puts his money where his mouth is by keeping his campaign finances out of debt–while Obama has racked up nearly $2 million just to get re-elected. Who pays for that?

    April 6, 2012 03:47 pm at 3:47 pm |
  8. JHC

    Romney was:

    Pro-Gun Control
    Pro-Birth Control
    Pro-Gay Marriage
    Pro-Wall Street Bailouts
    Pro-Government Run Health Care

    Will the real Mitt Romney please step forward?

    April 6, 2012 03:48 pm at 3:48 pm |
  9. rla

    Wow the democratic/liberal sops are out in force today!! Anger , lies and attacks are the theme of the day!

    April 6, 2012 03:50 pm at 3:50 pm |
  10. mh

    the obamakin minions are working overtime today spewing their righteous indignation over Mitt's disclosures. It was also sweet to see Michele gracing the networks this week on various shows pimping her husband's candidacy. Yet they are "shocked" and "dismayed" that Mitt is following the rules and not giving them every little nugget of his financial dealings. If they had ever actually earned any money they wouldn't be so quick to give out the details either.

    April 6, 2012 03:50 pm at 3:50 pm |
  11. BigdaddyUSA

    Typical Washington thief and liar !!

    April 6, 2012 03:51 pm at 3:51 pm |
  12. Jeff Adams

    I'll agree that I want a president who can make something out of nothing. But I disagree that Romney is that president. Mr. Romney grew up a multi-millionaire and had everything every trust-fund kid has it his/her disposal. Yeah, he made a bunch of money later on in life. But in absolutely no way is he a self-made man. As the saying goes, it takes money to make money.

    Furthermore, if you believe the growth practices engaged in by Bain Capital can somehow help the OVERALL economy, you're severely misinformed. "Streamlining" our economy would simply amount to shipping more manufacturing jobs overseas. This might increase the profit margins of 'American' companies, but in no way does it help the common good.

    On the other hand, Obama IS A SELF MADE MAN. He grew up poor, black, and fatherless. And now he's the president of the United States. He might not be a business man, but he sure as hell isn't incapable of making the best out of a bad situation. Write me at JeffAdams870@gmail.com when you come up with a better argument.

    April 6, 2012 03:53 pm at 3:53 pm |
  13. Bob

    Seems to me that someone who wants the priviledge of leading the United States should invest his wealth in this country, not send it off shore. Going to elaborate lengths and threading loopholes to hide it just makes it more unseemly. But he obviously has the mentality of a corproate raider = profits over patriotism.

    April 6, 2012 03:58 pm at 3:58 pm |
  14. Obamalynski

    I think it is likely that Obama will be reelected. And I think that will mark the last days of the US.

    All you folks who think he's so wonderful, just wait. You are hammering the last nail into the coffin of the US by not understanding what is really happening here. Who you going to blame when it really hits the fan?

    April 6, 2012 04:00 pm at 4:00 pm |
  15. Republican Not Voting for Romney

    He disclosed them to John McCain in 2008, so where are they Mitt? Disclose them.

    April 6, 2012 04:00 pm at 4:00 pm |
  16. Robert

    "What's Romney hiding"? Really? I'd think that coming from a president who had to have his teeth pulled just to produce a birth certificate Romney would get a little leeway on exposing ADDITIONAL tax records. I'm not a birther, but cmon Prez. And just what would additional tax returns show us? How much money he made? Sorry, I agree with many here, I'd rather have a guy running our country who knows how to turn a profit than one who hasn't ever run anything – until he took a stab at running our nation. wow.

    April 6, 2012 04:01 pm at 4:01 pm |
  17. DemBones

    Why doesn't the right get it? The long term health of the country requires a president concerned with more than just making money and running the country like a business. Plenty of CEOs have "temporarily" made money for a company by simply cutting cost and not increasing revenue only to leave the company in worse shape than when they came in. This is Romney in a nutshell. There are geo-political and social concerns that are every bit as important as the economic issues. Romney would be a huge step backwards for the US of A.

    April 6, 2012 04:01 pm at 4:01 pm |
  18. Republican Not Voting for Romney

    Obama' s going to win, but I can't wait for the debates when our Prez will wipe the floor with M.R. Republicans have to try to get a better candidate in 2016, however if Hillary runs, they might not have a chance to regain W.H.for quite some time. The party did it to themselves with these backward laws they are trying to pass and have passed in the last year.

    April 6, 2012 04:02 pm at 4:02 pm |
  19. Michael

    I love the comments about how Romney would be so much better because he knows how to make money. HA! What is he going to do? Outsource our military to China or India? And if it is about making money, I think bringing in revenue is pretty important. Republicans are dead set against bringing in more revenue from the top 1%.

    Romney knows how to make money FOR ROMNEY. We'd have four years of him giving handouts to his friends ("Corporations are people, too" Mitt Romney) in exchange for a huge payout when he left office. Then he would turn around and put all that money in overseas accounts.

    April 6, 2012 04:06 pm at 4:06 pm |
  20. Ilya

    I love the liberal "say anything and see what sticks."

    April 6, 2012 04:07 pm at 4:07 pm |
  21. Anonymous

    Yes, beacuse he chooses not to talk about his finances he must be a crook. Obama is mister transperency is'nt he? As well as all of the democrats that gave republicans 3 hours to read Obamacare (which they did not even read themselves) before voting. Yes everyone but Romney is upfront about everything. NOT.

    April 6, 2012 04:10 pm at 4:10 pm |
  22. worldpeace

    cool breeze.....perhaps you should go see a therapist....sounds like you've got bigger problems.....
    obama was not a bad president....he came into an absolute catastrophic disaster...and did as good as most would have done. what happened to our ecomony was a bad oversight by the previous president bush....so shut it. As for Romney, he's legit....why try to taint something that could actually be good for our nation? If our consitution was revolved around the religion of the candidate, then there are a lot of presidents we should not have had in office. open your eyes and quit being so narrow minded....perhaps this guy actually legitimately made his own money and is wise with it....as unsual as that is, it could be true. He's no less qualified than Obama.

    April 6, 2012 04:10 pm at 4:10 pm |
  23. Pedro

    Romney's own party doesn't even trust him. How does he expect the rest of America to?

    April 6, 2012 04:13 pm at 4:13 pm |
  24. native new yorker

    Mittens should just choose one of his "home states" and retire there now.

    April 6, 2012 04:14 pm at 4:14 pm |
  25. Republican Not Voting for Romney

    Romney is absolutely clueless and Americans are wising up to that rather quickly. Women will remember in November and vote for our Prez.

    April 6, 2012 04:16 pm at 4:16 pm |
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