Thursday, July 5, 2012

There's Rich, and Then There's Pathologically Obscene

And then there's Willard Too-Much-Loot-to-Count Romney

Nick Shaxson's devastatingly brutal Vanity Fair piece on Mitt Romney's offshore bank account shell games is your must-read holiday assignment for this evening, and you'll want to tackle the piece sober.

Then you'll want to share it with your friends.  It's that important.

SNIP

Mysteries also arise when one looks at Romney’s individual retirement account at Bain Capital. When Romney was there, from 1984 to 1999, taxpayers were allowed to put just $2,000 per year into an I.R.A., and $30,000 annually into a different kind of plan he may have used. Given these annual contribution ceilings, how can his I.R.A. possibly contain up to $102 million, as his financial disclosures now suggest?

The Romneys won’t say, but Mark Maremont, writing in The Wall Street Journal, uncovered a likely explanation. When Bain Capital bought companies, it would create two classes of shares, named A and L. The A shares werth parties hate about our corporate-owned government, we don't deserve political power.  

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