Thursday, August 23, 2012
Huge score by Gawker today, publishing nearly 1000 pages of documents detailing the financial magic that presidential candidate Mitt Romney has used to protect his massive wealth.
Bain isn't a company so much as an intricate suite of steadily proliferating inter-related holding companies and limited partnerships, some based in Delaware and others in the Cayman Islands, Luxembourg, and elsewhere, designed to collectively house roughly $66 billion in wealth in its many crevices and chambers. When Romney left in 1999, he and his wife retained significant investments in many of those Bain vehicles—he claims they are "passive investments" and that they are managed in a blind trust (though the trustee isn't blind enough to meet federal standards of independence). But aside from disparate snippets of information contained in his federal and Massachusetts financial disclosure forms, his 2010 tax returns, and SEC filings, the nature of those investments has been obfuscated by design.
Gawker's asking its readers to help dig through the documents and offer their expertise in comments. To see the files in question—or scream at them in their ever-confusing commenting system—visit the article here.