Did Mitt Romney and Bain Capital Hide Offshore Holdings?

More questions than answers

Paul Sancya of the Associated Press is reporting yet another question about Mitt Romney

By James Turnage

Romney has been involved in an offshore company for over fifteen years that has been kept from the public eye. Sankaty High Yield Asset Investors, Ltd., has never been listed in any federal or state financial reports. This and several other holdings have never been reported, including one that had a reported earnings of 1.9 million dollars. This suggests that Mr. Romney could be worth far more than the reported 250 million by his campaign.

He has never been cited for tax code violations, claiming these assets are below the required amount necessary to reveal them. However, at the least, he has not fully disclosed to the voters his actual assets and therefore his personal wealth.

What makes this more interesting, and a little suspicious, is that Sankaty was transferred to a trust owned by Romney’s wife, Ann, one day before he was sworn in as the governor of Massachusetts in 2003, according to Bermuda records. Romney’s interests in the company were not disclosed in any federal returns or in any other campaign. When forced by political pressure, they were finally disclosed in his tax records in 2010.

Sankaty was a member of a cluster of hedge funds run by Bain Capital, which Romney retained until 1999. The offshore company was used in Bain’s one billion dollar takeover of Domino’s Pizza and other multi-million dollar investments over a decade ago.

Romney’s aides have declined to offer specific details, maintaining that the assets of the offshore investment yielded no more than 10,000 dollars in assets and liabilities.