CNN: Willard’s role in tax shelter raises questions
by LiberatedWoman
 CNN: Willard’s role in tax shelter raises questions
Aug 08, 2012 | 682 views | 6 6 comments | 21 21 recommendations | email to a friend | print | permalink

One relevant line of inquiry, largely ignored so far, is to examine what exists in the public record regarding his attitude toward tax compliance and tax avoidance. While this examination is hampered because his dealings through his private equity company, Bain Capital, are kept shrouded, there are other indicators.

A key troubling public manifestation of Romney's apparent insensitivity to tax obligations is his role in Marriott International's abusive tax shelter activity.

Romney has had a close, long-standing, personal and business connection with Marriott International and its founders. He served as a member of the Marriott board of directors for many years. From 1993 to 1998, Romney was the head of the audit committee of the Marriott board.

In his key role as chairman of the Marriott board's audit committee, Romney approved the firm's reporting of fictional tax losses exceeding $70 million generated by its Son of Boss transaction. His endorsement of this stratagem provides insight into Romney's professional ethics and attitude toward tax compliance obligations.

Romney's campaign staff has attempted to deflect responsibility, arguing that he relied on Marriott's tax department and advisers.

This claim is disingenuous. In a transaction of this magnitude, sensitivity and questionableness, the prudent step would be to secure advice to the audit committee and the board from experienced and independent tax counsel, who would certainly have cautioned that the Marriott position was risky and not supported by precedent or proper statutory interpretation.

Moreover, on the key issue of the business purpose and economic substance, Romney was, or should have been, aware of the facts that the transaction had its genesis solely in tax avoidance and was a "marketed" tax shelter.

He had an insider's perspective on the motivation and lack of substance in the transaction, as well as the financial sophistication to understand the tax avoidance involved. Romney failed in his duties to Marriott and its shareholders and acted to undermine the fairness of the tax system.

No one could accuse Romney of lacking the intelligence and analytical skills to have dealt with this transaction appropriately. Indeed, his strengths in this regard were the reason the other board members relied on him.

What emerges from this window into corporate tax compliance behavior is the picture of an executive who was willing to go to the edge, if not beyond, to bend the rules to seek an unfair advantage, and then hide behind the advice of so-called experts to deflect criticism when a scheme backfires.

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August 08, 2012
Ok Tryg, right now! I am at Papi's Place, 1500 W. Corpus Christi St. (that 59 west M o r o n). Hurry up!
August 08, 2012

DubiousForever |1 Minute Ago Seriously? After getting shut down yesterday you want to bring up the bet again? GO FOR IT!

HellFire |21 Minutes Ago Liberatedwoman and all your names,

You will no longer be tolerated on my blogs.

Your obsession for my attention exampled by your begging, groveling and whining for my attention on every blog I post is sickening as you are a lowlife bloodsucking obese burden on society. You and your kind are the problem with America today. You are adelusional geritol addicted sloth, take your garbage elsewhere.

Everyone see's how you are too scared to take my bet. LOL @ YOCAB!!!

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