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Willard's assets are NOT in a blind trust after all.
by LiberatedWoman
 Willard's assets are NOT in a blind trust after all.
Jul 12, 2012 | 916 views | 1 1 comments | 25 25 recommendations | email to a friend | print | permalink

Well, this is interesting news. It seems that Mittens hasn't really got his investments in a blind trust. What he has is about $250 million in trust accounts which are managed by his personal lawyer, and which continue to receive payments from Bain Capital which are classified as "carried interest."



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A blind trust is not a blind trust when there is direct or indirect control over investment decisions. While Romney has nominally placed his investments in a trust which is managed by someone else, the person he has chosen to manage those investments is his close associate and personal attorney. That is not a blind trust under federal law. It is a trust managed by a close personal friend and advisor.



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Under federal law, Mitt Romney has two options with regard to his assets. He can either create a blind trust which actually creates a firewall between Romney and his money by putting all of his assets under the management of a completely unrelated third party with no conflict of interest or relationship with Romney, or he can liquidate all of his investments and place them in neutral investments such as Treasury notes.



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So here's what we're being asked to believe. First, Romney's relationship with Bain ended in 1999 and there was no arrangement for any further consulting or other services with them. Second, Romney's retirement agreement expired in 2009 and with it, all preferred tax treatment on Bain Capital distributions, since Romney would ostensibly have provided no services to Bain to justify giving him a "piece of carry", which is how it's referred to. Third, suddenly two investments pop up out of nowhere with Bain which do not cause any prior year's tax returns to be amended or disclosures changed, but payments from them represent some sort of adjustment for prior services which are as yet undisclosed.



Isn't the simpler explanation that Romney still has an active, vibrant ongoing relationship with Bain Capital, and that his current investments are not being held in a trust with any sort of firewall standing between Romney and investment decisions for those trusts? And if that is the explanation, then we also have to understand that Mitt Romney has many, many conflicts of interest, that he should be accountable for Bain Capital's vulture capitalism activities, and most importantly, Mitt Romney wouldn't know the truth if it stood in front of him with a big sign painted on its chest.



http://crooksandliars.com/karoli/mitt-romneys-ethics-problem-blind-trust-edi

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