WASHINGTON For nearly 15 years, Republican presidential candidate Mitt Romneys financial portfolio has included an offshore company that remained invisible to voters as his political star rose.
Based in Bermuda, Sankaty High Yield Asset Investors Ltd. was not listed on any of Romneys state or federal financial reports. The company is among several Romney holdings that have not been fully disclosed, including one that recently posted a $1.9 million earning suggesting he could be wealthier than the nearly $250 million estimated by his campaign.
Sankaty was transferred to a trust owned by Romneys wife, Ann, one day before he was sworn in as Massachusetts governor in 2003, according to Bermuda records obtained by The Associated Press. The Romneys ownership of the offshore firm did not appear on any state or federal financial reports during Romneys two presidential campaigns. Only the Romneys 2010 tax records, released under political pressure earlier this year, confirmed their continuing control of the company.
The mystery surrounding Sankaty reinforces Romneys history of keeping a tight rein on his public dealings, already documented by his use of private email and computer purges as Massachusetts governor and his refusal to disclose his top fundraisers. The Bermuda company had almost no assets, according to Romneys 2010 tax returns. But such partnership stakes could still provide significant income for years to come, said tax experts, who added that the lack of disclosure makes it impossible to know for certain.
We dont know the big picture, said Victor Fleischer, a University of Colorado law professor and private equity expert who urged corporate tax code reforms during congressional testimony last year. Most of these disclosure rules are designed for people who have passive ownership of stocks and bonds. But in this case, he continues to own management interests that fluctuate greatly in value long after his time with the company and even the end of his separation agreement. And the public has no clear idea where the money is coming from or when it will end.
Mystery Bermuda-based company and other undisclosed Romney assets hint at larger wealth - The Washington Post
Based in Bermuda, Sankaty High Yield Asset Investors Ltd. was not listed on any of Romneys state or federal financial reports. The company is among several Romney holdings that have not been fully disclosed, including one that recently posted a $1.9 million earning suggesting he could be wealthier than the nearly $250 million estimated by his campaign.
Sankaty was transferred to a trust owned by Romneys wife, Ann, one day before he was sworn in as Massachusetts governor in 2003, according to Bermuda records obtained by The Associated Press. The Romneys ownership of the offshore firm did not appear on any state or federal financial reports during Romneys two presidential campaigns. Only the Romneys 2010 tax records, released under political pressure earlier this year, confirmed their continuing control of the company.
The mystery surrounding Sankaty reinforces Romneys history of keeping a tight rein on his public dealings, already documented by his use of private email and computer purges as Massachusetts governor and his refusal to disclose his top fundraisers. The Bermuda company had almost no assets, according to Romneys 2010 tax returns. But such partnership stakes could still provide significant income for years to come, said tax experts, who added that the lack of disclosure makes it impossible to know for certain.
We dont know the big picture, said Victor Fleischer, a University of Colorado law professor and private equity expert who urged corporate tax code reforms during congressional testimony last year. Most of these disclosure rules are designed for people who have passive ownership of stocks and bonds. But in this case, he continues to own management interests that fluctuate greatly in value long after his time with the company and even the end of his separation agreement. And the public has no clear idea where the money is coming from or when it will end.
Mystery Bermuda-based company and other undisclosed Romney assets hint at larger wealth - The Washington Post
