Mercury Rising 鳯女

Politics, life, and other things that matter

Do Mitt’s Tax Returns Show IRA Shenanigans?

Posted by Phoenix Woman on August 4, 2012

I’ve been wondering why the reporters of America’s establishment media are too busy attacking Harry Reid for his questions about Willard “Mitt” Romney’s stubborn refusal to follow his own father George’s example and release several years’ worth of tax returns. 

Real reporters, instead of bashing Harry Reid, would be wondering if Mitt Romney won’t follow his father’s example of releasing several years’ worth of full tax returns because it might possibly reveal that Mitt Romney had planned to break the law from the start when he set up his enormous IRA:

    The Romneys won’t tell us how, or even if, they assigned super-low values to the A shares, but there are a couple of ways to do it. One is to use standard options models to price the shares—then feed inappropriate assumptions into those models. Romney could alternatively have used a model called liquidation valuation, which Kleinbard says would have been “completely inappropriate.” Without seeing the assumptions used on Romney’s tax returns from the years when those lowball A shares were squirted into his I.R.A., we cannot know how he did it. Whatever methods he used, however, the valuations were, according to Andrew Smith, of Houlihan Capital in Chicago, “pushing the envelope.” (Andrea Saul retorts, “Why should successful investments be criticized?”)

So why are most reporters asking the wrong questions on this?

6 Responses to “Do Mitt’s Tax Returns Show IRA Shenanigans?”

  1. MEC said

    Since I learned about Sinclair’s Law from you, I suspect you already know the answer: “It is difficult to get a man to understand something, when his salary depends upon his not understanding it.”

    • jo6pac said

      Yep and since most aren’t reporters that would do any kind of research this all we get. Nothing to see here so please move along.

  2. Mark Gisleson said

    This is the Harry Reid they kept promising us, and while I’d rather be tarred and feathered than live through any more of Reid’s “leadership,” he’s doing a good job of this.

    What’s being very under reported is that Harry Reid is the highest ranking politician the Church of LDS has ever had, and many of Bain’s top people were Mormons. The phone call he got most likely came from a Mormon at Bain, i.e., someone who knows exactly what they’re talking about. And the irony of all of this is that Mitt may have been outed by someone who’s angered — not by Mitt’s tax evasion — but rather by Mitt’s failure to tithe on ALL of his net income to his church.

    Mormonism is a cult, and Romney wouldn’t be getting Republican votes if Fox wasn’t working 24/7 to prop up birtherism.

    • Oh, indeed. Mitt comes from Mormon royalty and has managed to get through life skating on even the rather minimal obligations pressed upon him. He really never did the whole door-to-door thing when he was in France avoiding Vietnam — just spent most of his time speeding around in a rather flimsy Citroen (and allegedly caused the fatal accident of his at Beaulac when he was driving in the wrong lane on a two-way road).

  3. Dickeylee said

    you’ve got to realize that not most, but ALL the talking heads are in the 6 figure salary range. And the hitters on the Washington beat are in the 7 figure range. They rub elbows with, and party with, and their kids go to school with the kids of the movers and shakers of the DC establishment. The lawyers and lobbyists, the “in” crowd, the cool kids so to speak. Hell, they are fast becoming the paid and bought for speaking arm of the Republican party.

    • Charles II said

      The talking heads may be, but reporters for, say, the Kansas City Star or the Denver Post are not. These people really could demand some answers.

      That is, they could if the Romney campaign were answering any questions. I think the reason that they are not breaking this story is that they can’t get any comment from the Romney campaign. Absent any hook or hard evidence as to what he’s hiding, it’s hard to write the story.

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