When Mitt Romney is asked what Bain Capital does, he cites Staples. “We turned it around!” A recent piece in the NY Times is about a nasty form of bait and switch by Staples. They advertise a great price on a laptop, but when you try to buy one, unless you also buy a two-year service contract, they’re “out of stock.” Employees are warned that if they sell one without the contract, they’re fired.
Romney mouths against China, but doesn’t mention that he’s had (may still have) a stake in CNOOK, a state-owned Chinese company that does business with Iran. Maybe he’s worried that the tough stand Obama is taking against Chinese dumping will hurt his Chinese interests.
Forbes reports that Romney’s politically sensitive investments [wouldn’t you like to know!] were sold off in 2009 in preparation for his presidential run. He's likely hiding his 2007, 2008 and 2009 returns because he made a winning bet against the housing market with his friend and fundraiser John Paulson, who made $15 billion by shorting the mortgage market, part of the foul deal in which Goldman Sachs and Deutsche Bank designed securities certain to go bad, which they then bet against. Of course he’d dare not release those tax returns.
Forbes also reports that Romney’s 2011 tax return reveals that he gave charity thousands of shares of Sensata and Dunkin, companies bought out by Bain Capital. Donating the shares to charity allowed him to avoid paying capital gains taxes, but would have made his rate so low—far lower than claimed—that he rejected $1.8 million of the deduction so that he could report a tax rate of 14.1 percent.
Romney holds securities in a Swiss bank whose value is based on foreign currencies, including the Russian ruble. If the dollar depreciates against those currencies, he profits big. How does the idea of a U.S. President with a big bet against the U.S. grab you?
Becoming Teapublican candidate of the country he’s outfoxed repeatedly for years is no small achievement. And what a victory over his billionaire friends if he manages to become CEO of the whole country. He’ll have gone from being a minor wriggler in a nest of vipers all the way to top snake! Release his tax returns? He may have the scruples of a Mafia don, but he’s not crazy.
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