New York (HedgeCo.Net) – More than 950 pages of hedge fund audits, statements, and investor letters have been published by online magazine Gawker, naming over 20 entities the presidental hopeful has invested in.
“Romney had invested—at minimum—more than $10 million as of 2011 (that number is based on the low end of ranges he has disclosed—the true number is almost certainly significantly higher). Almost all of them are affiliated with Bain Capital, the secretive private equity firm Romney co-founded in 1984 and ran until his departure in 1999 (or 2002, depending on whom you ask). Many of them are offshore funds based in the Cayman Islands. “
The Guardian reports:
“The Romneys are also investors in Absolute Capital Return Partners, a Delaware-based partnership that uses a technique called equity swapping to avoid tax. Equity swaps allow investors to exchange gains and losses on investments without taking ownership of the asset. The Internal Revenue Service has expressed concerns that swaps may have allowed investors to avoid paying billions of dollars on dividends.”
Romney says he won’t disclose his financial records as his family does not want to show how much he has donated to the Mormon church.
“Our church doesn’t publish how much people have given,” Romney told Parade magazine. “This is done entirely privately. One of the downsides of releasing one’s financial information is that this is now all public, but we had never intended our contributions to be known. It’s a very personal thing between ourselves and our commitment to our God and to our church.”
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