Boston Globe: Boston Lawyer Brad Malt In Crossfire Over Romney Investments
On January 30, 2012, the Boston Globe reported:
In 2007, as Romney prepared his first run for president, Malt sold stock in dozens of potentially controversial companies, including casino operators, tobacco growers, and firms with ties to Iran. Last year, after Romney pushed for tougher trade sanctions against China, Malt dumped a number of Chinese holdings. He recently shed a money market mutual fund that had invested in government-backed mortgage companies, Fannie Mae and Freddie Mac, which are blamed for exacerbating the housing bust.
POLITICO's Arena: Will The Meaner Mitt Win?
It looks now like Florida will be Romney's second victory of the primary, meaning that he will finally get back to where he thought he was three weeks ago. But the sudden shift in strategy indicates a short-sightedness that has to call into question his long-term viability as a candidate, to say nothing of whether he is capable of serving as president. Mitt Romney has tried to convince Republican primary voters that he is the only candidate capable of defeating Barack Obama. The decision to go after the low-hanging fruit that are Newt Gingrich's shortcomings does nothing to advance that purpose. If anything, it has to be a factor in why his unfavorable ratings have risen dramatically of late. Nobody liked Romney when he was the phony who was trying way too hard to get people to like him; now we see they like him even less as the phony who is bitter and nasty about it. Being seen as the boss who enjoys firing people is not the path to victory. Instead of playing Whack-a-Newt, the Romney campaign would have been better served handling the release of his tax returns in a manner that at least resembles a competent, professional organization. They botched it so badly that it actually raised more questions than it answered. They might have also tried a little bit of self-research, so that their candidate wasn't launching attacks against Newt (e.g., Fannie and Freddie) that left him vulnerable to attacks himself - not that American Bridge is complaining about that.
MEMO: 12 Things We Could Learn From Previous Romney Tax Returns
ICYMI: With Mitt Romney still refusing to release his pre-2010 returns, we wanted to be sure that you saw our previous memo explaining why it is so important that Mitt Romney release them. Click through for the 12 questions that Mitt Romney needs to answer by releasing his previous years’ tax returns.
Boston Globe: Romney’s Returns Open A Window On The Wealthy
On January 25, 2012, the Boston Globe reported:
The returns also offered a window into the finances of the rich, complete with a Swiss bank account, investments in the Cayman Islands, and Social Security taxes for domestic help - all well within the law, Romney’s spokesman said yesterday. Romney declined to field questions from reporters about his returns.
TPM: Three Key Questions Raised By Romney’s Tax Revelations
On January 25, 2012, Talking Points Memo reported:
Romney’s revelations confirm that his effective tax rates in the past couple years have been as low or lower than those of workers with truly modest means. They also confirm that he’s availed himself of truly complex tax strategies designed to boil his liability down to the lowest level allowed by the country’s heavily rigged, labyrinthine tax code. And we know, too, that these are things Romney didn’t want voters to know — at least not yet. But they raise a series of new questions that will likely require Romney to disclose several years’ worth of additional tax returns if he wants to answer them satisfactorily. Here are three big ones that touch generally on the theme of Romney’s efforts to reduce his tax burden by taking advantage of areas of the law that simply aren’t available to most people...
AP: Romney Paid $3M In Federal Income Tax In 2010
On January 23, 2012, the Associated Press reported:
One investment, listed as a "Federated Government Obligation Fund" and worth between $250,000 and $500,000, was a mutual fund that included both Fannie Mae and Freddie Mac assets among a larger pool that included other government securities. The holding was not listed in Romney's blind trust, which led some Democratic Party activists to suggest that the investment was under his direct control. "He is relentlessly attacking Newt Gingrich over his ties to Freddie Mac despite the fact that he personally invested up to a half a million dollars in both Fannie Mae and Freddie Mac," said Ty Matsdorf, a senior adviser with American Bridge 21st Century, a PAC associated with Democratic Party and liberal causes.
POLITICO: 5 Reasons Romney's Taxes Matter
On January 23, 2012, POLITICO reported:
Many presidential candidates — and presidents, for that matter — have been very rich guys. So why the big fuss over Mitt Romney’s taxes?
MEMO: Debate Prep For Republican Presidential Candidates
To: Republican Presidential Candidates And Their Esteemed Representatives From: Ty Matsdorf, Senior Advisor American Bridge 21st Century RE: Debate Prep Date: January 19, 2012 Tonight’s debate may offer you your last best chance to reach voters not only in South Carolina, but across the nation. After more than a dozen debates, a lot of ground has been covered but there is still room to distinguish yourselves from Mitt Romney and attempt to derail his coronation. Since it seems that you have struggled to focus in on a sustained line of attack that erodes Mitt Romney’s standing and qualifications for being president among the Republican primary voters while not costing you support from your conservative base, we have mapped out three central themes that will accomplish both should you choose to highlight them in tonight’s debate. Themes For The Debate:
Romney Puts Personal Profit Above Values And Beliefs: It is no secret that Governor Romney is wealthy, and that is not something to begrudge. But highlighting what that wealth encompasses is a key line of attack that could be used. Below are examples that should be broached tonight:
Romney Profits From Abortion Services: On the campaign trail (even though he was previously pro-choice,) Romney continually touts his pro-life positions. However, that hasn’t stopped him from padding his bank account with investments in Stericycle, a company that disposes of aborted fetuses. Stericycle has been targeted by many conservative groups, the same demographic that Romney has been pandering to on the trail. (Huffington Post, 1/17/12)
Romney Profits From Fannie Mae and Freddie Mac: Despite demonizing Speaker Gingrich for his work for Fannie/Freddie, and the continual disparaging of them on the campaign trail, Romney personally invested up to $500,000 in these organizations and made up to $50,000 last year alone. (Boston Globe, 9/19/11)
Romney Profits From China: On the campaign trail Romney is quick to talk tough on China, but that didn’t stop his investors from investing his money in Chinese holdings. And if Romney hides behind his “blind trust,” remind him of his quote from 1994 calling blind trusts “rouses” (Wall Street Journal, 12/17/11)
Romney Profits From Offshore Tax Shelters: This line of attack writes itself. But just in case, this just further shows that with Mitt Romney his own personal profit trumps all else. (ABC News, 1/18/12)
Romney’s Business Success Was Due To “Corporate Welfare”: Governor Romney has held up his business experience as his main qualification for being President, and has been quick to dismiss the manner in which he acted as simply “free market capitalism.” What he doesn’t mention is that some of his success has been due to huge government subsidies and tax breaks, something decried by the conservative Cato Institute as “corporate welfare.”
Steel Dynamics: Undoubtedly, Governor Romney will tout Steel Dynamics, the “steel mill in Indiana,” as one of his successes. You must tell the other side of the story: this was only a success because of more than $37 million in government subsidies. And what is even more damaging, these subsidies were paid for by raising taxes on the local residents. (LA Times, 1/12/12)
Romney Is Out Of Touch: This has been percolating for months but nowhere was it more crystalized then his flippant comments about the amount of money he made from giving speeches. Again, while no one begrudges success, Governor Romney’s complete inability to relate to the struggles of working families is absolutely astounding.
Romney/Speeches: On Tuesday, Romney offhandedly said he didn’t make very much money from giving speeches. In reality, he has made more than $360,000 dollars last year alone giving speeches. (Politico, 1/18/12)
The Press & Guide: MI U.S. Sentate GOP Hopefuls Blast UN, Federal Reserve, Immigrants
On January 16, 2012, The Press & Guide reported:
Five of the candidates who hope to be the Republican Party’s nominee for the U.S. Senate sought the endorsement of a coalition of Michigan Tea Party groups Saturday by attacking the Federal Reserve, the United Nations, taxes and children of illegal immigrants.
VIDEO: "Not Very Much"? Romney On $374,000 In Speaking Fees
Today in South Carolina, Mitt Romney explained that he pays a lower effective tax rate than many working Americans because his “income comes overwhelmingly from investments made in the past, rather than ordinary income or rather than earned annual income.” Romney also noted that he gets paid for speeches “from time to time,” but described the fees as “not very much.” However, Romney’s personal financial disclosure reveals that he raked in $374,327.62 in speaking fees between February 2010 and February 2011. That may be “not very much” to Mitt Romney, but the vast majority of voters would certainly disagree. Watch Romney’s remarks below: