Where Is Mitt Romney Secretly Hiding His Money?

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With a personal net worth estimated to be as high $250 million, Romney is one of the richest men ever to run for the White House. But he has been remarkably reticent when it comes to his financial records, disclosing the bare minimum required by federal campaign law.

In an eye-opening new investigation for Vanity Fair, reporter Nicholas Shaxson attempts to blow the lid off this secrecy, diving deep into the limited paper trail to explore some of the shadier ways that the Romney family has made, invested, and perhaps hid, his fortune.

Here are some of the highlights: 

  • In 1997, Romney set up a Bermuda-based entity called Sankaty High Yield Asset Investors Ltd., that has been described in securities filings as “a Bermuda corporation wholly owned by W. Mitt Romney.” The entity was transferred to his wife's blind trust on Jan. 1, 2003, the day before Romney was inaugurated as governor of Massachusetts. The director and president of the entity is the Romneys personal lawyer R. Bradford Malt, who also oversees the blind trust. Romney did not list it on financial disclosures until his 2010 tax return, but Shaxson writes that, "even after examining the return, we have no idea what is in this company, but it could be valuable, meaning that it is possible Romney’s wealth is even greater than previous estimates."
  • Romney has personal interests in at least 12 Bain funds in the Cayman Islands, worth as much as $30 million. Shaxson reports that "the Romney campaign insists he saves no tax by using them, but there is no way to check this." 
  • A $3 million Swiss bank account appeared on Romney's 2010 returns, but disappears on the 2011 returns, after the Romneys trustee closed it. USC tax law professor Ed Kleinbard told Shaxson that the Swiss account “has political but not tax-policy resonance" because it was essentially a bet against the U.S. dollar. 
  • The Romneys' I.R.A.’s have been receiving profit interest from Cayman Island–based Bain Capital funds that were set up long after Romney left the firm in 1999. Shaxson writes that although firms are technically only supposed to do this if the compensation is for past services, tax law experts say that Romney "can get away with it because of excessive 'administrative indulgences' that have allowed a 'perversion of the law in favor of a small class of overcompensated investment managers.'"
  • Romney's I.R.A. appears to have invested in "blocker corporations" located in tax havens like the Cayman Islands, which are designed to make it easier to avoid U.S. business taxes. 
  • Shaxson also suggests that, under Romney, Bain Capital may have helped wealthy foreign investors take advantage of special U.S. tax exemptions. He writes that investors in Romney's first Bain Capital Fund, in 1984, included "newspaper tycoon, tax evader, and fraudster Robert Maxwell, who fell from his yacht, and drowned, off of the Canary Islands in 1991 in strange circumstances, after looting his company’s pension fund," "Eduardo Poma, a member of one of the '14 families' oligarchy that has controlled most of El Salvador’s wealth for decades," "a Geneva-based trustee overseeing a trust that invested $2.5 million, a Bahamas corporation that put in $3 million, and three corporations in the tax haven of Panama."

Despite these juicy details, however, Shaxson's findings are inconclusive, underscoring the gaping holes in the public's knowledge of Romney's financial past — holes that the candidate has so far been unwilling to close. As Shaxson notes, Romney's campaign has stuck to the defense that the candidate never broke any laws, so any perceived unfairness is the fault of the system.

Still, that argument is unlikely to change the perception that Cayman Island bank accounts are associated with drug trafficking criminals, or that betting against the U.S. dollar with a Swiss bank account looks bad for someone who is trying to get elected president. 

“What Romney does not get,” Washington lawyer and offshore expert Jack Blum told VF, “is that this stuff is weird.”

Read the whole story at Vanity Fair > 

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Exactly what is Residence Equity?

Household equity may be the distinction involving the market price of a household plus the amount borrowed or owed on it. Many people visualize equity since the distinction involving the mortgage plus the price with the residence, that is correctly inaccurate. Equity is decided by subtracting the quantities of all debts or obligations secured together [...]

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Source: http://www.legaldebthelponline.com/2012/06/30/exactly-what-is-residence-equity/

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3 Leadership Lessons from George Washington

On a cold, dark winter morning, a solider rode out of his encampment and noticed a group of his comrades desperately trying to put a log on the top of a wall they were building. Each time they attempted it, the beam fell. The men were exhausted and ready to give up. The only thing stopping them from throwing in the towel was a corporal, who was barking orders.

The solider asked the noncommissioned officer why he didn?t lend a hand. ?Don?t you see, I?m a corporal?? he answered, not realizing who he was talking to. Without saying a word, the soldier dismounted and helped the infantrymen put the timber in place. He then told the men that if they needed any assistance again, just send for him?their commander and chief.

Why would George Washington take time to help build a wall? Because the man who would become the father of our country knew that the war could not be won without the loyalty of his troops. Our country?s success depended on their success. And the way he accomplished this task was through servant leadership.

Today, more than 230 years later, his actions are still applicable. In fact, servant leadership is how Dave has built his company and is one of the guiding principles he teaches in EntreLeadership Master Series.

So this Fourth of July week, we thought we would honor our first president by sharing some of his values that you can put in place in your own business. Here are some lessons from Mr. Washington on how to become a true servant leader.

1. Have Fanatical Integrity

Everyone knows the story of Washington and the cherry tree. But that moment of truthfulness was just the start of a life overflowing with integrity. Through his words and deeds, he proved over and over again that he would do the right thing and could be absolutely trusted.

How to Do It: Action always speaks louder than words. By doing your best each day, always telling the truth, and simply behaving as a stand-up person, you will build loyalty within your team. As Dave says, ?Loyalty is born and a quality culture occurs when the EntreLeader follows through in a predictable, positive and proactive manner on every issue and opportunity.?

2. Be a Good Listener

Part of being a servant leader is listening to those around you. And Washington did just that. He surrounded himself with people who were willing to tell him the truth instead of advisors who simply said what he wanted to hear. He was with his men whenever possible too, even staying with them during the miserable winter of 1777 at Valley Forge under very un-officer-like conditions.

How to Do It: Spend time with the troops in the trenches instead of locking yourself away in your office. Get to know them and their families, and ask their opinions to get the real answers. Find some mentors who can help lead you in the best direction.

3. Do Unto Others

Washington spent as much time trying to feed, arm and clothe his soldiers as he did actually leading the troops into battle. He always put others first?including enemy prisoners who he housed and fed. As a servant leader, he followed the Golden Rule. ?Do to others as you would have them do to you.? (Luke 6:31).

How to Do It: Love your team well. When you would expect to be praised, praise. When you would expect a raise, give one. If you need some grace, give it. When you expect a reprimand, do it promptly and privately, because that is what you would want.

Putting the needs of his troops and his country before his own and treating everyone he met with dignity and respect helped make Washington an icon to the world. By following his simple principles, you can inspire the same loyalty within your team, who will soon stand by your side and help you become more successful than you ever dreamed possible.

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Source: http://www.daveramsey.com/article/3-leadership-lessons-from-george-washington/lifeandmoney_business

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The Cost Of Debt Consolidation

Best Credit Card Consolidation Companies Opting for a debt consolidation can be a great solution if you are looking for a way to settle your debts, get lower monthly payments or maybe low interest rates. Don’t just sign any documents without reading and understanding the terms. Be sure you have read every clause and you [...]

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Source: http://www.legaldebthelponline.com/2012/06/30/the-cost-of-debt-consolidation/

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Score Great Books, Movies, And Music With This One Cheap Trick

Girl Reading

For years, I’ve been trading books online using PaperBackSwap. It’s such a wonderful service that’s fueled a lot of my reading over the past five years or so.

When I first signed up for the service, I swapped a ton of books. I went through my shelves, packaged up several dozen books that I knew I wouldn’t read again, and shipped them out (it really didn’t cost much to ship them).

In exchange, a trickle of books started arriving in my mailbox. Books that I actually wanted to read. Books I’d wanted to read for a long time, like A Summons to Memphis and American Pastoral. Books I wanted to read to my children.

In other words, it was a great deal.

Here’s how it works.

You sign up for an account on PaperBackSwap. When you sign up, you’re asked to list ten books that you own that you’d be willing to trade by mail. When you do that, you get two “credits.” You can use a single “credit” to request that any of the five million (or so) books listed on PaperBackSwap by other members of the site be sent to you.

So, how do you get more credits? You list more books. If someone on the site requests one of the books you’ve listed, you just print out a mailing form (provided to you by the site), wrap that form around the book (perhaps with a bit of additional wrapping), tape it up, and mail it. When the other person receives your book, you get another credit.

Shipping the book (via media mail) costs about $2. So, in essence, for $2, you get a book of your choice mailed to you (and also pass on one of your unread books to someone who will enjoy it).

In my eyes, that’s an exceptional deal. Of course, I’m a heavy reader, so having a flow of fresh books is a very good thing.

Let’s say you don’t enjoy reading, though. SwapACD does essentially the same thing for music CDs. SwapADVD (which I’ve used a fair amount) does essentially the same thing for films.

In each case, you mail out your own items using media mail for about $2 apiece and then eventually receive replacements (things you want to read or watch or listen to) in the mail for free.

Trading media by mail is a great convenient way to refresh your book, DVD, or CD collection at a very low price. Give it a try!

This post is part of a yearlong series called “365 Ways to Live Cheap (Revisited),” in which I’m revisiting the entries from my book “365 Ways to Live Cheap,” which is available at Amazonand at bookstores everywhere. Images courtesy of Brittany Lynne Photography, the proprietor of which is my “photography intern” for this project.

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CHART: Actually, Obamacare Is Nowhere Close To America's Largest Ever Tax Increase

Rush Limbaugh claimed Friday that the Affordable Care Act constitutes the biggest tax increase in history.

We are confident that someone, somewhere is working out where the bill stands as far as world tax increases.

In the meantime, we now have this graph, via Dr. Austin Frakt at The Incidental Economist and Boston University, showing the country's largest-ever tax increases as a percentage of GDP, using Treasury data compiled by Mother Jones' Kevin Drum.

Obamacare is not even close.

(Thanks to Dr. Frakt for giving us permission to run his chart.)

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SEE MORE — The 15 Maps That Explain The World

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Texas Homeowner Wins $300,000 In 5-Year Court Battle Against Bank Of America

trudie

After nearly five years and three separate court battles, a Southeast Texas woman has been awarded $300,000 in a foreclosure lawsuit against Bank of America.

Trudie Crutchfield's ordeal began in 2006, after Hurricane Rita ravaged her Jefferson County home, The Southeast Texas Record reports. 

Crutchfield's lender at the time, Countrywide Financial, first offered to defer her mortgage payments for three months but changed their tune later, demanding late fees. Crutchfield sued and won.

But when Bank of American purchased Countrywide, the bank came after Crutchfield's home again, this time threatening to foreclose. A judge ruled against the bank, but Crutchfield took them back to court in June after they failed to pay her $300,000 award.

BofA has 30 days to make good on the initial $300,000 judgment and 90 days to erase the foreclosure stains from Crutchfield's credit, a Jefferson Country judge ordered.

Given the five-year tug-of-war Crutchfield's dealt with, she's not holding her breath till she has a check in her hands.

"You go through the happy because you're finally finished, you can finally say it's done, I can breathe," she said. "But then you get slapped with this foreclosure notice again. It's at the point of saying, you know, I want to see it (in writing) now." 

Although Crutchfield was never actually behind on her mortgage payments, her ordeal is par for the course for thousands of Countrywide Financial mortgage holders left burned in the wake of 2008's robosigning scandal. A special provision in the $25 billion mortgage settlement reached with several banks earlier this year designated $500 million for Bank of America customers with underwater mortgages previously owned by Countrywide. 

DON'T MISS: This couple is taking the retirement dream to a new level in Argentina > 

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