Election 2012

Blow Me To Bermuda!

We already knew about Romney's offshore wealth in the Cayman Islands and parts of Europe, but now we can add Bermuda to the list.

(AP) WASHINGTON - For nearly 15 years, Republican presidential candidate Mitt Romney's financial portfolio has included an offshore company that remained invisible to voters as his political star rose. Based in Bermuda, Sankaty High Yield Asset Investors Ltd. was not listed on any of Romney's state or federal financial reports. The company is among several Romney holdings that have not been fully disclosed, including one that recently posted a $1.9 million earning suggesting he could be wealthier than the nearly $250 million estimated by his campaign. [...]

Sankaty was transferred to a trust owned by Romney's wife, Ann, one day before he was sworn in as Massachusetts governor in 2003, according to Bermuda records obtained by The Associated Press. The Romneys' ownership of the offshore firm did not appear on any state or federal financial reports during Romney's two presidential campaigns. Only the Romneys' 2010 tax records, released under political pressure earlier this year, confirmed their continuing control of the company.

Romney's Bermuda money was not disclosed during his gubernatorial campaign, during his time serving as governor, or during the five years he's been running for president, for Pete's sake.

Worst candidate ever?

The Obama campaign is wasting no time jumping on this.

Axelrod said Romney’s portfolio of offshore investments — which include a Bermuda-based company, funds in the Cayman Islands and a Swiss bank account — raises what he called a “Bermuda Triangle” of financial questions.

“Just what were the benefits there? Did he actually pay taxes in some years? We don’t know,” he said.

“Why would you transfer your Bermuda business…to your wife the day before you became governor? Why did you not want that on your disclosure form?” Axelrod said later, referring to reports by The Associated Press and Vanity Fair.

"A Bermuda Triangle of financial questions."

So easy yet so effective. This just gets better and better.