SEC Records Suggest Romney Is a Billionaire!

[Octafish]

What War on Error found...You can, too!



WHAT'S MITT HIDING? If Mitt Romney is NOT a Billionaire, I'll Eat My Hat!

SEC Research Here

by War on Error
Daily Kos
Oct 18, 2012 11:59am PDT

How did I find over $60 Billion under asset management by Bain Capital?  Below are the instructions you, too, can follow to search the SEC and find out the same information.

Wikipedia lists $56.4 Billion.

REMEMBER, until 2001, Romney was the "sole shareholder, sole director, chief executive officer and president of Bain Capital.

It would be astonishing to believe that Mitt would settle for less than $1,000,000,000 for his life's work.  I could be wrong, but it's really hard to believe Mitt is only worth only $250,000,000!

Private Equity firms have to file lengthy questionnaire's in order to function in the USA.  This is called Investment Adviser Registration Depository (IARD).    

1.  Beginning in January 2001, investment advisers register and submit filings to the SEC through a new electronic filing system, the Investment Adviser Registration Depository (IARD).

2. The IARD was built and is operated by the Financial Industry Regulatory Authority (FINRA)*.

The records are now open to the public.  You can search for a specific entity here:
Investment Adviser Search

CONTINUED...

http://m.dailykos.com/story/2012/10/18/1146493/-If-Mitt-Romney-is-NOT-a-Billionaire-I-ll-Eat-My-Hat-SEC-Research-Here

[Overseas]

1. Well I Declare! A billionaire! K&R. No wonder he feels so entitled

to be the First Mormon President of the USA !

[Overseas]

2. Just dropped into the article. So much control Billionaire Romney has!

[Octafish]

12. Money IS Free Speech.

Wonder how much noise he makes at UBS?

Tax Dodger doesn't begin to cover it.

[IL Lib]

3. I've always thought he was worth way more than reported n/t

Not surprising, if true.

[Octafish]

16. One thing's certain: Billionaires Love the Cretin...

Mitt Romney Billionaire Backers

"At least 37 members of the Forbes billionaires list have donated money to 'Restore Our Future,' the super PAC working to elect Mitt Romney president."

PS: A hearty welcome to DU, IL Lib!

[AzDar]

4. That photo!

[Octafish]

17. The weasel's getting a private shoe-scan. And, he gets his own chair.

Seeing others do work means Mitt's got his game smirk on.

[Arugula Latte]

18. This needs to go viral.

[Octafish]

19. There's something wrong about a guy who likes letting others work on him.

The pukes are livid that someone said Mittler was getting a shoe shine when in reality it was a private airport shoe security screening.

[Arugula Latte]

20. Remember John Edwards' $400 haircut?

That is a chump change transaction for Billionaire Boy.

[Octafish]

24. Corporate McPravda pilloried the guy.

I was surprised at how many Democrats also piled on.

Gee. Could it have been that Edwards was about the only candidate talking about economic justice?

[Arugula Latte]

25. Exactly.

He turned out to be a scumbag in other areas, but he was the only one who was raising poverty as an issue.

[littlemissmartypants]

5. Kick

.

[Octafish]

21. A Swiss bank account. A Cayman Islands bank account. What other offshore bank accounts does he have?

...just one question someone should ask during a presidential candidates' debate. More food for thought:

Where the Money Lives

For all Mitt Romney’s touting of his business record, when it comes to his own money the Republican nominee is remarkably shy about disclosing numbers and investments. Nicholas Shaxson delves into the murky world of offshore finance, revealing loopholes that allow the very wealthy to skirt tax laws, and investigating just how much of Romney’s fortune (with $30 million in Bain Capital funds in the Cayman Islands alone?) looks pretty strange for a presidential candidate.

By Nicholas Shaxson
Vanity Fair
August 2012

A person who worked for Mitt Romney at the consulting firm Bain and Co. in 1977 remembers him with mixed feelings. “Mitt was … a really wonderful boss,” the former employee says. “He was nice, he was fair, he was logical, he said what he wanted … he was really encouraging.” But Bain and Co., the person recalls, pushed employees to find out secret revenue and sales data on its clients’ competitors. Romney, the person says, suggested “falsifying” who they were to get such information, by pretending to be a graduate student working on a proj­ect at Harvard. (The person, in fact, was a Harvard student, at Bain for the summer, but not working on any such proj­ects.) “Mitt said to me something like ‘We won’t ask you to lie. I am not going to tell you to do this, but [it is] a really good way to get the information.’ … I would not have had anything in my analysis if I had not pretended.

“It was a strange atmosphere. It did leave a bad taste in your mouth,” the former employee recalls.

This unsettling account suggests the young Romney—at that point only two years out of Harvard Business School—was willing to push into gray areas when it came to business. More than three dec­ades later, as he tried to nail down the Republican nomination for president of the United States, Romney’s gray areas were again an issue when he repeatedly resisted calls to release more details of his net worth, his tax returns, and the large investments and assets held by him and his wife, Ann. Finally the other Republican candidates forced him to do so, but only highly selective disclosures were forthcoming.

Even so, these provided a lavish smorgasbord for Romney’s critics. Particularly jarring were the Romneys’ many offshore accounts. As Newt Gingrich put it during the primary season, “I don’t know of any American president who has had a Swiss bank account.” But Romney has, as well as other interests in such tax havens as Bermuda and the Cayman Islands.

CONTINUED...

http://www.vanityfair.com/politics/2012/08/investigating-mitt-romney-offshore-accounts

Plus, Mitt owns a 100-Million Dollar IRA. I'm jealous, in a way.

[Unknown Beatle]

6. Then why the fuck

isn't he financing his own campaign instead of relying on SuperPAC money? Seems like all multimillionaires and billionaires are very greedy assholes. Oh right. He's hiding the fact that's he super wealthy by storing his money in offshore tax havens.

Another thing that really pisses me off big time about Romney is the fact that he insists he isn't hiding anything by not releasing his tax returns, and the fact that people believe him and will vote for him anyway! FUCK! That is really confusing as hell, people will actually vote for Romney! That's like a chicken voting for Colonel Sanders for president.

[glinda]

7. Because the rich got rich using our money and our labor so they are using that to

kick sand in our faces. Thats why. They are cheap and greedy.

[Zynx]

8. Because rich men do not become rich by giving more than they get.

[jmowreader]

14. Very simple

No one ever got rich by spending his own money.

[aint_no_life_nowhere]

15. According to the Boston Globe, Romney spent $42 million of his own money in 2008

in that failed Presidential campaign out of the total of $97 million that he spent.

http://www.boston.com/news/nation/articles/2008/02/21/romney_spent_423m_of_own_money/

I am stunned by the notion that someone could spend $42 million of his own money in a failed campaign as though it were peanuts and still be worth untold millions along with boats, show horses, multiple mansions. and car elevators.

[amborin]

9. good find; i think forensic economist is probably correct, however; n/t

[Octafish]

23. Understood: 'Assets Under Management'

forensic economist's reply raises the central question: How much of those billions are Mitt's assets?

Mitt Romney: The Great Deformer

Is Romney really a job creator? Ronald Reagan’s budget director, David Stockman, takes a scalpel to the claims.

David Stockman
Newsweek via Daily Beast
Oct 15, 2012 1:00 AM EDT

Bain Capital is a product of the Great Deformation. It has garnered fabulous winnings through leveraged speculation in financial markets that have been perverted and deformed by decades of money printing and Wall Street coddling by the Fed. So Bain’s billions of profits were not rewards for capitalist creation; they were mainly windfalls collected from gambling in markets that were rigged to rise.

Nevertheless, Mitt Romney claims that his essential qualification to be president is grounded in his 15 years as head of Bain Capital, from 1984 through early 1999. According to the campaign’s narrative, it was then that he became immersed in the toils of business enterprise, learning along the way the true secrets of how to grow the economy and create jobs. The fact that Bain’s returns reputedly averaged more than 50 percent annually during this period is purportedly proof of the case—real-world validation that Romney not only was a striking business success but also has been uniquely trained and seasoned for the task of restarting the nation’s sputtering engines of capitalism.

Except Mitt Romney was not a businessman; he was a master financial speculator who bought, sold, flipped, and stripped businesses. He did not build enterprises the old-fashioned way—out of inspiration, perspiration, and a long slog in the free market fostering a new product, service, or process of production. Instead, he spent his 15 years raising debt in prodigious amounts on Wall Street so that Bain could purchase the pots and pans and castoffs of corporate America, leverage them to the hilt, gussy them up as reborn “roll-ups,” and then deliver them back to Wall Street for resale—the faster the better.

That is the modus operandi of the leveraged-buyout business, and in an honest free-market economy, there wouldn’t be much scope for it because it creates little of economic value. But we have a rigged system—a regime of crony capitalism—where the tax code heavily favors debt and capital gains, and the central bank purposefully enables rampant speculation by propping up the price of financial assets and battering down the cost of leveraged finance.

So the vast outpouring of LBOs in recent decades has been the consequence of bad policy, not the product of capitalist enterprise. I know this from 17 years of experience doing leveraged buyouts at one of the pioneering private-equity houses, Blackstone, and then my own firm. I know the pitfalls of private equity. The whole business was about maximizing debt, extracting cash, cutting head counts, skimping on capital spending, outsourcing production, and dressing up the deal for the earliest, highest-profit exit possible. Occasionally, we did invest in genuine growth companies, but without cheap debt and deep tax subsidies, most deals would not make economic sense.

CONTINUED...

http://www.thedailybeast.com/newsweek/2012/10/14/david-stockman-mitt-romney-and-the-bain-drain.html

From forensic economist's link: "Mitt Romney was not a businessman; He was a master financial speculator who bought, sold, flipped, and stripped businesses."

Wonder if fe is really Bill Black?

[Arugula Latte]

10. So you people who lost your jobs due to Bain, you can rest assured that you

Last edited Mon Oct 22, 2012, 12:51 PM - Edit history (1)

were sacrificed for a noble cause -- making Mitt Romney richer than Midas.

[Octafish]

26. According to Mr. Dimon, there is no higher calling.

It's a religion, all right.

Jamie Dimon Says Banks Are Being Nice to You When They Take Your House

Naked Capitalism
THURSDAY, MAY 5, 2011

Jamie Dimon has finally managed the difficult feat of making Lloyd Blankfein look good.

When Blankfein said Goldman was “doing God’s work,” as offensive and laughable as that sounds, it’s an arguable position. If you look at the God of the Old Testament, he’s a really cranky and often capricious character. Indeed (and I am NOT making this up), one of my friends, who got a PhD in theology after writing for one too many business publications, is working on a book that will argue, in effect, that the Bible is not pro-environment. Why? God is regularly smiting people, causing floods and tearing up the landscape and has a certain fondness for the use of fire and brimstone. He’s never (per her) nice to fallen birdies. So Goldman may see itself as the God-appointed deliverer of various forms of temptations of and pestilence upon the greedy (you know, investors and the public at large). And the Bible seems to be silent on the rewards for this particular duty, so there seems nothing prohibited in Goldman profiting from this role.

On another level, by not getting specific about what exactly Goldman does (the firm is engaged in a lot of activities), so this could be an effort to sanctify trickle-down: “We generate a lot of employment and pay taxes (whoops, well our staff does), so that’s good for everyone, right?”

Even though these efforts at deconstruction are a bit of a stretch, it’s even harder to paint lipstick on this pig from Jamie Dimon. As Adam Levitin writes:

I missed this howler from a few months ago, but it’s so outrageous that I’ve got to comment on it, even thought it’s stale. I’m amazed that this didn’t get much more press. In the course of a CNBC interview (full show here, foreclosure discussion runs from 4:07 to 5:23), JPMChase CEO Jamie Dimon stated that:

“Giving debt relief to people that really need it, that’s what foreclosure is.”

CONTINUED...

http://www.nakedcapitalism.com/2011/05/jamie-dimon-says-banks-are-being-nice-to-you-when-they-take-your-house.html

Thanks for spelling it out for me, Arugula Latte! Now I feel like I'm part of some bigger cosmic trickle down.

[aint_no_life_nowhere]

11. Harry Reid was quoted as saying Romney is worth a lot more tha $250 million

http://www.democraticunderground.com/10021073070

[Wednesdays]

13. K & R

[porphyrian]

22. . n/t

[Patiod]

27. Do people like him really have shadows?

And should they be out in daylight without burning up?

[bobthedrummer]

28. K&R n/t

[mopinko]

29. nobody worth $250M has $100M in an ira.

nobody.