Bain Capital started with help of offshore investors

[stevenleser]

Folks, this is bad. Panama, and I love the country, my mothers side of the family is from there, but money laundering is a major problem there. Hardly a week goes by without a major arrest for it and the characteristics are the same. Panamanian company with the laws in Panama that provide almost complete privacy and anonymity for investors, tons of money, lots of it in places with banking secrecy laws, and a lack of willingness to provide financial and tax details. That is almost a perfect script of what happens with folks who are into money laundering and using Panama as a shield for it.

Does that necessarily mean that this is what Romney and Bain did? No, but the red flag is not being forthcoming with financial information.

http://www.latimes.com/news/nationworld/nation/la-na-bain-creation-20120719,0,192124.story

Bain Capital started with help of offshore investors
Mitt Romney's firm raised more than a third of its first investment fund from wealthy foreigners — who mostly used companies in Panama, then known for tax advantages and banking secrecy.

July 19, 2012, 3:00 a.m.
Washington Bureau

WASHINGTON — When Mitt Romney launched Bain Capital in 1984, he struggled at first to raise enough money for the untested venture. Old-money families like the Rothschilds turned down the young Boston consultant.

So he and his partners tapped an eclectic roster of investors, raising more than a third of their first $37-million investment fund from wealthy foreigners.

Most of the foreign investors' money came through corporations registered in Panama, then known for tax advantages and unusual banking secrecy.

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Romney has said he checked the foreign investors' backgrounds. His campaign and Bain Capital declined to provide specifics.

Alex Stanton, a spokesman for Bain Capital, said confidentiality rules barred him from commenting on the investors.

[gordianot]

1. Well darn thought Rmoney did it all on his own.

Yep he made that predatory nest of blood suckers "you people"!

[femmocrat]

2. This was on DU today:

http://www.democraticunderground.com/125158034

It follows some of the "dirty money" that Romney used to launch Bain.

[Rosa Luxemburg]

3. Laundry isn't always about washing clothes!

[stevenleser]

4. The information in this article, by the way, appeared in one of Panama's top Newspapers today called

Panama America. http://www.panamaamerica.com.pa/notas/1196633-fortunas-el-salvador-y-panama-invirtieron-firma-republicano-romney

I can guarantee you that every Panamanian reading that article (particularly those who know about Romney's accounts in Switzerland, Bermuda and the Caymans and know he doesn't want to release financial information and tax returns) came away from it with suspicion of money laundering.

[nc4bo]

5. Mitt is just a box of fun is he not?

Imma need you to show us those returns and anything else you have stashed in your closet.

[stevenleser]

8. Here is where things get fun, if you let me creatively speculate for a minute

Let's assume the absolute worst. Let's assume Romney laundered drug money through Bain using Panamanian corporate secrecy laws and banking secrecy laws in various countries. If that is true, there is no way he is going to release his returns or any other financial info for the time periods in question and it has nothing to do with wanting to be President or not. You don't cross those kinds of people or shine a light on their affairs.

I dont know if you heard this part but some folks at Bain who are close to Romney said there was a better chance of him dropping out than releasing more financial info. That part is not speculation, that has come out. http://www.huffingtonpost.com/2012/07/18/mitt-romney-tax-returns_n_1682539.html

All of a sudden, the creative speculation doesn't sound so creative or speculative. Its not even close to a smoking gun yet, but it looks more and more shady as another commenter put it.

[progressivebydesign]

6. Romney is wrong, everyone gets help in one way or another.

but seriously, this is very shady.

[stevenleser]

7. That is exactly the word I was looking for, "shady".

It has the appearance of impropriety and this continued stonewalling regarding releasing tax and other financial information is making it look worse every day.

[gordianot]

9. Until he releases his tax returns people should feel free to speculate.

His business did not produce a tangible product. You do not produce that kind of wealth without skeletons. He surely did not rely on his sterling personality, humor or honesty to get rich.

[stevenleser]

10. I so agree! See...

http://www.democraticunderground.com/1002980213