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AP Report: Romney Keeps “Mystery” Piggy Bank in Bermuda

Mitt has a mystery piggy bank. How cute! (photo: 401k / flickr)

Oh, my.  Those folks over at AP just won’t leave poor rich Mitt alone.  Now they’re reporting that Mr. Romney (or is it Mrs. Romney?) has a “mystery” account that he/she keeps hidden from federal scrutiny and public disclosure by parking it in Bermuda, you know, just what you would do if you’re running for President.

And why not?  You never know when you might have to pop down there and might just need a little walking around money.  Like a coupla million or so, just small enough so you don’t feel badly if you don’t mention it on your state and federal financial disclosure forms.

According to AP’s story, the Romneys created this and other *cough* “offshore” — or is this “outsourced”? — accounts to accept ongoing profits (aka looting) from one or more Bain investment deals that Mitt helped set up when he was not running for President.  This one’s worth at least $1.9 million or so a year.  That’s piddling for the Romneys, so you wonder why they bother to keep it hidden, but I’m sure they have a very good reason.

Whatever, AP suggests that this and similar hidden piggy banks the Romneys may have stashed away offshore suggest that the estimated $250 million in Mitt’s net wealth may be an understatement.  I can think of lots of understatements that would apply.

What we have to hope is that once Mitt is in the Oval Office, he’ll apply his business acumen and find a hidden piggy bank for the US and be able to rehire all the teachers, police, and firemen we so desperately need.  I’ll bet Ben Bernanke knows where to look.

CommunityThe Bullpen

AP Report: Romney Keeps “Mystery” Piggy Bank in Bermuda

Oh, my.  Those folks over at AP just won’t leave poor rich Mitt alone.  Now they’re reporting that Mr. Romney (or is it Mrs. Romney?) has a “mystery” account that he/she keeps hidden from federal scrutiny and public disclosure by parking it in Bermuda, you know, just what you would do if you’re running for President.

And why not?  You never know when you might have to pop down there and might just need a little walking around money.  Like a coupla million or so, just small enough so you don’t feel badly if you don’t mention it on your state and federal financial disclosure forms.

According to AP’s story, the Romneys created this and other *cough* “offshore” — or is this “outsourced”? — accounts to accept ongoing profits (aka looting) from one or more Bain investment deals that Mitt helped set up when he was not running for President.  This one’s worth at least $1.9 million or so a year.  That’s piddling for the Romneys, so you wonder why they bother to keep it hidden, but I’m sure they have a very good reason.

Whatever, AP suggests that this and similar hidden piggy banks the Romneys may have stashed away offshore suggest that the estimated $250 million in Mitt’s net wealth may be an understatement.  I can think of lots of understatements that would apply.

What we have to hope is that once Mitt is in the Oval Office, he’ll apply his business acumen and find a hidden piggy bank for the US and be able to rehire all the teachers, police, and firemen we so desperately need.  I’ll bet Ben Bernanke knows where to look.

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Scarecrow

John has been writing for Firedoglake since 2006 or so, on whatever interests him. He has a law degree, worked as legal counsel and energy policy adviser for a state energy agency for 20 years and then as a consultant on electricity systems and markets. He's now retired, living in Massachusetts.

You can follow John on twitter: @JohnChandley