Things are heating up and the chatter on the campaign trail seems to be all about money. In American Psycho, Patrick Bateman made his mass of weath as an investment banker for a firm named Pierce & Pierce. In Mitt Romney’s case the firm was named Bain Capital. Here is a short video created by the Huffinton Post that explains the way Bain Capital works.
Over the past few weeks other issues related to Mitt’s money have also become a problematic and questionable (Here is a great Vanity Fair article explaining this in much more detail):
- Mitt has several of-shore bank accounts. While not illegal, the practice has a shady reputation and tends to make people think something fishy is going on, including being able to use tax loopholes to avoid taxes that would otherwise be paid if the accounts were in the U.S..
- He STILL won’t release any tax returns for years other than 2010. This week Ann Romney, in an attempt to shake off the pressure to produce other years tax returns, said that the Romneys had “given all you people need to know and understand about our financial situation and how we live our life”, igniting even more frustration over how the Romney’s might live their lives and view “you people” (regular Americans).
- A financial disclosure revealed that Romney’s retirement account from Bain (employed officially from 1984 – 1999) is in the amout of approx. $102 million. Annual contribution limits, though, only allowed for $32,000 per year to be put into retirement accounts. The math here does not add up and some are demanding answers.