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Romney Failed to Disclose Swiss Bank Account Income
ABC News ^ | 1/26/2012 | MATTHEW MOSK and BRIAN ROSS

Posted on 01/26/2012 2:32:38 PM PST by Raebie

Mitt Romney's campaign is amending the financial disclosure form he filed in 2011 to acknowledge that a Romney trust earned interest income from a Swiss bank account, a detail that had been missing from the report.

"An amendment is being filed to address this minor discrepancy," a campaign official told ABC News in an email Thursday in response to questions about the apparent omission.

"The inescapable fact is that by releasing over 600 pages of information regarding his finances, Mitt Romney is clearly coming down on the side of disclosure," said Andrea Saul, a campaign spokeswoman, in a subsequent statement. "Any document with this level of complexity and detail is bound to have a few trivial inadvertent issues. We are in the process of putting together some minor technical amendments, which will not alter the overall picture of Gov. and Mrs. Romney's finances as disclosed in August."

The discovery that the Romneys had $3 million in an account with the Swiss bank UBS came only after the Republican presidential candidate released his tax returns for 2010 on Tuesday. The campaign had maintained that it was not necessary to disclose the Swiss account because Romney's money manager, Brad Malt, had shuttered it in early 2010.

(Excerpt) Read more at abcnews.go.com ...


TOPICS: Breaking News; News/Current Events; Politics/Elections
KEYWORDS: liarromney; noaccountability; romney; romneyliesagain; romneytheliar; swissbankaccounts; taxfraud; ubs
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To: Raebie
Out here in San Francisco, radio station KSFO has been running ads for tax attorney Steve Moskowitz (1-888-TAX-DEAL) for most of last year talking about an amnesty program for unreported foreign accounts, with huge penalties for not disclosing those accounts.

Does this mean that Romney is now liable for paying up to 50% of his undisclosed foreign account balances as a penalty to the IRS?

-PJ

41 posted on 01/26/2012 3:38:36 PM PST by Political Junkie Too (If you can vote for President, then your children can run for President.)
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To: Raebie

Probably at least 300K...perhaps more...depends on his details. Whatever it is, to most of us that is NOT insignificant nor trivial. I flunked math 27 times, I think but I know $1700 is incorrect.


42 posted on 01/26/2012 3:40:03 PM PST by halfright ("Peace is that brief glorious moment in history when everybody stands around reloading". -TJefferson)
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To: Prokopton; xzins
If you made $21,000,000.00, $1,700.00 is pretty close to what "slips down between the sofa cushions", comparable to about $3.00 to a person who makes $40,000.00.

So if he went into Saks Fifth Avenue and stole a $1700 wallet that would be the same as if the guy who makes $40,000 went into the 99 Cent store and stole 3 candy bars?

Is that how this works?

43 posted on 01/26/2012 3:40:57 PM PST by P-Marlowe (NEWT!!! Because everyone else is just average.)
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To: Cementjungle
Doesn't even come close to Obama's Rezko connection, or Michelle's hospital "job" after senator Obama sent our money their way.

Well I have not heard one word from the Romney camp about Obama's ill gotten gains. NO instead Romney said his gains were just like Obama bailing out the auto industry, 'cash for clunkers' included. Romney is playing his own game of politics and forgetting, leaving out the reporting of all things 'evil' Swiss bank accounts, in some circles would be called an 'ethics violation'.

44 posted on 01/26/2012 3:44:04 PM PST by Just mythoughts (Luke 17:32 Remember Lot's wife.)
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To: Jim Robinson
Run a conservative!!

Agree. Where are they? I know you are supporting Newt now, but where are the conservatives? Why are we settling for him? I just don't get it.

45 posted on 01/26/2012 3:45:32 PM PST by Semper911 (When you want to rob Peter to pay Paul, you'll always have the support of Paul.)
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To: Semper911; Jim Robinson; xzins
I know you are supporting Newt now, but where are the conservatives? Why are we settling for him?

Who is more conservative than Newt and is currently running for president on the GOP ticket?

Santorum isn't even running in Florida (and on his record he is more liberal than Newt). He's toast. Everyone else has dropped out.

Who are you going to support, the Anti-Establishment Newt or the Establishment Romney?

46 posted on 01/26/2012 3:51:15 PM PST by P-Marlowe (NEWT!!! Because everyone else is just average.)
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To: Semper911

Newt is a pro-life, small government, strong defense, Reagan conservative. Wants to gut government, drastically reduce taxes and spending, neuter the Fed and the EPA, restore the constitution and the bill of rights especially the first, second and tenth amendments, defrock our black robed rulers, restore religious freedom and stop the wholesale slaughter of the innocent unborn!!


47 posted on 01/26/2012 3:52:51 PM PST by Jim Robinson (Rebellion is not just brewing, rebellion is here!!)
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To: circlecity
Interest on 3 million isn’t a “trivial insignificant” oversight.

If what's reported on Drudge is true, $1,700 is indeed trivial to a millionaire.

48 posted on 01/26/2012 3:58:12 PM PST by StarFan
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To: P-Marlowe
Who are you going to support

I am going to support whoever is running against Obama. Period. Any one of them would be better than an Obama second term.

I am blown away by the number of freepers here who claim they will stay home if their guy doesn't get the nomination.

Obama Out is job one.

49 posted on 01/26/2012 4:04:24 PM PST by Semper911 (When you want to rob Peter to pay Paul, you'll always have the support of Paul.)
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To: Gator113
"Why would Romney put millions of dollars in a Swiss bank account?"

I'll add to that question: How can he have a Swiss bank account when I know Swiss citizens living here are forced to close their Swiss accounts while legally residing in the U.S.?

50 posted on 01/26/2012 4:05:35 PM PST by SiVisPacemParaBellum (Peace through superior firepower!)
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To: Jim Robinson

I hope you are right about all that.


51 posted on 01/26/2012 4:06:04 PM PST by Semper911 (When you want to rob Peter to pay Paul, you'll always have the support of Paul.)
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To: SiVisPacemParaBellum

It all smells to me....


52 posted on 01/26/2012 4:09:12 PM PST by Gator113 (~Just livin' life, my way~..... GO NEWT GO.....!)
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To: SiVisPacemParaBellum

It smells to me....


53 posted on 01/26/2012 4:10:48 PM PST by Gator113 (~Just livin' life, my way~..... GO NEWT GO.....!)
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To: circlecity

I’ll gladly take that interest!!!!!!!!!!!! Sounds like Romney doesn’t need it.


54 posted on 01/26/2012 4:12:18 PM PST by luckystarmom
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To: Smedley
According to the news, Romney earned only $1,700 on this account. If this is true, it is insignificant.

True, but more fun will be had with the bashing.

It is a sad commentary on the times that you can have 3Mil in the bank and only earn $1,700 in interest.

55 posted on 01/26/2012 4:12:42 PM PST by Ramius (Personally, I'd give us one chance in three. More tea anyone?)
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To: circlecity

If you know where there’s a savings account that is paying more than mere fractions of a percent rates... I’m all ears.


56 posted on 01/26/2012 4:14:36 PM PST by Ramius (Personally, I'd give us one chance in three. More tea anyone?)
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To: P-Marlowe
So if he went into Saks Fifth Avenue and stole a $1700 wallet that would be the same as if the guy who makes $40,000 went into the 99 Cent store and stole 3 candy bars?

Is that how this works?

It's got nothing to do with stealing, it's about keeping track. Someone making $40,000.00 could easily forget about where $3.00 is, someone making $21,000,000.00 could easily forget about where $1,700.00 is.

57 posted on 01/26/2012 4:20:09 PM PST by Prokopton
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To: SiVisPacemParaBellum

Actually, it only says the account is with UBS. UBS has it’s headquarters in Switzerland, but I think they’re going for the extra-zingy headline by calling it a “swiss bank account”. It’s a bank account, and the bank was originally Swiss, but they also have offices all over the US.


58 posted on 01/26/2012 4:20:18 PM PST by Ramius (Personally, I'd give us one chance in three. More tea anyone?)
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To: Semper911; Jim Robinson; xzins
I am blown away by the number of freepers here who claim they will stay home if their guy doesn't get the nomination. Obama Out is job one.

The first step in getting Obama out is to keep Romney from getting the nomination. I will not vote for Romney for any office under any circumstances. There are millions of Tea Party Conservatives who feel the same way. Job one is to stop Romney. We have less than 6 months to accomplish that task. At this point it is NEWT OR BUST.

BTW we won't stay home. We will vote for Senate and Congress and possibly third party. But we won't vote for Romney.

59 posted on 01/26/2012 4:22:37 PM PST by P-Marlowe (NEWT!!! Because everyone else is just average.)
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To: Ramius
Actually, it only says the account is with UBS. UBS has it’s headquarters in Switzerland, but I think they’re going for the extra-zingy headline by calling it a “swiss bank account”. It’s a bank account, and the bank was originally Swiss, but they also have offices all over the US.

Don't throw facts at a demonization frenzy.

60 posted on 01/26/2012 4:25:27 PM PST by Prokopton
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