Earlier today, it was revealed that key information was left off of the federal ethics form filed last August by Mitt Romney. This revelation requires that a revised report be submitted immediately to the Office of Federal Ethics.
The items in question are foreign offshore holdings, one of which produced interest income in the amount of 1783 for Romney’s wife, Ann Romney, from UBS in Switzerland. Other offshore holdings in Ireland, the Cayman Islands, and Bermuda that did not produce income, were also not included.
The failure to report these holdings and income derived from these holdings was deemed a “minor” discrepancy and will be rectified in short order.
This revelation only serves to fuel the ire of those that wonder why the Romneys have overseas investments in the first place and why they were not more fully accounted for on the ethics form.
R Bradford Malt, attorney for the Romneys and the trust’s administrator stated that the Swiss bank account was opened as a way to provide international portfolio diversification for the trust that the funds are held in. The account was subsequently closed early in 2010 and the funds transferred to US accounts when Romney decided he would seek presidential office in 2012.
The transfer was sought early in the year to avoid any appearance of impropriety with his holdings. Unfortunately, it appears that with the oversight, this is exactly what it looks like, especially when the income did not appear on the 2011 report either.
Not only does this “minor discrepancy” have ramifications for the 2010 ethics report, but for the 2007 report as well. Malt reveals that when the trust was disclosed, it was incorrectly attributed to Mitt Romney, and not Ann Romney. An amendment will be filed to correct this “clerical error”. He denies any attempt by the Romneys to conceal these assets, instead stating that it was a passive investment in which the taxes were fully paid.
For more information:
Comments