Ruminations of the Easily Amused for August 7 2012 Somervell County Salon-Glen Rose, Rainbow, Nemo, Glass....Texas


 

Ruminations of the Easily Amused for August 7 2012
 


7 August 2012 at 4:07:44 PM
salon

Do most Senators do their work from bathroom stalls?

People are actually going to WATCH this?

Mitt Romney's Magical IRA

This great mystery seems to have troubled others, as well. On July 3, Current TV host Jennifer Granholm, a former Democratic governor of Michigan, invited Edward Kleinbard, a law professor at the University of Southern California, on her show to discuss how Romney could have accomplished this remarkable feat. There were “only two possibilities,” Kleinbard told Granholm. Either “from a little acorn, a mighty oak grew very, very quickly, extraordinarily so,” Kleinbard explained, causing Granholm to interject, “What little acorn could grow to be $101 million? I want to get some of that acorn!”

The other possibility, Kleinbard suggested, was not dissimilar to what Maremont theorized: that Romney contributed limited-partnership interests in Bain’s buyouts to his IRA. What was “quite troubling” to Kleinbard is that he suspected Romney may have contributed these interests to his IRA at a fraction of their market value -- “pennies on the dollar” -- and well below what he might have charged you or me. When the buyouts became successful, Kleinbard proposed, the pennies on the dollar were suddenly worth real dollars.

“What’s very frustrating to me about all this is that we can only talk in abstractions and generalities because, again, of the lack of disclosure,” Kleinbard said.

Without mentioning the heroics Romney has accomplished in his IRA, the New York Times editorialized on July 10 that the rest of Romney’s opaque “tax avoidance” schemes -- including overseas shelters in the Cayman Islands, Switzerland and elsewhere -- amount to nothing short of a “financial black hole” that he would be well advised to explain to the public. He should put explaining his magical IRA at the top of the list.

Mitt Romney-more deceptive editing- He's just an all around untrustworthy guy.

Here’s how Obama’s speech sounds, as represented by the Romney video (the point at which the deceptive edit occurs is marked by the words “edit here”):

If you’ve been successful, you didn’t get there on your own. You didn’t get there on your own. I’m always struck by people who think, well, it must be because I was just so smart. There are a lot of smart people out there. It must be because I worked harder than everybody else. Let me tell you something. [Edit here.] If you’ve got a business — you didn’t build that. Somebody else made that happen.

The audio is made to sound as if that was one continuous passage (it is customary in such videos to include a visual cue signaling an edit; this doesn’t). Here are the words that were removed (in bold):

Let me tell you something. There are a whole bunch of hardworking people out there. If you were successful, somebody along the line gave you some help. There was a great teacher somewhere in your life. Somebody helped to create this unbelievable American system that we have that allowed you to thrive. Somebody invested in roads and bridges. If you’ve got a business — you didn’t build that. Somebody else made that happen.

Gee. Like people who thank others at the Olympics.

Did Mitt Romney skip Italy on purpose?

That’s because Bain Capital, under Romney as chief executive officer, made about $1 billion in a leveraged buyout 12 years ago that remains controversial in Italy to this day. Bain was part of a group that bought a telephone-directory company from the Italian government and then sold it about two years later, at the peak of the technology bubble, for about 25 times what it paid.

Bain funneled profits through subsidiaries in Luxembourg, a common corporate strategy for avoiding income taxes in other European countries, according to documents reviewed by Bloomberg News. The buyer, Italy’s biggest telephone company, now has a total market value less than what it paid Bain and other investors for the directory business.

In Italy, the deals have spurred at least three books, separate legal and regulatory probes and newspaper columns alleging investors made a fortune at the expense of Italian taxpayers. Boston-based Bain wasn’t a subject of the inquiries, which didn’t result in any charges.

The sale of the government’s directory business is “a dark chapter in the country’s privatization history, one that has hurt Italians deeply,” said Bernardo Bortolotti, an economics professor at Turin University who advised the Italian Treasury on asset sales from 2002 through 2005. “It was a mistake from the start, damaged by a lack of transparency and the use of offshore funds.”

“Romney Hood” sounds like the world’s whitest gated community.

Romney isn't running against Harry Reid, is he? hahah

As long as Mitt Romney is trading body blows with Harry Reid, he cannot win. Reid’s not running for president, and Romney is just punching down. His only chance is to draw President Obama into the fight, and make it about something else, but the White House and the Obama campaign haven’t made a whisper about Romney’s accusations, even though a lesser candidate might jump at the chance to score some cheap outrage points.

Romney’s problem is that he decided to push in a lot of chips on a crummy hand, rather than fold them months ago, cut his losses, and get new cards. If he had released his tax returns in January, when he was roundly booed by a Republican debate audience, the story would likely be cold now (unless there turned out to be something earth-shattering, or even disqualifying, in those returns). Now, he can’t fold, and all Team Obama has to do is sit there and watch Reid clean Romney out.

Twitter bots stealing faces

 

 


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Comments

salon > Quick update on this, via Pacer-Click on pic to see larger (Turk Case Update- Telephone Conference Hearing Set for March 8 2019 )

salon > Lance Been awhile. Send me an email at salon@glenrose.net with the names of who you're talking about, above. Also, the newspaper editor is no longer local, ie officed here, but the paper is run.... (What Happened to Jerry Jacene? )

LanceHall > I'd love to see the Hotel Guest books and see if Jacene's name shows up long before he officially *found* the tracks.  I'd like to know if the Visitor's Bureau has emails wit.... (What Happened to Jerry Jacene? )

LanceHall > I see the land or that part of it is now in the hands of Glen Rose's own Corky Underwood. Is Jacene still involved?   I had already informed the Visitor Bureau manager (who's.... (What Happened to Jerry Jacene? )








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