Somehow, the Bain paperwork for the SEC and others have been handed over to the media today. Not a good thing for Romney. He is spinning this as, ‘I did nothing ILLEGAL’ but this begs the real question. The question we are asking is, ‘Do all the rich people run offshore money games that evade taxes while they simultaneously run our government?’ This is the core Oligarch question. What surprised me the most when I looked briefly at these documents is, the top one is all about ‘absolute capital’ funds which I have written about extensively in the past.
The rich people who own our media do the same tricks Romney plays because many people who are rich can’t resist playing games they created, themselves, aimed at evading taxes! This is the main reason why our government is going bankrupt. The cynicism of the rich is astonishing. They took over and ran our economy off a free trade cliff while moving their wealth offshore and meanwhile, keeping an iron grip on our government via bribes and buying offices via running attack ads on TV stations owned by fellow rich people. The Bain Files: Inside Mitt Romney’s Tax-Dodging Cayman Schemes
Today, we are publishing more than 950 pages of internal audits, financial statements, and private investor letters for 21 cryptically named entities in which Romney had invested—at minimum—more than $10 million as of 2011 (that number is based on the low end of ranges he has disclosed—the true number is almost certainly significantly higher). Almost all of them are affiliated with Bain Capital, the secretive private equity firm Romney co-founded in 1984 and ran until his departure in 1999 (or 2002, depending on whom you ask). Many of them are offshore funds based in the Cayman Islands. Together, they reveal the mind-numbing, maze-like, and deeply opaque complexity with which Romney has handled his wealth, the exotic tax-avoidance schemes available only to the preposterously wealthy that benefit him, the unlikely (for a right-wing religious Mormon) places that his money has ended up, and the deeply hypocritical distance between his own criticisms of Obama’s fiscal approach and his money managers’ embrace of those same policies. They also show that some of the investments that Romney has always described as part of his retirement package at Bain weren’t made until years after he left the company.
Bain isn’t a company so much as an intricate suite of steadily proliferating inter-related holding companies and limited partnerships, some based in Delaware and others in the Cayman Islands, Luxembourg, and elsewhere, designed to collectively house roughly $66 billion in wealth in its many crevices and chambers.
Here is the first document: The Bain Files: The Documents
I laughed the minute I spotted this. Took me another minute to dig up one previous story I wrote right before the Big Blowup. From my own blog, July 2007: Money Matters: Absolute Return Funds Are Not Absolute Wealth Machines
Today, I want to talk about Absolute Return Funds which is yet another whacky scheme to make money with high rates of return due to high risk while pretending there is not only no high risk but it makes money going up or down! These various schemes are called ‘products’ and the guys struggling to get money from investors have to keep coming up with better and better schemes every day and these have been proliferating like crazy the last 7 years. This is because the fundamental systems we live with today have been totally destabilized and are not getting better but are actually collapsing!
This seems obvious in retrospect but when I first wrote this, I was one of less than half a dozen, far less than half a dozen economic commentators who spotting the future collapse. I also predicted that the rich would bail themselves out of the impending disaster at the cost of all the citizens of the first world countries who would be looted. Which is what happened.
Of course, just as the mainstream media totally misreported events and refused to analyze things to see what would go wrong if we did these stupid things like offshoring wealth with impunity, today, this same media continues to misreport events. They make it look like if only we trust the very rich, they would wave their magic wand (as in the above cartoon) and voila: everyone will also get rich, too.
Tax cuts were supposed to do this. All this caused was tremendous inflation, the collapse of US jobs as they were offshored and the rich getting very much richer while parking this also, offshore. Back to my own blog:
But easy to understand. The global liquidity factor is due to all things being hidden. All these privateers have to do is change the numbers and voila! Money is there! They don’t have to bother with any outside agencies like the SEC in America. No government controls them. In England, for example, they park their darker doings offshore in Jersey, for example, and bribe the Royals to keep their lips zipped. The government of England is increasingly agitated about this but if they try to stop it, the finance houses of the world hammers them so they play along hoping this won’t end badly.
It is, of course, worse. They ARE the ‘government’ and thus, rescue only themselves while throwing the rest of us to the wolves. They ARE the wolves.
Simulatenously, they are selling shares in these funds to us. We can get the profits in this madcap rush to turn all public organizations, private. But as soon as this is done, the door will slam shut. When purchasing abilities fail, instead of stocks losing value, nothing will happen except workers will be laid off!
Then the rich can have their lovely depression and we will have no say in the matter! I keep warning people, rich people love depressions. It makes them rich without any interest paid, no labor, nothing. If you read the history of depressions, they talk about money under the matress (note the dark connotations and the fact that childhood monsters live there). This means, if you do nothing with money, not even banking it, you make a profit! How lovely if one has money!
Like Bush Jr., the latest GOP incarnation is telling us, all we need to to drill more oil and then we will have cheap energy. They don’t mention that any oil taken out of the ground will be sold…TO ASIA. This will not make more cheap oil for us. Nor do they mention that the stupid oil embargo of Iran is directly responsible for oil shooting up in price. Then there is the catastrophe of not enough rain in the Midwest.
Global warming or not, the Great Plains has droughts like this regularly over the last 12,000 years. And since corn is turned into gasoline, this will hammer gas prices on top of everything else. Neither Obama nor Romney and most certainly, our media will dare not mention that the AIPAC oil boycott of Iran is directly eating up our money which has to buy very expensive oil from…Saudi Arabia! Which is selling more and more oil to us, too.
Here is where Bain Capital Asia Fund LP parks its loot:
P.O. BOX 483
BERLIN, NY 12022
Make checks out to ‘Elaine Supkis’
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