Romney Has Millions Stashed in Offshore Accounts

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ABC News:

Although it is not apparent on his financial disclosure form, Mitt Romney has millions of dollars of his personal wealth in investment funds set up in the Cayman Islands, a notorious Caribbean tax haven.

A spokesperson for the Romney campaign says Romney follows all tax laws and he would pay the same in taxes regardless of where the funds are based…

Official documents reviewed by ABC News show that Bain Capital, the private equity partnership Romney once ran, has set up some 138 secretive offshore funds in the Caymans.

Romney campaign officials and those at Bain Capital tell ABC News that the purpose of setting up those accounts in the Cayman Islands is to help attract money from foreign investors, and that the accounts provide no tax advantage to American investors like Romney. Romney, the campaign said, has paid all U.S. taxes on income derived from those investments.

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In New Interview Set to Air before S.C. Primary, Newt Gingrich’s Second Wife Says Newt Wanted an ‘Open Relationship’

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Daily Mail:

Newt Gingrich’s ex-wife revealed for the first time today that the GOP presidential hopeful had asked for an open marriage so that he could have a wife and a mistress.

Marianne Gingrich, his second wife, said she wanted American voters to know his true moral character. There have been fears that her explosive television interview could end her former partner’s campaign for the White House.

Regarding the claims, Marianne told ABC: “And I just stared at him and he said, ‘Callista doesn’t care what I do.’ He wanted an open marriage and I refused.”

As of early Thursday morning, ABC News had not announced when it will air the interview, but it will presumably be Thursday or Friday night, on the eve of the South Carolina primary on Saturday.

Marianne Gingrich’s last interview was with Esquire, for an article published in August 2010. What was apparent then was that she has neither forgiven nor forgotten. She has obviously timed this interview so that it will air just before a potentially make or break primary in a state that is hotbed of Republican “values voters.”

In the 2010 interview, Marianne Gingrich confirmed one of the more paradoxical rumors about Newt’s marital history.

[…]

Romney Defines $374K As ‘Not Very Much’ Money

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Apparent Republican Party presidential nominee Mitt Romney on Tuesday: “What’s the effective rate I’ve been paying? It’s probably closer to the 15 percent rate than anything. My last 10 years, I’ve — my income comes overwhelmingly from investments made in the past rather than ordinary income or rather than earned annual income. I got a little bit of income from my book, but I gave that all away. And then I get speaker’s fees from time to time, but not very much.” Romney collected $360,000 $374,000 in speaking fees over the 12-month period reporting period covered in his most recent financial disclosure report.

In Newsweek, Andrew Sullivan Takes on Obama’s Critics on the Right and Left

Visit msnbc.com for breaking news, world news, and news about the economy

Note: The complete transcript of the interview is published below.

Writing in the cover story of the current issue of Newsweek, titled, “Why Are Obama’s Critics So Dumb?” Andrew Sullivan goes after the right wing for its ongoing, deliberate mischaracterizations of the president as a “a radical leftist attempting a ‘fundamental transformation’ of the American way of life.” He writes:

chart-job-growth-bikini-dec-2011You’d think, listening to the Republican debates, that Obama has raised taxes. Again, this is not true. Not only did he agree not to sunset the Bush tax cuts for his entire first term, he has aggressively lowered taxes on most Americans. A third of the stimulus was tax cuts, affecting 95 percent of taxpayers; he has cut the payroll tax, and recently had to fight to keep it cut against Republican opposition. His spending record is also far better than his predecessor’s. Under Bush, new policies on taxes and spending cost the taxpayer a total of $5.07 trillion. Under Obama’s budgets both past and projected, he will have added $1.4 trillion in two terms. Under Bush and the GOP, nondefense discretionary spending grew by twice as much as under Obama. Again: imagine Bush had been a Democrat and Obama a Republican. You could easily make the case that Obama has been far more fiscally conservative than his predecessor—except, of course, that Obama has had to govern under the worst recession since the 1930s, and Bush, after the 2001 downturn, governed in a period of moderate growth. It takes work to increase the debt in times of growth, as Bush did. It takes much more work to constrain the debt in the deep recession Bush bequeathed Obama.

The great conservative bugaboo, Obamacare, is also far more moderate than its critics have claimed. The Congressional Budget Office has projected it will reduce the deficit, not increase it dramatically, as Bush’s unfunded Medicare Prescription Drug benefit did. It is based on the individual mandate, an idea pioneered by the archconservative Heritage Foundation, Newt Gingrich, and, of course, Mitt Romney, in the past. It does not have a public option; it gives a huge new client base to the drug and insurance companies; its health-insurance exchanges were also pioneered by the right.

But Sullivan, who is a conservative-leaning independent today but was, in the 1990s, as a British citizen living and writing about politics in the United States, a Republican Party sympathizer, also takes on Obama’s critics on the left:

[…]

Foreseeing the End of Oppo

Maybe it won’t happen this campaign, but I can see the day that a complete documentation on every politician of note, produced on the Web in Wikipedia fashion, would make opposition research redundant. When that day comes, we’ll finally be able to see our candidates in full and see that nearly every one of them has flip-flopped; made a fortune from either honest graft or dishonest graft; mistreated, divorced, or cheated on a spouse; taken drugs; lied; cheated; violated taboos; told dirty, racist, or otherwise tasteless jokes; stretched the fabric of the campaign finance laws; associated with bad people; engaged in resume inflation; taken dubious payments; or otherwise transgressed — just like you.

— Jack Shafer, in an editorial published by Reuters.