While the world waits for Mitt Romney to stop being the only Presidential candidate in several decades to keep his tax returns secret, we're left to try to solve the Romney money mysteries with the information we have.
One of those mysteries is how Romney accumulated $21-$102 million in his Individual Retirement Account.
Yesterday, we speculated that part of the reason might be that Romney remained the "sole shareholder" of Bain Capital more than 15 years after the firm was founded--an ownership stake that would presumably have been worth a boatload of dough.
Importantly, if this stake did contribute to Romney's wealth explosion, he would have made the money in a way that most people will quickly understand and respect: Specifically, by founding and building a company that ended up being worth a lot.
That's the American dream, and you would have to be bitter and petty to take issue with it.
But our readers pointed out that the entities Romney was "sole shareholder" of might just have been some of Bain's individual investment funds, not the firm as a whole, and that there was another tool that Romney used to become rich that has nothing to do with founding and building companies--or, for that matter, just "making great investments."
This other tool is a financial engineering trick.
And it appears to have been designed and used at least in part to avoid taxes. Read more.......