Romney had a Swiss bank account that his trustee, Brad Malt, said was closed in early 2010. He also said that it was fully legal and fully disclosed. Okay, where did the account get opened again, BVI?
“In Bermuda, Romney served as president and sole shareholder for four years of Sankaty High Yield Asset Investors Ltd.,” said the newspaper. “It funneled money into Bain Capital’s Sankaty family of hedge funds, which invest in bonds and other debt issued by corporations, as well as bank loans.
“Like thousands of similar financial entities, Sankaty maintains no office or staff in Bermuda. Its only presence consists of a nameplate at a lawyer’s office in downtown Hamilton, capital of the British island territory. ‘It’s just a mail drop, essentially’, said Marc B. Wolpow, who worked with Romney for nine years at Bain Capital and who set up Sankaty Ltd. in October 1997 without ever visiting Bermuda. ‘There’s no one doing any work down there other than lawyers’.”
Investing through what’s known as a blocker corporation in Bermuda protects tax-exempt American institutions, such as pension plans, hospitals and university endowments, from paying a 35 percent tax on what the Internal Revenue Service calls “unrelated business income” from domestic hedge funds that invest in debt, experts say. here
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