Editorial: Romney’s Cayman accounts seem villainous
January 26, 2012
Let’s talk about money for a few
minutes.
Earlier this week, Mitt Romney
released his tax return, showing to the world he brought in an
astounding $21.6 million in 2010 and paid an astoundingly low 13.9
percent of that back in taxes.
Now, the conversation about Romney’s
seemingly low tax rate is a conversation for another editorial — as
is Newt Gingrich only giving 2.6 percent of his income to
charitable donations. The real reason we bring it up is simply to
illustrate the fact that Romney has a lot of money to keep track
of.
In movies new and old, the wildly
rich are known to keep their money in off-shore accounts. Romney,
of course, brings the movie reels to life. Per the advice of a
campaign adviser, he closed one such account — a Swiss account —
back in 2010 in anticipation of his White House bid in
2011.
Romney’s advisers, reports say, told
the former Massachusetts governor that having the account “just
wasn’t worth it” and that it may appear to be inconsistent with
some of his political stances.
While that makes sense in theory, we
have one big question that remains after hearing this
news:
Why close the Swiss account and not
his other off-shore accounts? Accounts that now hold, by the way,
most if not all of his offshore money, a total that could be as
high as $32 million.
Maybe it’s just us, but when the
words “Cayman Islands” and “banking” are used in conjunction, we
don’t think straight-laced, presidential types.
“Swiss bank account” says
sophistication and class. Switzerland is one of the finest
countries on Earth. Decadent chocolates, superb watchmaking, Swiss
Army Knives, the Alps. You name it, the Swiss have perfected it. To
us, if you have large sums of money stashed away in the Alps,
you’re doing pretty well.
But we picture your classic Bond
villain whenever the Cayman Islands are mentioned. It’s not a
stretch to imagine Romney sitting in a big, red swivel chair,
stroking his prized feline as Gingrich or any other adversary comes
to vanquish his plans to rule the world.
It doesn’t seem a great campaign
strategy to be portrayed as a Bond villain.
If nothing else, the news about
Swiss and other offshore accounts has done nothing to legitimize
the already murky waters Romney was swimming in once those tax
returns were released.
Sure, he’s a savvy business man who
has no interest in paying excess taxes, but in a year in which the
99 percent has become more vocal than ever, all that money speaks
pretty loudly, too.