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Several years ago the Bush Administration determined that there was a big black hole in the American economy. International Investors….like Bernie Madoff, Bernie Ebbers, Ken Lay, Jeff Skillings and literally thousands of very rich Americans had actually buried money in Credit Suisse and a variety of banks on Bahnhoff Strasse in Zurich, Switzerland. The Treasury Department went after several international banks, the country of Switzerland and then proceeded to ask for identification of all American citizens that had deposited funds of over $10,000 dollars in Swiss Banks. The Swiss fought the issue, tooth and nail and maintained that if they were to disclose these folks…..the harm to Swiss Banking would be irreparable. Finally, under tremendous pressure Switzerland relented and had to give up the account info. This haven for the rich and/or famous considered untouchable, including what some say, Nazi gold and cash left over from WWII, had to finally open the books on Americans participating in the process.
Well, as the Madoff Case grew like topsy over 17,000 American citizens were identified as prime targets of the IRS for serious tax evasion. Much as in the spirit of the Jerry Sandusky case, the Treasury Department suggested that the “humanitarian solution” would be to offer a “General Amnesty” to all those who had participated in the ” Swiss Stealth Banking Protocols” and pay their required taxes and in addition pay a moderate fine. All but 2,500 took advantage of this program and not much more has been mentioned about the relationship between the U.S. Treasury Department, the United States Government and the country of Switzerland nor any of the many other offending banks.
As the issue of Mitt Romney now raises its head about the Bain Capital “arms length” relationship from 1999 forward and the fact that Romney now refuses to offer up more than just the last two years of his tax records – the questions start to mount: When did Romney have money in banks in the Cayman Islands? Does he still have money in the Caymen Islands? What other Caribbean Islands does Mitt Romney have banking relationships with? Does Mitt Romney have funds anywhere in Southeast Asia, China or anywhere else? What about other European Countries? Does Mitt Romney have money there as well? What about Mitt’s Bermuda Holding Company?
Living in a Global Economic Society, it is easy to understand that by a mere flick of a mouse…..billions of dollars can easily change hands across multiple international borders. Bernie Madoff taught us all about that. His $17 Billion dollars …..are still missing. His brother Peter will be doing some hard time soon, but still remains out on bail. JP Morgan – Chase and CEO Jamie Dimon are busy trying to explain how a $2 billion dollar Credit Default Swap loss has turned into a $7.5 Billion loss…..which may be turning into even more. Hey, when you start talking about the 1%, their sets of rules can be a lot different from the rest of us.
Mitt Romney, should he care to be our next President, better get a grip on the fact – that we live in a “Full Disclosure World”. Romney needs to explain his last 12 years in detail, along with all his tax records and all of his “off shore” banking activities. Was Mitt Romney afforded “Amnesty” if or when he reported his deposits in his Swiss Bank Accounts? These are simple questions that need to be answered. If everything is on the up and up….no problem – Americans will know that the Republican Candidate is forthcoming and willing to share his soul with the American people. If not, the American people can start to sweat.
Bain Capital, Cayman Islands, Swiss Bank Accounts and Amnesty? Mr. Romney probably a good time to let everyone know….