Tuesday, July 17, 2012

How Did Romney Stuff His IRA With Up to $102 Million?

When there are yearly contribution limits, no one is certain how Romney puffed up his IRA in such a short amount of time, but there is plenty of speculation:

While there are limits to the amount that can be contributed tax-deferred to an IRA, there are no restrictions on the amount of money that the contributed capital can earn and can continue to earn, on a tax-deferred basis, even after the contributions have stopped. (The Internal Revenue Service will get its pound of flesh from Romney when he takes the money out of the IRA.) The only limit is the skill, or luck, of the IRA’s owner. If you are the Warren Buffett of IRA investors, it is conceivable that you could turn $450,000 into as much as $102 million -- an increase of 227 times -- but not very likely, especially as in the last decade or so, the stock market has been a roller coaster. Mere investing mortals would be lucky to still have $450,000 in the account. (The median American family has $42,500 in traditional IRAs, according to the Investment Company Institute.)
So how did Romney do it? Of course, we don’t know, but there have been several theories propagated to fill the considerable gap in knowledge left by Romney’s ongoing silence. Read on at Bloomberg
The 35 questions Romney's going to have to answer about Bain. Here's a few:

6. What did you do for this $100,000 salary you earned from Bain in both 2000 and 2001?

7. If you did nothing to earn this salary, did the Bain managers violate their fiduciary duty by paying you a salary for no discernible reason?

8. Are there other companies that pay you six figures a year as earned income, not investment income, for which you have no involvement?

10. On the very day after you took over the Winter Olympics, the Boston Herald reported that “Romney said he will stay on as a part-timer with Bain, providing input on investment and key personnel decisions.” Do you now contend this was factually inaccurate?

11. Do you have records of having written to the Boston Herald asking them to make a correction on this story?

At this point in the show, it's a really bad idea for Romney to associate with rightwing crazies. It's a big turnoff for independents. More fun with Romney:

But it was Sununu's questioning of whether the president understood how to be an American, even after a subsequent walk-back, that made the call feel like part of a late-October attack, and not a story out of what Sununu called the "summer doldrums."
"The president clearly demonstrated that he has absolutely no idea how the American economy functions. The men and women all over America who have worked hard to build these businesses, their businesses from the ground up is how our economy became the envy of the world -- it is the American way," Sununu said in his opening remarks of the conference call.
He added: "I wish this president would learn how to be an American." NBC

Even MORE fun with Romney. His 2008 Ariz. campaign chair, birther Sheriff Joe Arpaio, is bent on Obama's birth certificate and is holding a press conference today. I really can't stand the Obama is UnAmerican attack. It's stupid, for one. It's wrong. It's immoral and it's cheap and lazy. What's happening here, is Romney's campaign is so weak that the nutters are stepping in to fill the void:

MORE MORE fun with Romney. John McCain says Palin was the better candidate than Romney That tells a story in itself, doesn't it?

Jon Stewart brings it home - Mitt Romney's "retroactive retirement"

MORE MORE MORE fun with Romney. Romney lies. Ooooo, this guy lies. Obama's talking about highways and broadband and such, common good networks and systems that everyone needs in order to do business. This argument that Obama is not American enough or doesn't know the American way is not going to fly with average Americans who aren't political.

It's nutter people gone wild. Rush Limbaugh had a cow today:

In his "apology" to Obama, Sununu lies about what Obama said. Again. Where do these guys come up with this stuff? They all sound like they're from another world. Obama has never said that government creates jobs.