republican presidential front-runner mitt romney, wealth has become central issue in 2012 campaign, has taken advantage of obscure exception in federal ethics laws avoid disclosing nature , extent of holdings.
offering limited description of assets, romney has made difficult know precisely money invested, whether offshore or in controversial companies, or whether holdings affect policies or present conflicts of interest.
in 48 accounts bain capital, private equity firm founded in boston, romney declined on financial disclosure forms identify underlying assets, including holdings in company moved u.s. jobs china , california firm once owned bain filed bankruptcy years ago , laid off more 1,000 workers.
known because bain publicly disclosed them in government filings , on internet. of underlying assets — specific investments of bain funds — not known because romney covered confidentiality agreement company.
several of romney’s assets — including large family trust valued @ $100 million, 9 overseas holdings , 12 partnership interests— not named on disclosure forms, emerging months later when agreed release tax returns.
there no indication romney violating rules, , advisers note reports have been certified office of government ethics, reviews disclosures required of presidential candidates.
romney spokeswoman andrea saul said disclosure “completely , accurately describes gov. romney’s assets required law.” said romney not know details of investments since turned them on trustee manage, , ethics officials confirmed “everything ... reported correctly” , completely.
several outside experts across political spectrum, however, romney’s disclosure opaque have encountered, suggesting filing defeats spirit of disclosure requirements.
“his approach turns whole purpose of ethics statute on ear,” said cleta mitchell, republican lawyer has represented dozens of candidates , officials in disclosure process, including romney’s leading challenger gop nomination, rick santorum...
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