Democalypse 2012 - Bain Damage - Romney's Blind Trust

  • Aired:  07/16/12
  •  | Views: 132,310

Mitt Romney explains how his time at Bain Capital wasn't a conflict of interest and selectively releases his tax returns as required by law. (3:46)

EVER SEEN.

ROMNEY'S WEEK WASN'T ONLY ABOUT WHY NO ONE SEEMED TO KNOW WHEN TO THROW HIS BAIN

RETIREMENT PARTY.

THERE IS ALSO THE ISSUE OF HIS OFFSHORE INVESTMENTS AND AND-- EXPLAIN THAT.

>> I DON'T MANAGE THE MONEY THAT I HAVE.

IN ORDER TO MAKE SURE THAT I DIDN'T HAVE A CONFLICT OF INTEREST WHILE I WAS

GOVERNOR, OR WHILE I WAS CONSIDERING A RUN FOR NATIONAL OFFICE, I HAD A BLIND TRUST ESTABLISHED.

>> Jon: OH.

SO-TO-AVOID A CONFLICT OF INTEREST MATTERED SO MUCH TO MITT ROMNEY HE ACTUALLY

BLINDED THE MAN RUNNING HIS MONEY.

THAT'S-- (LAUGHTER) I WOULD LIKE YOU TO MANAGE MY MONEY.

OH, AND ONE MORE THING-- BOOP.

ALL RIGHT SO, ROMNEY'S MONEY WAS IN A BLIND TRUST.

I GUESS THAT'S A PRETTY GOOD EXCUSE.

UNLESS A BLIND TRUST IS A RUSE.

>> THE BLIND TRUST IS AN AGE-OLD RUSE, IF YOU WILL,

WHICH IS TO SAY YOU CAN ALWAYS TELL A BLIND TRUST WHAT IT CAN AND CANNOT DO.

YOU GIVE A BLIND TRUST RULES.

(CHEERS AND APPLAUSE)

>> Jon: WAIT, WAIT, WAIT.

TO THE TIME MACHINE!

TO RETROACTIVELY RETIRE THAT SOUND BITE.

SO MITT ROMNEY IS RUNNING ON HIS BUSINESS AND FINANCE ACUMEN BUT IS NOT RESPONSIBLE FOR THE

MANAGEMENT OF EITHER HIS BUSINESS OR FINANCES.

YOU KNOW HOW COCLEAR A LOT OF THIS CONFUSION UP.

A QUICK LOOK AT ROMNEY'S TAX RETURNS FROM THE LAST TEN OR TWELVE YEARS.

>> I HAVE ALREADY PUT OUT ONE YEAR OF TAX RETURNS.

WE'LL PUT OUT THE NEXT YEAR OF TAX RETURNS AS SOON AS THE ACCOUNTANTS HAVE THAT READY.

THOSE ARE THE TWOIERS THAT PEOPLE ARE GOING TO HAVE,

THAT'S ALL THAT'S NECESSARY FOR PEOPLE TO UNDERSTAND SOMETHING ABOUT MY FINANCES.

>> Jon: YES-- ABOUT JUST THE TWO YEARS WHEN YOU KNEW YOU WERE RUNNING FOR PRESIDENT.

NOBODY GIVES A [BLEEP] ABOUT THOSE TWO YEARS.

IT WOULD BE LIKE IF THE KEITH RICHARDS AUTOBIOGRAPHY WAS CALLED MY YEARS AS A MOVIE PIRATE.

(APPLAUSE) NOBODY CARES.

NOW LOOK, IF ALL THIS

[BLEEP] IS BEING-- ROMNEY ALWAYS HAS A AN AIRTIGHT ALIBI.

>> I PAY THE TAXES LEGALLY REQUIRED AND IN THE A DOLLAR MORE.

IF THERE IS AN OPPORTUNITY TO SAVE TAX WE LIKE ANYBODY ELSE IN THIS COUNTRY WILL

FOLLOW THAT OPPORTUNITY.

>> WE'VE COMPLIED WITH THE LAW.

THE LAW REQUIRES TO US PUT OUT A FULL FINANCIAL DISCLOSURE.

THAT I'VE DONE.

>> Jon: IF YOU ARE SO-CALLED JOB CREATOR IN THE COUNTRY,

EVEN IF THE JOBS YOU CREATE ARE IN INDIA OR CHINA, YOU ARE LEGALLY ENTITLED TO

WONDERFUL THINGS LIKE OFFSHORE TAX ACCOUNTS AND CARRY INTEREST TAX RATES

THAT ARE LESS THAN HALF THE RATE FOR NORMAL INCOMES OR $77,000 IN BUSINESS DEDUCTIONS FOR DRESSAGE

HORSE COMPETITION EXPENSES.

YEAH, $77,000 TAX WRITE-OFF TO SEND YOUR HORSE TO THE

[BLEEP] PROM.

HERE'S WHAT HE DOESN'T GET.

(APPLAUSE) HERE'S WHAT ROMNEY DOESN'T UNDERSTAND.

NOBODY CARES THAT MITT ROMNEY IS RICH.

IT'S ROMNEY'S INABILITY TO UNDERSTAND THE INSTITUTIONAL ADVANTAGE THAT HE GAINS FROM

THE GOVERNMENT'S TAX CODE LARGESSE, THAT'S A LITTLE OFFENSIVE TO PEOPLE,

ESPECIALLY CONSIDERING ROMNEY'S VIEW ON ANYONE ELSE WHO LOOKS TO THE GOVERNMENT

FOR THINGS LIKE, I DON'T KNOW, FOOD AND MEDICINE.

>> ROMNEY SAYS THE FOLLOWING,

YOU REMIND HIM OF THIS.

IF THEY WANT MORE STUFF FROM THE GOVERNMENT, TELL THEM TO GO VOTE FOR THE OTHER GUY.

MORE FREE STUFF.

DON'T FORGET, NOTHING IS REALLY FREE.

IT HAS TO BE PAID FOR BY PEOPLE IN THE PRIVATE SECTOR.

>> Jon: AND HORSE PROM BLACK

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