Here's Papantonio and Cliff Schecter on Ring of Fire Radio talking felonies, Romney, Bain and the Tea Party love of all three.
Money quote (at 1:51 in the clip below):
This man [Romney] will be running the country if he is elected, and we need to know that he has that frigging criminal side to him. Let's not cover it what it is. He has a criminal side to hm.A good discussion throughout. Watch:
The Tea Party analysis starts at 2:31. That's followed by a discussion of Romney's $102 million IRA.
About how that's even possible, there's this (via Chris in Paris; my emphasis):
Tax lawyers and accountants suggest an answer: Romney may have made use of an Internal Revenue Service loophole that allows investors to undervalue interests in investment partnerships when first putting them into an IRA. These assets can produce returns far in excess of those that could be generated from other investments made at the capped level.So all these Bain partnerships and offshoots — they're worth nothing when created. Then they go under the IRA umbrella and they bloom like a bed of roses. Voilà.
An investor could even set an initial value for a partnership interest at zero dollars, because under tax regulations an interest in a partnership represents future income, not current value, said Chris Sanchirico, co-director of the Center for Tax Law and Policy at the University of Pennsylvania Law School.
You can do that too. All you need is enough money to buy the laws you want from Congress.
Did I say conscienceless? I meant it if I did.
GP
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