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Thursday, January 26, 2012

Romney Failed to Disclose Swiss Bank Account Income, Gingrich To Amend Disclosure Too

By Susan Duclos

[Update] The LA Times provides a little more information than the original ABC News story posted on:

A review by the Los Angeles Times/Tribune Washington Bureau found that at least 23 funds and partnerships listed in the couple’s 2010 tax returns did not show up or were not listed in the same fashion on Romney’s most recent financial disclosure, including 11 based in low-tax foreign countries such as Bermuda, the Cayman Islands and Luxembourg.

The campaign has stressed that Romney has paid all required U.S. taxes on his foreign funds.

Many of the funds are affiliated with Bain Capital, the Boston-based private equity firm Romney ran for 15 years. Several others are apparently unrelated offshore entities with mysterious names such as Babson 2006-1, which is based in the Cayman Islands, and Barracuda Investments, which has an address in Dublin, Ireland, but appears to be solely owned by Golden Gate Capital, a private equity firm based in San Francisco.

Original post below

No wonder Mitt Romney hemmed, hawed, refused and delayed releasing tax returns, ABC News reports that the Mitt Romney campaign is amending financial disclosure reports filed in 2007 (before he ran and failed to obtain the GOP nomination against John McCain, and 2011 (submitted to run for 2012 presidential hopeful), to include those Swiss bank accounts that were missing from both previously submitted forms.

The discovery that the Romneys had $3 million in an account with the Swiss bank UBS came only after the Republican presidential candidate released his tax returns for 2010 on Tuesday. The campaign had maintained that it was not necessary to disclose the Swiss account because Romney's money manager, Brad Malt, had shuttered it in early 2010.

Several Republican election lawyers told ABC News Thursday that the account still needed to be disclosed because a Romney trust earned about $1,700 in income on the account during 2010. The campaign's decision to amend the forms was first reported by the Los Angeles Times.

Even though Newt Gingrich willingly offered up his tax returns before the other candidates, he too forgot to add income and is amending his forms as well.

Gingrich's returns showed he received $252,500 in wages from Gingrich Holdings Inc. in 2010, but those wages do not appear anywhere on his presidential disclosure report.

"An internal account review found the need to amend the reporting," said a Gingrich campaign official. "It was done immediately."

More at Political Wire.