Mitt Romney Confronted About Cayman Islands Investments At Maine Town Hall (VIDEO)

Republican presidential candidate Mitt Romney responds to a heckler during a campaign stop, Friday, Feb. 10, 2012, in Portland, Maine. (Photo/Robert F. Bukaty)

Mitt Romney was forced to defend his offshore accounts on Friday when confronted by a woman at a town hall event in Maine, CBS News reports.

"Do you think it's patriotic of you to stash away your money in the Cayman Islands?" the woman asked, according to a video of the event, available above.

After the jeers and boos from the crowd subsided, the former Governor of Massachusetts said, "That's okay, that's a good question. C'mon, I gotta take some shots now and then or it won't be interesting."

WATCH THE VIDEO ABOVE

Romney proceeded to explain that a he doesn't manage his money. Instead, a blind trustee has managed his money for the last ten years, because Romney "wanted to make sure I didn't have a conflict."

While he didn't address the question of "patriotism," he did say his offshore investments didn't save him any money on his taxes.

"I have not saved one dollar by having an investment somewhere outside this country," Romney said. "The investment in an offshore account was to invest back here in the United States and the reason it was there they explained was so foreign investors could also invest in that entity. So I pay all the taxes I'm required to pay under the law, and by the way, not a dollar more. Thank you."

The crowed erupted in applause after Romney answered.

Following pressure from other Republican presidential candidates and from the media, Romney in January released his 2010 tax returns and estimates for his 2011 filings. The Associated Press reported days before the records were released that Romney's offshore accounts could contain between $7 million and $32 million.

"There have been reports that these investments are evading taxes," Brad Malt, Romney's tax lawyer, said in a conference call when the tax returns were made public. "Again that is flatly wrong...The blind trust's investment in the Cayman funds is taxed the same as if Governor Romney made the investments himself."

The Associated Press reports:

Independent tax policy experts said Romney's use of the Cayman-based investments was legal, but some criticized the strategy as a province of wealthy investors allowed by a tax code studded with loopholes.

"The bottom line is, they're taking advantage of a system that's flawed," said Nicole Tichon, director of Tax Justice Network USA, part of a global network promoting tax transparency. "It may be legal, but these are loopholes that show problems in our tax code."

Romney currently leads the Republican presidential contest with 112 delegates. 1,144 delegates are needed to secure the party's nomination.

Comments

[florin227]

01:38 PM on 07/13/2012

It's his money so he can invest them as he wants but he should know that offshore investing and politics don't mix up well. http://www.worldwideoffshore.com/services/offshore-banking-8

[cobry4949]

11:07 PM on 02/13/2012

See he ran when the country needed him, he is a draft dodger like newt, and used his wealth to do so, then his 5 sons oh there to good to serve. But he is going to send yours. America stop electing draft dodgers they already told you they hate this country. like clinton bush jr chaney and lok what they have done.

[june53]

06:51 PM on 02/13/2012

Sorry folks, I agree with Harry P's posts on this article.
Mitt Romney is inanely off the mark when it comes to him & his money.
I would think a successful businessman, politician (?) and philanthropist (?)
who gives to his church and charity would not have any trouble discussing
how and why he does what he does to get it, keep it and grow it. If he isn't
able to do that clearly, succinctly and without prevarication (not answering
a direct question fully and without qualifications) then he is not capable of
being the leader of the free world nor President of the United States of
America.

Period. Simple as that. Not blind trust this or every dollar I legally have to
pay or whatever - just defend your own bonefides. OK?

[clark8642]

07:39 PM on 02/13/2012

As I pay AMT and twice the effective rate as Mr. Romney I can't help but feel that changes in tax policy are needed so that he and others in his income bracket pay at least the same rate I do.

[june53]

08:19 PM on 02/13/2012

Amen. You are preaching to the choir here but, you are absolutely 150% correct. Facts, how funny how definitive they are, right? Too bad, this guy can't speak so clearly and to the point - open and honestly.

[hopeisalive]

08:21 AM on 02/13/2012

The answer that drew the applause was as vague and convoluted as anyone could have done. It didn't answer the key point which is "Isn't America the place where you want to invest to help our Country going again?" That Mr. Romney pays not a dollar more than the taxes he owes according to the current flawed system shows again that greed is alive and well in the elite members of the Party of No.

[june53]

06:52 PM on 02/13/2012

Love your post. F & F'd (and your bio is great, too!)

[forestnfama]

04:54 PM on 02/19/2012

That Mr. Romney pays not a dollar more than the taxes he owes

more like Mr. Romney pays not a dollar more than he can weasel out of.....

[wme98]

08:07 AM on 02/13/2012

If Romney has nothing to hide why not provide tax returns back to his days at Bain Capital?
Mitt where are your tax returns????

[demandhonesty]

07:16 AM on 02/13/2012

A blind trust is subject to certain directions from the investor. Like I want all my money invested in this country. You can outline what things the executor is allowed to do with the funds. You can also revoke a blind trust at any time, if you add this provision into your agreement in the beginning.

[Nicki Hanson]

12:03 PM on 05/03/2012

Yes. As a matter of fact, Mitt Romney(of the past, of course) made that same exact argument when he said that a blind trust is no excuse for those kind of investments. Flip-flop much?

[Nicki Hanson]

12:05 PM on 05/03/2012

Yes. That is the same argument Mitt Romney(of the past, of course) made when he said that a blind trust is not an excuse for those kninds of ivestments. Flip-flop much?

[jvabevofox]

06:59 AM on 02/13/2012

The crowed erupted in applause after Romney answered.

Yep the GOP loves those tax loopholes they make for themselves.

[TheHeartland]

06:48 AM on 02/13/2012

Blind trust…aptly named. See no evil….

[DiogenesOfAlaska]

03:47 AM on 02/13/2012

So you have a trustee, Mitt? Well, maybe you'll let your trustee show up on the campaign trail then, because otherwise, who would know whether your trustee has a conflict of interest, managing the fortunes of a possible president?

In the Financial Times, they have that fun game of playing Long-Short.

Why on earth would anybody cast their votes to a money mover when he wouldn't even reveal as much as the business leaders interviewed in the Financial Times in their Long-Short game?

It's not gonna be good enough, Mitt. People will want to know.

[Sean777]

02:09 AM on 02/13/2012

We need TAX REFORM to eliminate the tax loopholes that allow Mitt Romney to evade taxes and eligibly hurt our economy by adding to our deficit immense losses of revenue without creating any job in America.

[HymnsToSilence]

12:39 AM on 02/13/2012

Having your investments in a blind trust does not make us blind Mr. Romney. It also does not relinquish you from the responsibility of where those investments are and where the money is banked. If you are so proud of your job creating record why don't you share with us how many jobs these investments are responsible for?
The 'blind trust' argument is right up there with the 'dog ate my homework' claim. Even if she dined on the roof of your car where you could not see her.

[SkeeBee]

12:04 AM on 02/13/2012

Unless every person in that audience was a wealthy Vulture Capitalist, those booing are some DAMN ignorant, foolishly partisan, sheeple.
wow.

[june53]

06:58 PM on 02/13/2012

Kudo's. Best Post out of batch. F & F'd.

You made my day - some common sense above all others.

[forestnfama]

04:57 PM on 02/19/2012

Da best of da T baggars....God Bless dem all.....

[Threepointturn]

10:37 PM on 02/12/2012

Romney keeps his money in Switzerland and the Caymen Islands because of the conveniance factor. Republicans made the blueprint for off-shore "banking".

[mwmwmw]

09:27 PM on 02/12/2012

Blind leading the blind.

[bigdawg909]

08:56 PM on 02/12/2012

Set up like a bowling pin......