ThinkProgress reported that Mitt Romney, his son Tagg, his campaign and campaign surrogates all have significant business and political partnerships with several financial advisors at Solamere Capital, who allegedly helped Allen Stanford perpetrate one of the largest Ponzi schemes in modern history to the tune of $8.5 billion, second only to Bernie Madoff’s scheme. TP reports,
Mitt Romney himself made a $10 million initial seed investment in Solamere Capital and his personal financial disclosure forms reveal that he has received between $100,000 and $1 million in returns from his stake in Solamere.
At least three prominent brokers who had worked for Stanford — Tim Bambauer, Deems May, and Brandon Phillips — joined Tagg to help run Solamere Advisors, a wealth management business located in Charlotte, North Carolina.
When the business partnership began, Tagg said,
“We are excited to be associated with such a highly capable group of financial advisors with a proven track record of meeting the needs of their clients throughout the Southeast,”
After they all came under investigation,
Tagg said he was proud of his investment with Solamere Advisors, the wealth management firm now run by Stanford’s former executives. “They’re friends of ours, they use the [Solamere] name, we own a piece of them,” he said. “We helped them get started.” Romney’s son said he owns a minority stake in Solamere Advisors, but noted that they operate with some level of independence. “We don’t control them at all, we just own them,” he explained.
The Republican National Convention in Tampa, named “We Built This,” argued that corporate owners are responsible for all the growth in this country, so Tagg’s assertion that he just “owns” the alleged con artists, he’s not responsible for them, is obviously self-serving. Though it’s semantics, the fact that the phrase ‘we own them’ is apparently common currency in the Romney family is disturbing.
The Romney campaign and the Romney family investment company are deeply entwined. A recent Boston Globe investigation found that top donors to the Romney campaign have invested into Tagg’s firm, and that Romney’s star campaign fundraiser, Spencer Zwick, doubles as a managing partner for Solamere Capital. The Romney campaign has paid Zwick’s firm, SJZ LLC, over $2 million in fees this year alone. Mitt Romney’s brother Scott Romney is listed as a senior advisor to Solamere Capital.
Mitt and Tagg Romney are allegedly under investigation themselves for their connections to the Stanford scheme.
Mitt Romney and his son Tagg Romney have been implicated in a 8.5 billion dollar ponzi scheme with Wall Street investors Allen Stanford and James M. Davis.
The pair are not cleared including their three partners in a court document verified, ongoing legal proceeding involving selling fraudulent CD’s to potential investors.
If the allegations are true, Mitt Romney has financed, worked with and profited from con artists. This is very likely the reason Romney won’t release his tax returns, flouting generations of precedent. This is a smoking gun.
We must ask how this would affect a Romney presidency. And the answer comes from Mitt Romney himself, when he accused himself of lying during the debate.
On February 22nd, Romney said he would cut taxes across the board “including the top 1%” by 20%.
During the October 3rd debate, he said,
“I will not reduce the taxes paid by high income Americans,”… “and any language to the contrary is simply not accurate.”
So which is it Mitt? Are you lying or are you simply not accurate?
The verbal charade that Romney played in Denver is most starkly highlighted by his early claim,
The president has a view … that a bigger government, spending more, taxing more, regulating more — if you will, trickle-down government — would work.
I will not. The term “trickle-down” refers to exactly the opposite of what Romney is talking about. It refers to laissez-faire taxation and regulation. It is the idea that if the rich dodge more taxes they will sprinkle the fairy dust of their success on the rest of us. The 2008 collapse is the result of laissez-faire policy. The fact that the wealth of America’s billionaires is, at this moment, accelerating at a historic rate, and they are not creating any jobs, proves that trickle-down is a fantasy.
Since trickle-down was first implemented in the Reagan Administration, all but the top 20% of the country has seen their average income after taxes decline. We have less opportunity and make less money working more hours today than our parents or grandparents did 33 years ago. And what Romney has been saying throughout the campaign, up until the moment in the debate he told Obama that he’d been lying, is that the solution to this problem is to lower the taxes of the top 1%. He looks at the two graphs above, and he wants the top line to go much higher and for all the other lines to go much lower.
This is the Mitt Romney Ponzi Scheme. The Romnzi Scheme. Romney’s plan is to take our money that we work hard for and we need for things like food and clothing, healthcare and education, and give it to people who don’t make anything but speculate on the value of other people’s work, who say things like ‘we just own them,’ who will use the money from our work to buy another yacht, dump it in Cayman Island’s accounts, underwrite sweatshops in China, corrupt our politicians. People like Mitt Romney.
Romney used the debate last week to make his well-rehearsed pitch for this con job. And he used the same technique of calling something the opposite of what it is that George Orwell described in Nineteen-Eighty Four. War is Peace. Freedom is Slavery. Ignorance is Strength. Taxation and Regulation are Trickle-Down.
Remember when Bernie Madoff went to jail and the people who lost their homes, businesses, retirement savings, cried to reporters that they lost everything, it had all just disappeared and they could never get it back? If Romney achieves his leveraged buyout of the White House, that will be you in four years.