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-   -   Romney's roll in abusive Son of Boss tax shelter ignored (http://www.derbytrail.com/forums/showthread.php?t=47893)

Riot 08-10-2012 09:58 AM

Romney's roll in abusive Son of Boss tax shelter ignored
 
Note: Marriott is a member of Mormon Church

http://www.cnn.com/2012/08/08/opinio...xes/index.html

Quote:

Did Romney enable a company's abusive tax shelter?

By Peter C. Canellos and Edward D. Kleinbard, Special to CNN
updated 6:24 PM EDT, Thu August 9, 2012

...

A key troubling public manifestation of Romney's apparent insensitivity to tax obligations is his role in Marriott International's abusive tax shelter activity, as previously reported by Jesse Drucker in Bloomberg.

Romney has had a close, long-standing, personal and business connection with Marriott International and its founders. He served as a member of the Marriott board of directors for many years. From 1993 to 1998, Romney was the head of the audit committee of the Marriott board.

During that period, Marriott engaged in a series of complex and high-profile maneuvers, including "Son of Boss," a notoriously abusive prepackaged tax shelter that investment banks and accounting firms marketed to corporations such as Marriott. In this respect, Marriott was in the vanguard of a then-emerging corporate tax shelter bubble that substantially undermined the entire corporate tax system.

Son of Boss and its related shelters represented perhaps the largest tax avoidance scheme in history, costing the U.S. many billions in lost corporate tax revenues. In response, the government initiated legal challenges that resulted in complete disallowance of the losses claimed by Marriott and other corporations.

In addition, the Son of Boss transaction was listed by the Internal Revenue Service as an abusive transaction, requiring specific disclosure and subject to heavy penalties. Statutory penalties were also made more stringent to deter future tax shelter activity. Finally, the government brought successful criminal prosecutions against a number of individuals involved in Son of Boss and related transactions not associated with Marriott, including principals at major law and accounting firms.

In his key role as chairman of the Marriott board's audit committee, Romney approved the firm's reporting of fictional tax losses exceeding $70 million generated by its Son of Boss transaction. His endorsement of this stratagem provides insight into Romney's professional ethics and attitude toward tax compliance obligations.

Like other prepackaged corporate tax shelters of that era, Marriott's Son of Boss transaction was an entirely artificial transaction, bearing no relationship to its business. Its sole purpose was to create a gigantic tax loss out of thin air without any economic risk, cost or loss -- other than the fee Marriott paid the promoter.

Clip-Clop 08-10-2012 10:14 AM

Well certainly he will go to prison as a result of his running for President. With all of the obvious crimes he has committed as a private citizen you would have thought he would know better. Everything was bound to be exposed, too bad now we won't even get any work out of him for our tax dollars as he rots away in jail.
Damn shame.

jms62 08-10-2012 10:19 AM

Quote:

Originally Posted by Clip-Clop (Post 882189)
Well certainly he will go to prison as a result of his running for President. With all of the obvious crimes he has committed as a private citizen you would have thought he would know better. Everything was bound to be exposed, too bad now we won't even get any work out of him for our tax dollars as he rots away in jail.
Damn shame.

Now This!!! http://www.theonion.com/articles/rom...ampaign,29114/

This guy gotta go down .

Clip-Clop 08-10-2012 10:23 AM

Quote:

Originally Posted by jms62 (Post 882192)
Now This!!! http://www.theonion.com/articles/rom...ampaign,29114/

This guy gotta go down .

Saw that last night, couldn't stop laughing at pseudo-Axelrod.

jms62 08-10-2012 10:29 AM

Quote:

Originally Posted by Clip-Clop (Post 882194)
Saw that last night, couldn't stop laughing at pseudo-Axelrod.

I figure if Romney goes to Jail, Obama gets deported my candidate Ron Paul will win in a rout.

Clip-Clop 08-10-2012 10:31 AM

New ad quote.
"Mitt Romney, the business man. Take a look at his record. Romney bought companies. Drowned them in debt. Many went bankrupt. Thousands of workers lost jobs, benefits and pensions. But for every company he drove into the ground, Romney averaged a 92 million dollar profit. Now he says his business experience would make him a good president? If Romney wins, the middle class loses."

$92 million per company, he is a lot wealthier than they are giving him credit for. Must be top ten in the world with those kinds of returns.

Clip-Clop 08-10-2012 10:32 AM

Quote:

Originally Posted by jms62 (Post 882196)
I figure if Romney goes to Jail, Obama gets deported my candidate Ron Paul will win in a rout.

I will take up praying to help this outcome become reality.

pointman 08-10-2012 10:55 AM

Romney's roll in abusive Son of Boss tax shelter ignored
 
The first useless Riot attack Romney thread of the day. At this point Riot seems to be stalking the poor man. Please let us know when he has diarrhea.

By the way, did Romney get coffee with that roll?

Danzig 08-10-2012 11:09 AM

Quote:

Originally Posted by jms62 (Post 882192)
Now This!!! http://www.theonion.com/articles/rom...ampaign,29114/

This guy gotta go down .

lol oh geez.

betcha five bucks riot does NOT post the story i saw today about the couple who bought a home from romney years ago. it's not the right kind of story you see.

Clip-Clop 08-10-2012 11:11 AM

Quote:

Originally Posted by Danzig (Post 882211)
lol oh geez.

betcha five bucks riot does NOT post the story i saw today about the couple who bought a home from romney years ago. it's not the right kind of story you see.

He didn't go back and close the fireplace flue and let them all die of CO poisoning in their sleep?

bigrun 08-10-2012 11:18 AM

Quote:

Originally Posted by jms62 (Post 882192)
Now This!!! http://www.theonion.com/articles/rom...ampaign,29114/

This guy gotta go down .


ROR...theonion is the best..:D

Danzig 08-10-2012 11:21 AM

Quote:

Originally Posted by Clip-Clop (Post 882215)
He didn't go back and close the fireplace flue and let them all die of CO poisoning in their sleep?

!!!!!

no.
i'll go find it and post it.

Danzig 08-10-2012 11:24 AM

http://www.nytimes.com/2012/08/10/us...ples-gain.html


Yet for the Stampses, who have been writing $600 monthly checks to “Willard M. Romney” for 15 years, the money they borrowed from him to buy their home in 1997 was life-changing.

The mortgage is the last vestige of a troubled, and previously unreported, investment by Mr. Romney in Texas real estate in 1982, before he struck it rich as the wunderkind of Bain Capital. And while the Stampses’ happy ending is a counterpoint to the image, seized upon by political opponents, of Mr. Romney as a cold, calculating financier, the episode also offers an early illustration of his appetite for deals promising low risk and high return.

Lured by the prospect of buying five rent-to-own houses in the Houston suburbs without putting up any of his own money, Mr. Romney jumped into a speculative deal geared toward “affluent free enterprise capitalists who desire a quality investment with tax shelter benefits,” according to a prospectus. Based on frothy assumptions of a never-ending real estate boom, it was unlike the data-driven, analytical investments that came to define his later successes at Bain Capital.

The result was a rare Romney flop: The housing market soon collapsed, and he was stuck renting out the houses for years before unloading them, mostly at a loss, in the late 1990s, according to property records. The renters were offered the first chance to buy, but the Stampses could not qualify for a mortgage, recalled Mr. Stamps, who at the time had recently lost his job at an oil company.



and i wonder who they could be?:

Mr. Stamps said that he and his wife had received calls in recent months from strangers who “seemed to be looking for negative stuff” about Mr. Romney, but that the couple had nothing to say to them.


and further down:

When Mr. Stamps took the call from Mr. Romney, he and his wife, a nurse, had all but given up hope of being able to buy the house they had been renting for five years. Mr. Romney told him it looked like the couple had been taking good care of the property and that “we would be good people to buy it,” said Mr. Stamps. Mr. Stamps said he never heard from Mr. Romney again, and only became aware of who he was when he started running for president four years ago.

“His name came up somewhere,” he said, “and my wife and I said to each other, ‘That’s the guy we bought our house from!’ ”

Mr. Jolly, 76, laughed when told that Mr. Romney was still collecting mortgage payments on one of the houses he talked him into buying 30 years ago.




but you know, i'm probably looking at it wrong, and the home owner is too. obviously romney doesn't need that mans money, and should just give him the house!!! :)

jms62 08-10-2012 11:40 AM

Quote:

Originally Posted by Danzig (Post 882221)
http://www.nytimes.com/2012/08/10/us...ples-gain.html


Yet for the Stampses, who have been writing $600 monthly checks to “Willard M. Romney” for 15 years, the money they borrowed from him to buy their home in 1997 was life-changing.

The mortgage is the last vestige of a troubled, and previously unreported, investment by Mr. Romney in Texas real estate in 1982, before he struck it rich as the wunderkind of Bain Capital. And while the Stampses’ happy ending is a counterpoint to the image, seized upon by political opponents, of Mr. Romney as a cold, calculating financier, the episode also offers an early illustration of his appetite for deals promising low risk and high return.

Lured by the prospect of buying five rent-to-own houses in the Houston suburbs without putting up any of his own money, Mr. Romney jumped into a speculative deal geared toward “affluent free enterprise capitalists who desire a quality investment with tax shelter benefits,” according to a prospectus. Based on frothy assumptions of a never-ending real estate boom, it was unlike the data-driven, analytical investments that came to define his later successes at Bain Capital.

The result was a rare Romney flop: The housing market soon collapsed, and he was stuck renting out the houses for years before unloading them, mostly at a loss, in the late 1990s, according to property records. The renters were offered the first chance to buy, but the Stampses could not qualify for a mortgage, recalled Mr. Stamps, who at the time had recently lost his job at an oil company.



and i wonder who they could be?:

Mr. Stamps said that he and his wife had received calls in recent months from strangers who “seemed to be looking for negative stuff” about Mr. Romney, but that the couple had nothing to say to them.


and further down:

When Mr. Stamps took the call from Mr. Romney, he and his wife, a nurse, had all but given up hope of being able to buy the house they had been renting for five years. Mr. Romney told him it looked like the couple had been taking good care of the property and that “we would be good people to buy it,” said Mr. Stamps. Mr. Stamps said he never heard from Mr. Romney again, and only became aware of who he was when he started running for president four years ago.

“His name came up somewhere,” he said, “and my wife and I said to each other, ‘That’s the guy we bought our house from!’ ”

Mr. Jolly, 76, laughed when told that Mr. Romney was still collecting mortgage payments on one of the houses he talked him into buying 30 years ago.




but you know, i'm probably looking at it wrong, and the home owner is too. obviously romney doesn't need that mans money, and should just give him the house!!! :)

This will be the focus

pointman 08-10-2012 11:42 AM

Quote:

Originally Posted by jms62 (Post 882225)
This will be the focus

:D

Clip-Clop 08-10-2012 11:51 AM

Quote:

Originally Posted by jms62 (Post 882225)
This will be the focus

The usage of the word "unreported" will be taken as hiding from the IRS, not that a paper hadn't reported it.

The man should be in prison.

Danzig 08-10-2012 12:43 PM

Quote:

Originally Posted by Clip-Clop (Post 882230)
The usage of the word "unreported" will be taken as hiding from the IRS, not that a paper hadn't reported it.

The man should be in prison.

obviously a danger to society. maybe a drone strike is in order. after all, the ag said those are a-ok.

Danzig 08-10-2012 12:45 PM

Quote:

Originally Posted by bigrun (Post 882217)
ROR...theonion is the best..:D

but...but...

does anyone remember where romney was that night??? :D

alysheba4 08-10-2012 01:22 PM

Quote:

Originally Posted by pointman (Post 882204)
The first useless Riot attack Romney thread of the day. At this point Riot seems to be stalking the poor man. Please let us know when he has diarrhea.

By the way, did Romney get coffee with that roll?

.....its beyond tired, but.......good comedy.

Thepaindispenser 08-10-2012 03:01 PM

Riot is getting more desperate and pathetic by the day. Can't wait to see her Posts in October.

Riot when Romney wins and lowers your taxes, I assume you will pay extra to the government because you think they are so effective at helping the poor correct?

Riot 08-10-2012 03:04 PM



And they've believed it ever since :D

Quote:

In his key role as chairman of the Marriott board's audit committee, Romney approved the firm's reporting of fictional tax losses exceeding $70 million generated by its Son of Boss transaction. His endorsement of this stratagem provides insight into Romney's professional ethics and attitude toward tax compliance obligations.
Mitt Romney is a stone cold liar, is ethically bankrupt and a proven business tax cheat. He is not qualified to be President of the United States.

DaTruth 08-10-2012 03:16 PM

The Obama/Biden campaign's internal polls aren't looking good, so they have to resort to such tactics. Actually, it is a good strategy for the circumstances they are facing because you don't have to get people to vote for your guy, you just want to keep them from voting for the other guy.

Clip-Clop 08-10-2012 03:16 PM

Quote:

Originally Posted by Riot (Post 882282)


And they've believed it ever since :D



Mitt Romney is a stone cold liar, is ethically bankrupt and a proven business tax cheat. He is not qualified to be President of the United States.

Again. Certainly we don't need to be concerned as he will be locked away safely from society.

Clip-Clop 08-10-2012 03:18 PM

Quote:

Originally Posted by Riot (Post 882282)


And they've believed it ever since :D



Mitt Romney is a stone cold liar, is ethically bankrupt and a proven business tax cheat. He is not qualified to be President of the United States.

That is Buffett in front, even funnier now.

pointman 08-10-2012 03:26 PM

Quote:

Originally Posted by Riot (Post 882282)


And they've believed it ever since :D



Mitt Romney is a stone cold liar, is ethically bankrupt and a proven business tax cheat. He is not qualified to be President of the United States.

You forgot murderer. I'm sure rapist will be added by the end of next week. :rolleyes:

Riot 08-10-2012 03:28 PM

Quote:

Originally Posted by DaTruth (Post 882290)
The Obama/Biden campaign's internal polls aren't looking good, so they have to resort to such tactics.

You mean the national polls yesterday that had them up by 6, or the one that had him up by 7 over Romney?

Or the swing state polls that show Romney only has two, and Obama the rest?

Or the electoral college estimates that show Obama can't possibly get less than 290 (what he has today), but will probably close with 320 or more?

Romney's campaign is imploding so seriously in the past two weeks, with zero Republican Party support from the big wigs, that he'd better hope his party doesn't kick him out in Tampa, and put a Paul Ryan-Tim Pawlenty ticket out for 2012.

But I doubt the GOP will waste Paul Ryan on a losing year.

geeker2 08-10-2012 04:03 PM

Quote:

Originally Posted by DaTruth (Post 882290)
The Obama/Biden campaign's internal polls aren't looking good, so they have to resort to such tactics. Actually, it is a good strategy for the circumstances they are facing because you don't have to get people to vote for your guy, you just want to keep them from voting for the other guy.

All this other stuff is just white noise - in the end it will be the Economy and no matter how the Queen Bee paints it - this is an Obama disaster.


btw is Scott Walker in jail yet?

Riot 08-10-2012 04:08 PM

Quote:

Originally Posted by geeker2 (Post 882323)
All this other stuff is just white noise - in the end it will be the Economy and no matter how the Queen Bee paints it - this is an Obama disaster.

Right now Obama has 290 electoral votes, conservative estimate. He only needs 270. This past two weeks have shown Mittens poll numbers plummeting.

Quote:

btw is Scott Walker in jail yet?
Walker's ability to destroy Wisconsin has been taken away voting Wisconsin citizens, who have recalled enough of his puppet state Republican legislature members to put it back in Democratic hands. Checks and balances - it's a good thing :tro:

pointman 08-10-2012 04:47 PM

Quote:

Originally Posted by Riot (Post 882327)
Right now Obama has 290 electoral votes, conservative estimate. He only needs 270. This past two weeks have shown Mittens poll numbers plummeting.



Walker's ability to destroy Wisconsin has been taken away voting Wisconsin citizens, who have recalled enough of his puppet state Republican legislature members to put it back in Democratic hands. Checks and balances - it's a good thing :tro:

If checks and balances are a good thing, then why do you call the Republican's who were elected to stop Obama from destroying this country by pushing through an agenda the American people rejected after two years obstructionists?

Clip-Clop 08-10-2012 04:48 PM

Quote:

Originally Posted by pointman (Post 882343)
If checks and balances are a good thing, then why do you call the Republican's who were elected to stop Obama from detroying this country by pushing through an agenda the American people rejected after two years obstructionists?

Not those checks and balances. The ones that stop bad politicians from ruining...

Never mind.

Riot 08-10-2012 04:56 PM

Quote:

Originally Posted by pointman (Post 882343)
If checks and balances are a good thing, then why do you call the Republican's who were elected to stop Obama from destroying this country by pushing through an agenda the American people rejected after two years obstructionists?

They are not functioning as checks and balances. They are refusing to function at all.

Your ridiculous either-or, black-white hyperbole about "Obama destroying this country" is factually beyond absurd. Wall Street is screaming with profit, GDP is up, deficit is down, unemployment is down, millions of jobs have been created, a Depression was averted, we are out of a terrible war.

Yes, there's more to do. Duh.

The Republican Party no longer exists except in name. The majority membership of that party over the past 50 years is gone, replaced by John Birchers and other extremists. It is in flux. We'll see if it survives or dies, and what emerges from the flames.

pointman 08-10-2012 05:03 PM

Quote:

Originally Posted by Riot (Post 882347)
They are not functioning as checks and balances. They are refusing to function at all.

Your ridiculous either-or, black-white hyperbole about "Obama destroying this country" is factually beyond absurd. Wall Street is screaming with profit, GDP is up, deficit is down, unemployment is down, millions of jobs have been created, a Depression was averted, we are out of a terrible war.

Yes, there's more to do. Duh.

The Republican Party no longer exists except in name. The majority membership of that party over the past 50 years is gone, replaced by John Birchers and other extremists. It is in flux. We'll see if it survives or dies, and what emerges from the flames.

Bull. This once again proves the hypocrite you are. The real answer from you is that it is only checks and balances when they are stopping someone who is against your agenda, but that it is obstruction when they are stopping someone who is pushing your agenda.

Republican's were elected mid-term to stop Obama from pushing his agenda and they have done just that. Don't pretend that Obama has thrown things at the Repuclicans that he knew they would never go for so they can vote it down and he can call them obstructionists.

Thank you again for exposing the falsity of the liberal line.

Riot 08-10-2012 05:05 PM

Quote:

Originally Posted by pointman (Post 882350)
Bull. This once again proves the hypocrite you are. The real answer from you is that it is only checks and balances when they are stopping someone who is against your agenda, but that it is obstruction when they are stopping someone who is pushing your agenda.

Republican's were elected mid-term to stop Obama from pushing his agenda and they have done just that. Don't pretend that Obama has thrown things at the Repuclicans that he knew they would never go for so they can vote it down and he can call them obstructionists.

Thank you again for exposing the falsity of the liberal line.

Gee. If only I was a liberal, your bigotry would work for you.

pointman 08-10-2012 05:07 PM

Quote:

Originally Posted by Riot (Post 882352)
Gee. If only I was a liberal, your bigotry would work for you.

Stop it, you got caught looking like a fool and the hypocrite you are once again. Thanks for playing.

Riot 08-10-2012 05:12 PM

Quote:

Originally Posted by pointman (Post 882354)
Stop it, you got caught looking like a fool and the hypocrite you are once again. Thanks for playing.

Sure. That's exactly it ;)

You poor, pathetic hater and fearer of "the other", I'm not even remotely close to "a liberal" in my political views. Now, run along and get your Sockpuppet to make yourself feel better.

DaTruth 08-10-2012 05:52 PM

Quote:

Originally Posted by geeker2 (Post 882323)
All this other stuff is just white noise - in the end it will be the Economy and no matter how the Queen Bee paints it - this is an Obama disaster.


btw is Scott Walker in jail yet?

I agree. Romney needs to become more aggressive and define the race. The important issue for white moderates who voted for Obama in 2008 was the economy. It still is. Rommey just needs to flip those voters by staying on message about the economy.

It also wouldn't hurt if Romney reminds liberal voters in swing states about areas of discontent with Obama, such as Gitmo, drone strikes in Afghanistan and Yemen, and deals he made with Republicans. He can bring those up as example of Obama saying one thing and then doing something else.

pointman 08-10-2012 06:40 PM

Quote:

Originally Posted by Riot (Post 882359)
Sure. That's exactly it ;)

You poor, pathetic hater and fearer of "the other", I'm not even remotely close to "a liberal" in my political views. Now, run along and get your Sockpuppet to make yourself feel better.

Why don't you get your sockpuppet to post a silly cartoon to make you feel better? Then you can follow it up with a pie chart to support your laughable assertions that Wall Street is screaming with profit, the deficit is down, unemployment is down, jobs have been created, a depression has been averted, and that we are out of a war. Then of course, there is the most laughable of all of the assertions that you are not a liberal.

Geek is right, where is dumber to help you get out of this mess?

dellinger63 08-10-2012 06:59 PM

Quote:

Originally Posted by pointman (Post 882343)
If checks and balances are a good thing, then why do you call the Republican's who were elected to stop Obama from destroying this country by pushing through an agenda the American people rejected after two years obstructionists?

Just to let everyone know. Walker romped in his recall election and one extra dem was put in. But since the WI house is on vacation it really didn't mean squat.

Next election their is a Dem Sen. nominee for the U.S. Senate who has never done anything but vote the line no matter how out there. Even going so far as supporting partial birth abortions. (crushing the skull of the infant prior to extricating it).

That and she's the first open lesbian in the house.

Good Luck With That!

Tommy Thompson in another WI romp!

hi_im_god 08-10-2012 07:30 PM

Quote:

Originally Posted by dellinger63 (Post 882386)
Just to let everyone know. Walker romped in his recall election and one extra dem was put in. But since the WI house is on vacation it really didn't mean squat.

Next election their is a Dem Sen. nominee for the U.S. Senate who has never done anything but vote the line no matter how out there. Even going so far as supporting partial birth abortions. (crushing the skull of the infant prior to extricating it).

That and she's the first open lesbian in the house.

Good Luck With That!

Tommy Thompson in another WI romp!

http://www.rasmussenreports.com/publ...sconsin_senate

i'm not even sure thompson will be the nominee and any of the republican's are within striking distance but i'm always surprised by how sure partisans on each side are that their side will prevail.

where does that irrational confidence come from?

dellinger63 08-10-2012 07:39 PM

Quote:

Originally Posted by Clip-Clop (Post 882292)
That is Buffett in front, even funnier now.

It all makes sense now. Buffet has been there all along. Since he's at death's door, why should he care about taxes?


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