just get rid of them. you know, it s not hard to do. his answer is very long, and i m just going to scan over some of it. first of all, all of my investments are managed in a blind trust. he has in the past said blind trusts are a joke, and he s right about that. there s nothing blind about them. and by virtue of that, the decision made by the trustee are the decisions that determine where the investments are. secondly, the so-called offshore account in the cayman islands, for instance, is an account established by austin firm to allow foreign investors to invest in u.s. enterprises and not be subject to taxes outside of their own jurisdiction. and so, krystal, what he s saying there is, this is set up so that foreign investors can avoid american taxation. okay, mitt. why are you in the business of helping people avoid american taxation? right, exactly. and to your point, i mean, he is running for office, for pete s sake. and he s such a risk-averse
accounts. that seems like a pretty good idea. just get rid of them. you know, it s not hard to do. his answer is very long, and i m just going to scan over some of it. he citizen, first of all, all of my investments are managed in a blind trust. he has in the past said blind trusts are a joke, and he s right about that. there s nothing blind about them. and by virtue of that, the decision made by the trustee are the decisions that determine where the investments are. secondly, the so-called offshore account in the cayman islands, for instance, is an account established by austin firm to allow foreign investors to invest in u.s. enterprises and not be subject to taxes outside of their own jurisdiction. and so, krystal, what he s saying there is, this is set up so that foreign investors can avoid american taxation. okay, mitt. why are you in the business of helping people avoid american taxation? right, exactly. and to your point, i mean, he is
hypothetically have an offshore account. that s how foreigners invest in america. and there s the issue of his ira, his individual retirement account. this is a thing that lots of people have. a method of putting money away that avoids it being taxed and the idea is that you re saving that money for your retirement. an individual retirement account. but because it is a way of avoiding taxation, there s a limit to how much you can put in one of these accounts. typically, you can not put more than $6,000 a year into a traditional i.r.a. $6,000 a year. mitt romney s i.r.a. has as much as $100 million in it. either he has somehow figured out how to contribute to his i.r.a. for nearly 17,000 years or there s some other explanation for that. i m sure there s a explanation, but what is it? there is smoke, which is usually what gets covered in politics, right? and there s also fire. and this isn t something where
investments are managed in a blind trust. the decisions made by the trustee are decisions that determine where the investments are. the reason he keeps his money offshore is it s in a blind trust. it s not his decision. which might pass for an answer if he wasn t this guy. the blind trust is an age old ruse, if you will, which is to say you can always tell the blind trust what it can and cannot do. you give a blind trust rules. that s what he said about blind trusts when he was running for senate against ted kennedy. how about a no offshore accounts rule? but there s more to his answer to the national review about what he keeps money stashes in offshore accounts. he was not relying exclusively on the excuse he once dismissed as a ruse. the so-called offshore account in the cayman islands is established by a u.s. firm to allow foreign investors to invest in u.s. enterprises and
not be suggest to taxes outside of their own jurisdiction. okay, so this account of his in the caymans is the good kind of thing. a good kind of offshore account because it s designed to help foreign people invest in the u.s. and avoid paying u.s. taxes when they do it. great. so why is his money there? come on, are you foreign? quote, sometimes a foreign entity is formed to allow foreign investors to invest in the knroouns, which may will be the case with the entities that democrats are describing as foreign accounts. so his answer to this is what? that he s a foreign investor in the united states? his own explanation is that this type of account is a good thing for america. it s set up so foreigners can put their money in that account and invest it in america while avoided u.s. taxes. that s the state of his current explanation. that s as far as he has gotten to explain why he might