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View Diary: Top Romney aide voluntarily brings up Mitt's Swiss bank account (132 comments)

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  •  Perhaps most people can't be partners in a partner (7+ / 0-)

    -ship that is in another partnership to shelter dodge taxes.

    Perhaps this is legally dodging taxes, but when people suspect the lawyer who dots the I's for Mitt makes more a year than they will in a decade, and Mitt doesn't miss the portion he pays to the attorney, then they get that something's fundamentally wrong.

    Thump! Bang. Whack-boing. It's dub!

    by dadadata on Tue May 08, 2012 at 09:14:26 AM PDT

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    •  Public Employee Pension Funds are sophisticated (2+ / 0-)
      Recommended by:
      VClib, johnny wurster

      A person in a public employee pension fund has an "ownership" interest in the fund, and sophisticated pension funds invest in private equity funds, partnerships, etc., including offshore investments which are also organized so they don't need to pay more tax than legally required.

      The public employee may not be aware of these types of investments but they are still there.

      The most important way to protect the environment is not to have more than one child.

      by nextstep on Tue May 08, 2012 at 10:11:03 AM PDT

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      •  There is no sense (0+ / 0-)

        in which public employees have an ownership interest in a public pension fund.  They have a right to payments.

        "Well, I'm sure I'd feel much worse if I weren't under such heavy sedation..."--David St. Hubbins

        by Old Left Good Left on Tue May 08, 2012 at 10:56:03 AM PDT

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        •  The right to payment is the ownership interest (0+ / 0-)

          People who don't have a right to payments are the ones without an ownership interest.

          In addition, when pension funds do well in their investments the requirement to contribute generally goes down and when the investments do poorly, contribution requirements generally go up.

          Public Employees have a strong interest in their pension funds and do better when the fund's investments do well.

          The most important way to protect the environment is not to have more than one child.

          by nextstep on Tue May 08, 2012 at 11:35:10 AM PDT

          [ Parent ]

        •  They have beneficial interests, (1+ / 0-)
          Recommended by:
          nextstep

          which does grant them a lot of the same rights as the holder of legal title.  It's a similar position to the LP of a partnership, in fact.

      •  Mitt's offshore accounts are public employee (0+ / 0-)

        pension funds?

        Thump! Bang. Whack-boing. It's dub!

        by dadadata on Tue May 08, 2012 at 02:47:35 PM PDT

        [ Parent ]

        •  actually Public and Private Pension (0+ / 0-)

          Funds invest in private equity funds.  To minimize taxes, these US pension funds sometimes invest through entities in tax haven countries.  So a Private Equity partner in a fund has his ownership alongside the pension funds in the offshore account.  Taxes for the individual partner are the same as if this was all done in the US, but it does have an impact for the pension fund investors.  

          There is a similar issue for investors from other countries when they invest in US Private Equity and other investments.

          The largest public employee pension fund in the US is CALPERS (I have some familiarity with them).  Here is the very long list of private equity funds that California government employes have their pensions invested in:  
          http://www.calpers.ca.gov/...

          The most important way to protect the environment is not to have more than one child.

          by nextstep on Tue May 08, 2012 at 05:11:19 PM PDT

          [ Parent ]

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