Yep. It's safe to say that Romney's Swiss Bank Account issue is going to get FAR FAR Worse, thanks to an interview by the Boston Globe with Romney's Investment Advisor.
This is going to be a major issue in the General Election and I hope that Newt Gingrich brings it up now to make it hurt twice as much.
Malt said he opened the Swiss account not to hide assets, but to diversify Romney’s investments into foreign currencies. If the value of the dollar declined, for example, a rise in the Swiss franc might offset it. The account, Malt stressed, was listed on Romney’s 2010 tax return and Romney paid taxes on the interest, just as he pays taxes on all the earnings from other foreign investments.Could this be why Mitt Romney closed his bank account in 2010? Why on earth would he open it to begin with?
“It’s actually kind of crazy,’’ Malt said of the controversy. “This is a fully legitimate, fully reported account that pays every penny of taxes.’’
Also 2010 is an interesting year to close a bank account in Switzerland due to the DoJ cracking down on American Tax Evaders in Switzerland: DOJ Reaches Deal on Swiss Bank Account Holders
Swiss lawmakers approved a final deal on Thursday to hand over to American authorities data on thousands of suspected tax cheats with accounts at UBS, Switzerland’s largest bank.The possibilities just don't look good for Romney no matter what he was trying to do with that account.
The Justice Department and the Internal Revenue Service plan to use the approval, which came after months of intense legal and diplomatic wrangling between the two sides and within Switzerland, as a springboard to force other Swiss banks to hand over details of similar clients, a person briefed on the matter said Thursday.