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Yep, that's the headline of an ABC News piece that was just posted online.

According to the report, Mitt's money loves laying about on the beaches of the Cayman Islands, having grapes crushed on its palate by some of the "little people" who inhabit the place:

Although it is not apparent on his financial disclosure form, Mitt Romney has millions of dollars of his personal wealth in investment funds set up in the Cayman Islands, a notorious Caribbean tax haven.

Poor Mitt! Living a hand-to-mouth existence on his measly $375,000 annual speaking income, his investment returns, and his burdensome 15% tax rate!

How is a poor guy to survive in such penny-pinching circumstances? No wonder he has to send a big chunk of his money on vacation from the evil U.S. of A.!

I wonder if he ever takes trips to visit his money? That might explain his perpetual tan (although he's not quite as orange as Boehner).

And I hope his money wears plenty of sunscreen, because that's just about the whitest money you'll ever see!

CNN reports a "Gingrich surge" in South Carolina, according to TPM.

And Romney's team says ABC report is "flat wrong" and that "these are not tax shelters."

As johnnywurster and several other commenters have noted, below, Romney pays typical capital gains (15%) on anything he earns in these funds. The ABC headline certainly gives an impression of something that is not true.

I should have known better once I noted Brian Ross' name on the story. He has a history of sensationalized and less-than-accurate work.

Originally posted to Bob Johnson on Wed Jan 18, 2012 at 02:26 PM PST.

Also republished by ClassWarfare Newsletter: WallStreet VS Working Class Global Occupy movement.

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