There is a lot to be desired when looking into Romney’s taxes and investments, but Gawker has acquired almost 1,000 pages of documents, delving into the black hole of the sources of Romney’s financial wealth.
One of the financial companies where Romney has parked between one million and five million dollars is called Prospect Harbor Credit Partners LP. Prospect Harbor Credit Partners LP is a Delaware limited partnership. As of 2009, it held $2.8 billion in assets.
Back in 2010, this company sent out a letter from its advisers to their investors. That letter warned of a coming fiscal catastrophe if the Republicans took control in the midterms.
With an economy that is still highly dependent on fiscal support, the outcome of the midterm elections could lead to gridlock that would have major ramifications for the economy. An expiration of stimulus would be a significant fiscal drag.”
Hold on, Romney’s financial advisers warned of gridlock? I say, GOOD CALL! The stimulus worked? That’s not what the Romney campaign said.
Not only does this statement fly in the face of Romney’s stated positions, but more importantly, the rest of the letter vindicates President Obama’s call for regulating Wall Street. “Regulation will improve liquidity and transparency” one slide on the adviser’s power point read.
Furthermore, Gawker delves into derivatives. A derivative is essentially a bet on top of a bet. The derivative market is what Warren buffet called financial weapons of mass destruction.
Romney, like many wealthy people, has invested in the derivatives market. This is where he made his money. He didn’t make it creating jobs or building businesses. Betting on bets is his bread and butter. He is a high stakes, legal, Wall Street insider — a gambler. Nothing more.
If Romney gets in, expect the derivative market to explode and cause a financial meltdown that will make 2008 look like child’s play once the derivative market is triggered by a default of some sort.
There is so much more and the details are great for college classes on how to become rich without working. If you desire to delve into everything for your own consumption, click here.
There are some shady, hidden aspects of Romney’s wealth, which is the only reason why I can see him not wanting to release his returns.