Democrats Attack Romney/Bermuda Connection

The Obama campaign released an online video attacking presumptive Republican nominee Mitt Romney for his Bermuda holdings.

The video features Press Secretary Ben LaBolt where talking about the “millions of dollars Romney has in tax havens like Bermuda and Cayman.”

Recent news reports have focused on Mr Romney’s recently revealed Bermuda corporation, with numerous Democrats attacking the former Massachusetts Governor — who is estimated to be worth over $250 million — for keeping money offshore.

Bermuda-based Sankaty High Yield Asset Investors Ltd is one of Romney’s holdings, and was transferred to his wife Ann’s name one day before he was sworn in as the Massachusetts Governor in 2003.

Mr LaBolt questioned why Mr Romney transferred the “mysterious corporation” at that specific time, and said the only reasonable explanation is to “avoid disclosure.”

“Bermuda does not tax corporate income or capital gains. Convenient. But what taxes would Romney have paid if his money was invested here in America,” asked Mr Labolt.

The video was released three days ago on the official Obama campaign Youtube channel, and as of this writing has garnered almost 50,000 views.

The 2012 U.S presidential election will be held on November 6, 2012. Incumbent President Barack Obama is running for a second term against presumptive Republican challenger Mitt Romney.

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