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Archive for July, 2012

By KASIE HUNT and KARIN LAUB  07/30/12 11:18 AM ET AP

JERUSALEM — Mitt Romney told Jewish donors Monday that their culture is part of what has allowed them to be more economically successful than the Palestinians, outraging Palestinian leaders who suggested his comments were racist and out of touch with the realities of the Middle East. His campaign later said his remarks were mischaracterized.

“As you come here and you see the GDP per capita, for instance, in Israel which is about $21,000 dollars, and compare that with the GDP per capita just across the areas managed by the Palestinian Authority, which is more like $10,000 per capita, you notice such a dramatically stark difference in economic vitality,” the Republican presidential candidate told about 40 wealthy donors who ate breakfast at the luxurious King David Hotel.

Romney said some economic histories have theorized that “culture makes all the difference.”

“And as I come here and I look out over this city and consider the accomplishments of the people of this nation, I recognize the power of at least culture and a few other things,” Romney said, citing an innovative business climate, the Jewish history of thriving in difficult circumstances and the “hand of providence.” He said similar disparity exists between neighboring countries, like Mexico and the United States.

Palestinian reaction to Romney was swift and pointed.

“It is a racist statement and this man doesn’t realize that the Palestinian economy cannot reach its potential because there is an Israeli occupation,” said Saeb Erekat, a senior aide to Palestinian President Mahmoud Abbas.

“It seems to me this man lacks information, knowledge, vision and understanding of this region and its people,” Erekat added. “He also lacks knowledge about the Israelis themselves. I have not heard any Israeli official speak about cultural superiority.”

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By STEPHEN BRAUN and JACK GILLUM Associated Press

Jul 25, 8:19 AM EDT

WASHINGTON (AP) — Republican presidential candidate Mitt Romney has said he had no active role in Bain Capital, the private equity firm he founded, after he exited in February 1999 to take over Salt Lake City’s Winter Olympics bid. But according to Bain associates and others familiar with Romney’s actions at the time, he stayed in regular contact with his partners over the following months, tending to his partnership interests and negotiating his separation from the company.

Those familiar with Romney’s discussions with his Bain partners said the contacts included several meetings in Boston, the company’s home base, but were limited to matters that did not affect the firm’s investments or other management decisions. Yet Romney continued to oversee his partnership stakes even as he disengaged from the firm, personally signing or approving a series of corporate and legal documents through the spring of 2001, according to financial reports reviewed by The Associated Press.

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AP |     By

Posted: 07/20/2012  8:36 am Updated: 07/20/2012  4:00 pm

AURORA, Colo. (AP) — Police say 71 people were shot in a suburban Denver movie theater early Friday during midnight shows of the new Batman movie. Twelve people were killed, ten of them at the theater.

CLICK HERE FOR THE LATEST UPDATES ON THE SHOOTING.

Another 59 adults and children were wounded.

Aurora Police Chief Dan Oates says there were four showings of the movie at the time and all were sold out. He did not know how many people that amounts to.

Oates says investigators are confident the gunman acted alone.

Police arrested 24-year-old James Holmes, whose apartment four miles away was booby trapped.

Oates says Holmes wore body armor, used an assault rifle, a shotgun and a Glock handgun.

He says Holmes’ car was parked in back of the theater.

THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP’s earlier story is below.

A graduate student in a gas mask barged into a crowded Denver-area theater during a midnight showing of the new Batman movie Friday, hurled a gas canister and then opened fire, killing 12 people and injuring at least 50 others in one of the deadliest mass shootings in recent U.S. history.

When the smoke began to spread, some moviegoers thought it was a stunt that was part of the “The Dark Knight Rises,” one of the most highly anticipated films of the summer. They saw a silhouette of a person in the haze near the screen, pointing a gun at the crowd and then shooting.

“There were bullet (casings) just falling on my head. They were burning my forehead,” Jennifer Seeger said, adding that the gunman, dressed like a SWAT team member, fired steadily, stopping only to reload.

“Every few seconds it was just: Boom, boom, boom,” she said. “He would reload and shoot and anyone who would try to leave would just get killed.”

The suspect was taken into custody near a car behind the theater and was identified by federal law enforcement officials as 24-year-old James Holmes.

Holmes was studying neuroscience in a Ph.D. program at the University of Colorado-Denver, university spokeswoman Jacque Montgomery said. Holmes enrolled a year ago and was in the process of withdrawing at the time of the shootings, Montgomery said.

Authorities gave no motive for the attack. The FBI said there was no indication of ties to any terrorist groups.

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Mitt Romney’s firm raised more than a third of its first investment fund from wealthy foreigners — who mostly used companies in Panama, then known for tax advantages and banking secrecy.

Los Angeles Times

By Joseph Tanfani, Melanie Mason and Matea Gold

July 19, 2012, 3:00 a.m.

Washington Bureau

WASHINGTON — When Mitt Romney launched Bain Capital in 1984, he struggled at first to raise enough money for the untested venture. Old-money families like the Rothschilds turned down the young Boston consultant.

So he and his partners tapped an eclectic roster of investors, raising more than
a third of their first $37-million investment fund from wealthy foreigners.

Most of the foreign investors’ money came through corporations registered in Panama, then known for tax advantages and unusual banking secrecy.

Previously unreported details, documented in Massachusetts corporate filings and other public records, show that Bain Capital was enmeshed in the largely opaque world of international high finance from its very inception.

The documents don’t indicate any wrongdoing, and experts say that such financial vehicles are common for wealthy foreign investors. But the new details come as President Obama has criticized Romney for profiting from Bain Capital’s own offshore investment entities, which are unavailable to most Americans.

The Romney campaign declined to comment on the specifics of Bain’s early investors. Romney has argued that his offshore investments are entirely proper, and that he has paid all the U.S. taxes that he owes. The offshore funds do provide tax advantages for foreign investors, allowing Bain to attract billions of dollars.

“The world of finance is not as simple as some would have you believe,” Romney said in an interview this week with National Review Online.

The first outside investor in Bain was a leading London financier, Sir Jack Lyons, who made a $2.5-million investment through a Panama shell company set up by a Swiss money manager, further shielding his identity. Years later, Lyons was convicted in an unrelated stock fraud
scandal.

About $9 million came from rich Latin Americans, including powerful Salvadoran families living in Miami during their country’s brutal civil war.

That first investment fund — used to invest in start-up companies and leveraged buyouts — paid out a stunning 173% in average annual returns over a decade, according to a prospectus prepared by an outside bank. It was the start of the private equity powerhouse that ultimately fueled Romney’s political career. He now cites his experience at Bain as a chief qualification for the White House.

Romney faced unusual complications when he launched Bain Capital, a spinoff of Bain & Co., the Boston consulting firm he joined when he graduated from Harvard Business School.

At the time, U.S. officials were publicly accusing some exiles in Miami of funding right-wing death squads in El Salvador. Some family members of the first Bain Capital investors were later linked to groups responsible for killings, though no evidence indicates those relatives invested
in Bain or benefited from it.

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Published on Jul 19, 2012 by    

It starts with you: http://OFA.BO/xJQfHT

First Lady Michelle Obama announces the launch of “It Takes One”. “It Takes One” is a new effort that asks you to inspire one more person to join you every time you take an action to move this country forward. If you’re making phone calls or knocking on doors, take a friend along. If you’re registering to vote, make sure that a family member is registered as well. If you’re attending an event, bring one neighbor along. And if you’re voting early on election day, bring one new voter with you. You could inspire five, or ten, or 100 new people before November.
As the First Lady shares:
“That one new voter you register in your precinct. That one neighbor you help get to the polls on November 6th. That could make all the difference. That one conversation you have. That one volunteer you recruit. That could be the difference between waking up on November 7th and feeling the promise of four more years or asking yourself, ‘could I have done more?'”
“As Barack has said all along, ‘It takes one voice to change a room. And one room to change a community. And one community to change the direction of our nation’. It takes one and it starts with you.”

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Nine SEC filings submitted by four different business entities after February 1999 describe Romney as Bain boss.

Firm’s 2002 filings identify him as CEO, though he said he left in 1999

By Callum Borchers and Christopher Rowland |  Globe Correspondent | Globe Staff July 12, 2012

Government documents filed by Mitt Romney and Bain Capital say Romney remained chief executive and chairman of the firm three years beyond the date he said he ceded control, even creating five new investment partnerships during that time.

Romney has said he left Bain in 1999 to lead the winter Olympics in Salt Lake City, ending his role in the company. But public Securities and Exchange Commission documents filed later by Bain Capital state he remained the firm’s “sole stockholder, chairman of the board, chief executive officer, and president.”

Also, a Massachusetts financial disclosure form Romney filed in 2003 states that he still owned 100 percent of Bain Capital in 2002. And Romney’s state financial disclosure forms indicate he earned at least $100,000 as a Bain “executive” in 2001 and 2002, separate from investment earnings.

The timing of Romney’s departure from Bain is a key point of contention because he has said his resignation in February 1999 meant he was not responsible for Bain Capital companies that went bankrupt or laid off workers after that date.

Contradictions concerning the length of Romney’s tenure at Bain Capital add to the uncertainty and questions about his finances. Bain is the primary source of Romney’s wealth, which is estimated to be more than $25o million. But how his wealth has been invested, especially in a variety of Bain partnerships and other investment vehicles, remains difficult to decipher because of a lack of transparency.

The Obama campaign and other Democrats have raised questions about his unwillingness to release tax returns filed before 2010; his offshore assets, which include investment entities based in Bermuda and the Cayman Islands and a recently closed bank account in Switzerland; and a set of “blind trusts” that meet the Massachusetts standards for public officials but not the more rigorous bar set by the federal government.

Romney did not finalize a severance agreement with Bain until 2002, a 10-year deal with undisclosed terms that was retroactive to 1999. It expired in 2009.

Bain Capital and the campaign for the presumptive GOP nominee have suggested the SEC filings that show Romney as the man in charge during those additional three years have little meaning, and are the result of legal technicalities. The campaign declined to comment on the record. It pointed to a footnote in Romney’s most recent financial disclosure form, filed June 1 as a presidential candidate.

“Since February 11, 1999, Mr. Romney has not had any active role with any Bain Capital entity and has not been involved in the operations of any Bain Capital entity in any way,’’ according to the footnote. Romney made the same assertion on a financial disclosure form in 2007, during his first run for president.

According to a statement issued by Bain Wednesday, “Mitt Romney retired from Bain Capital in February 1999. He has had no involvement in the management or investment activities of Bain Capital, or with any of its portfolio companies, since that time.”

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Published on Jul  8, 2012 by    
Ben Labolt, National Press Secretary, has some questions concerning Mitt Romney’s offshore bank accounts and tax returns.

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