MITTEN$ GETS CAUGHT AGAIN

Previously, Mitten$ had claimed that he put accounts in the Cayman Islands only  to attract foreign investors but ABS has learned that the real purpose seems to be avoiding U.S. taxes:

Bain Documents: Romney Offshore Investments Used 'Blockers' To Avoid Taxes

By MATTHEW MOSK (@mattmosk) and EMILY FRIEDMAN (@EmilyABC)
Aug. 23, 2012

The private equity firm founded by Republican presidential candidate Mitt Romney made use of arcane techniques in several of its Cayman Islands-based funds to avoid U.S. taxes, according to a trove of Bain Capital's private audit and finance records made public on the website Gawker today.

The audited financial statements of one of the Cayman Islands funds make note of the use of "blocker" entities, which are used to help retirement accounts and nonprofit entities avoid some taxes. Financial statements for another fund note that it "intends to conduct its operations so it will … not be subject to United States federal income or withholding tax ..."