Romney's $101m IRA

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Author: [Politics] Topic: Romney's $101m IRA
TheGoldenGoose PM TheGoldenGoose
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Posted: 7/10/2012 1:18:49 AM

Exactly what financial acumen could possibly create an IRA worth $101,000,000 given that the maximum amount allowed as an IRA contribution was $1500 from 1975 to 1981, $2000 from 1982 to 2001, $3000 from 2002 to 2004, $4000 from 2004 to 2007, and $5000 from 2008 to 2010???

I can appreciate the power of compound interest but I can't begin to figure how one turns a total of $75,500 in contributions into $101,000,000.

Somebody please explain this financial miracle. 


cd329 PM cd329
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Posted: 7/10/2012 1:26:06 AM
Goose,  magic. he must be related to david copperfield
wallstreetcappers PM wallstreetcappers
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Posted: 7/10/2012 1:37:03 AM
Likely he rolled some 401k into the IRA..

That or he "invested" his IRA as a business purpose and is now on the FRIENDS of Bain list..so the dividends never end.

drJ PM drJ
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Posted: 7/10/2012 1:53:57 AM
Money begets money which is why ill diie broke. Romney knows how to make it and it appears he pays his taxes. Wall st has one possibility and there are others but adding funds is what gets him from about 700 k in accrued interest to 100 million. If he did anything criminal hes done but romney doesnt strike me as a criminal. More like a crony capitalist.
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rooster010 PM rooster010
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Posted: 7/10/2012 6:47:54 AM
same way obama bought his house in chicago

but the sycophants never said a peep about that

guess it wasnt plastered on msnbc

liberal talking points
TheGoldenGoose PM TheGoldenGoose
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Posted: 7/10/2012 8:56:34 AM

The point is, that if Romney has purposely undervalued his IRA assets to avoid the annual contribution limits then he is guilty of tax evasion.  You would think if he has nothing to hide, a full an immediate disclosure could defuse these "Liberal Talking Points" before they grow legs.  Romney is guilty, or his Campaign in incompetent, or both.
don juan PM don juan
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Posted: 7/10/2012 9:39:48 AM

J....anyone who uses his dog for a hood ornament, has a criminal mind.

boberts427 PM boberts427
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Posted: 7/10/2012 9:53:41 AM

don juan 

the dog had a wind cover

would you rather he eat the dog?

OakleyDoak PM OakleyDoak
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Posted: 7/10/2012 12:31:19 PM

He's an 'outsourcing person.'
But only by 'business standards.'

HEY,tHEY all got paid for the work tHEY did.
One man can make everyone happy and prosperous.
That's why he's running to become president.

Makes ,er,cents,er,sense doesn't it ?

dl36 PM dl36
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Posted: 7/13/2012 6:55:50 PM
QUOTE Originally Posted by boberts427:

don juan 

the dog had a wind cover

would you rather he eat the dog?



okay the wind cover makes it all better... 

you both are fools for bringing up both sides of the dog thing...
drJ PM drJ
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Posted: 7/13/2012 7:17:45 PM
mmmm  mongrolian bbq


dl36 PM dl36
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Posted: 7/13/2012 7:30:01 PM
I think you are thinking cat
esplanade PM esplanade
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Posted: 7/14/2012 11:29:59 AM
QUOTE Originally Posted by TheGoldenGoose:


Exactly what financial acumen could possibly create an IRA worth $101,000,000 given that the maximum amount allowed as an IRA contribution was $1500 from 1975 to 1981, $2000 from 1982 to 2001, $3000 from 2002 to 2004, $4000 from 2004 to 2007, and $5000 from 2008 to 2010???

I can appreciate the power of compound interest but I can't begin to figure how one turns a total of $75,500 in contributions into $101,000,000.

Somebody please explain this financial miracle. 




It's pretty amazing that these guys, tax attorneys, don't seem to know the exact value of the IRA and indicate a span of $80M or 500% but you purport to know or assume the very top of the range is the correct figure.

Let's see granny goose or Spencer Law Firm. Gee probably have to go with granny.

Since you're obviously more informed than they are. How did you come up with $75,500?  Even your rudimentary addition skills should have put that figure over 100k. And what about the 401k contributions??

So in typical lefty fashion, you displayed:

jealousy
arrogance
blind devotion to the talking points of MSNBC
sloth
a lack of intellectual curiosity
et al

canovsp PM canovsp
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Posted: 7/14/2012 1:56:53 PM
I don't care what private individuals do with their money.

I do care what the govt does with taxpayer money.
TheGoldenGoose PM TheGoldenGoose
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Posted: 7/14/2012 8:37:04 PM

"Is capitalism really about the ability of a handful of rich people to manipulate the lives of thousands of other people and walk off with the money, or is that somehow a little bit of a flawed system?... I do draw a distinction between looting a company, leaving behind broken families and broken neighborhoods, and leaving behind a factory that should be there."

~~~~~~~~~~Newt Gingrich

HE KNEW ROMNEY WAS A SLEAZEBALL FROM THE VERY BEGINNING.


dl36 PM dl36
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Posted: 7/22/2012 7:40:08 PM
If I had the choice of newt or romney I would take newt
dl36 PM dl36
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Posted: 7/24/2012 4:06:29 AM
QUOTE Originally Posted by rooster010:

same way obama bought his house in chicago

but the sycophants never said a peep about that

guess it wasnt plastered on msnbc

liberal talking points



liberal talking points

I don't care what private individuals do with their money.

I do care what the govt does with taxpayer money.

cd329 PM cd329
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Posted: 7/24/2012 2:34:12 PM

Canosvp, you dont care how the guy running for President made that money and if he cheated the system doing so? That is not important to you

That is a great way to clean up our govt, put in another crook

NJLIBettor PM NJLIBettor
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Posted: 7/26/2012 8:47:29 PM
QUOTE Originally Posted by cd329:

Canosvp, you dont care how the guy running for President made that money and if he cheated the system doing so? That is not important to you

That is a great way to clean up our govt, put in another crook

Why is he a crook?  Bc he made a huge sum of money investing.  Obviously, his Ira was tied to some of the Bain cap deals that returned exponential sums.  All within the rules.  Is that cheating the system or wrong?   Should his success and wealth be held against him?  I honestly don't understand that thinking.
bowlslit PM bowlslit
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Posted: 7/26/2012 9:49:36 PM

originally posted by thegoldengoose:

"Is capitalism really about the ability of a handful of rich people to manipulate the lives of thousands of other people and walk off with the money, or is that somehow a little bit of a flawed system?... I do draw a distinction between looting a company, leaving behind broken families and broken neighborhoods, and leaving behind a factory that should be there."

~~~~~~~~~~Newt Gingrich

HE KNEW ROMNEY WAS A SLEAZEBALL FROM THE VERY BEGINNING.


----------------------------------------------------------------------

 

Gee from what I understand most or all of those companies were on the ropes anyway. If he prolongs the fall as long as possible, why is he still looked upon like a villian?

wallstreetcappers PM wallstreetcappers
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Posted: 7/26/2012 10:27:57 PM
QUOTE Originally Posted by bowlslit:

originally posted by thegoldengoose:

"Is capitalism really about the ability of a handful of rich people to manipulate the lives of thousands of other people and walk off with the money, or is that somehow a little bit of a flawed system?... I do draw a distinction between looting a company, leaving behind broken families and broken neighborhoods, and leaving behind a factory that should be there."

~~~~~~~~~~Newt Gingrich

HE KNEW ROMNEY WAS A SLEAZEBALL FROM THE VERY BEGINNING.


----------------------------------------------------------------------

 

Gee from what I understand most or all of those companies were on the ropes anyway. If he prolongs the fall as long as possible, why is he still looked upon like a villian?


That reply shows you have not even remotely investigated their operations and their acquisition process.

Bain does not purchase BK candidates, you have to be just a little wiser than this..

Read up on how they leverage their purchases, their processes and how they can make such monster profits off their operations.

Bain is everything wrong with this type of business, they are disgusting and they are thieves.

Legalized looting is what Bain does..strip the assets, cut the workforce, load up the debt by trying to package multiple businesses, mine out all cash to doll out for Bain using as little firm capital as possible.

And people want to reward or even worse elevate executives that filet businesses like this?

There arent many ways out there that someone could hoard hundreds of millions of dollars like Bain has, it most certainly has not been to the overall benefit of the companies they manipulate.

NJLIBettor PM NJLIBettor
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Posted: 7/26/2012 11:03:49 PM
Were the investments in staples, sports authority and steel dynamics looting?  Are those companies better or worse bc of bain's involvement?  How many people do they employ now?
wallstreetcappers PM wallstreetcappers
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Posted: 7/26/2012 11:14:59 PM
The Bain story with SA has been gone for a decade, they also werent the only firm involved in the thievery..there were others.

Of course there were others, likely Bain couldnt put up the money required on their own..lol

Speaking of Bain and Sports Authority, why didnt they do the buyout in 2006?

Again the leverage couldnt be 1000 to 1 so they didnt want a piece of that hot action.


rick3117 PM rick3117
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Posted: 7/26/2012 11:24:27 PM
Isn't Bain capital and Romney just about on the same level as warren buffet and Berkshire?

Why does buffet get applauded and Romney get garbage on?

Buffet is the direct recipient of a garbage ton of taxpayer dollars he has gotten filthy rich (billions) on the back of hardworking Americans. He gets man of the year status because he promotes higher taxes. I guess I would too if I depended on taxpayer dollars to add to my already massive personal wealth.

Romney Is a slimy flip flopping liberal. I am sick to death to think that he is the best the GOP has to offer.
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be easy PM be easy
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Posted: 7/26/2012 11:35:38 PM
QUOTE Originally Posted by rick3117:

Isn't Bain capital and Romney just about on the same level as warren buffet and Berkshire?

Why does buffet get applauded and Romney get garbage on?

Buffet is the direct recipient of a garbage ton of taxpayer dollars he has gotten filthy rich (billions) on the back of hardworking Americans. He gets man of the year status because he promotes higher taxes. I guess I would too if I depended on taxpayer dollars to add to my already massive personal wealth.

Romney Is a slimy flip flopping liberal. I am sick to death to think that he is the best the GOP has to offer.


buffet isn't running for president

but when he sides with obama and pines for higher taxes on peoples incomes (like that effects him) the left has the guy on idol status. it's insanity
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