Tuesday, July 10, 2012

Foreign Bank Account(s) and Non-Transparency: the case against Mitt Romney's run for the White House!

Keywords or Terms: Disloyalty; Denials: Tax Returns; Foreign Bank Account(s); Transparency; Mitt Romney; Wealth; US Treasury; Mormon Faith; Governor Chris Christie; Governor Mitt Romney; American Voter; Enigma; Aloof; and Mysterious

In a mystifying conflagration of events - perhaps even a turning point in contest for the White House in 2012 - is the realization that the presumptive Republican Nominee for the November contest, owned, operated, entrusted or deeded more than one foreign bank account to a trust, a person or persons, as the case maybe. With Governor Mitt Romney, one hand is taking from America's Commerce; the other is shielding huge investments from the tax man, by holding offshore account(s). The conflagration of events this week has led to the call for Mitt Romney to be transparent regarding offshore finances; regarding what he stands for, including his loyalty to this nation; his tax returns and now, multiple military deferments.

This is the first time in the history of the United States, that a presumptive nominee of a major political party for the office of the Presidency, owned, operated entrusted or deeded more than one foreign bank account. Even the Rockefellers, as rich as their estate was, never held, operated or entrusted more than one foreign bank account, while seeking the highest office in the land. One of the former Republican aspirants, during the Republican primaries alluded to this very unusual and probably unpatriotic act from an American seeking to occupy the White House oval office. Some current Republican Senators see nothing exceptional about this more than devious behavior in Mitt Romney; however, many other Americans are interested and wondering if the nation is about to elect a man who has long divested from America, defrayed money that could have done good for many, if deposited in a private American Bank Account, to foreign bank(s), while claiming he hardly has a knowledge of their whereabouts. Regardless of how some Republicans perceive this less than worthy behavior of someone seeking to be our President, there are countries across the globe, whose democracy is not as stalwart as ours, where an aspirant for a political office as lowly as that of the mayor of a city, gets automatically disqualified for holding a foreign bank account.

The general election is different from a party primary. A revived interest in Romney’s foreign account(s) comes out of the feigning of ignorance regarding his monies, investments and taxes. Many Americans who are looking at the viability of his candidacy are asking themselves the following questions and more: Are we ready to vote into office an American who has shown element of disloyalty to the whole nation with respect to his finances or not? Is America ready to overlook element of disloyalty and possible mistrust from an individual that may have been attempting to shield his wealth from the American taxation system as the keeper of America’s Treasury? Are we about to give the keys to the nation’s kitty bank to someone who probably once held his wealth from taxation, or as he puts it, into a trust that he hardly knows anything about? 

This is a pivotal moment to test the oath of loyalty to the red, white and blue, of any candidate seeking to sit on Uncle Sam's throne? If as a successful American Businessman, you can contemplate depositing some of your wealth into a foreign bank account, what moral latitude would you have to constrain or hold accountable, other Americans who choose to follow same path; or end up as members of your cabinet? If your idea of patriotism is playing games with the taxation system how can you expect your staff to be accountable? When you put your money in foreign accounts, you are effectually undercutting your conviction in the American banking industry, the nation, and probably, America’s future. When you attempt or actually shield your investments from taxation and put your money in overseas banks, that money is not creating wealth in America and is not supporting jobs’ creation. When your money is in an overseas account, you are hardly contributing to the country; and, cannot truthfully explain how you would stay engaged in people’s concerns while in office. When you put your money in overseas accounts, you are saying, I am willing to surrender my financial freedom and liberty to a foreign sovereign; and if that is not unpatriotic, what is?

While Mitt Romney proclaims in his MittRomney.com page that the strength of our country derives from a pioneering spirit of innovation and creativity which many who come to our shores admire and have sought, is his deposit of money in off-shore account(s), saying or indicating otherwise? Is there truly another country where your investment(s) can obtain a higher return than in America? There are documented evidence across the globe that European, Asian and African investors often choose America as the best place to invest for the greatest returns on your investments. Imagine, with our economy in recession, billions are still coming from overseas to invest in our government bonds. Can a presidential candidate, who does not believe in what America’s Banking Industry has to offer his savings, uphold the oath of honesty and loyalty to the highest office in the land? Is deposition of your money in off-shore accounts not a betrayal of American Banking Industry trusts at least; and at most, our national allegiance? Are skeptical Americans about the Mormon faith not now justified to be circumspect about Mitt Romney’s candidacy for the Presidency? Here is a candidate already denounced or deamonize in some quarters as a cult member, now showing how disloyal his investments have been to the land of red, white and blue!

If Governor Mitt Romney truly believes in prosperity and strength for America, he must be bold enough to invest in America; he must be loyal enough to save his money in America’s Banks and not overseas. If he is truly concerned about the millions of jobs lost in America, lose of homes and personal bankruptcy in America, he must have thought well, by reinvesting his money in America. To attempt to explain away your disloyalty rather than apologizing for what is truly unacceptable, is very beneath the office of the Presidency. This is why Mitt Romney does not deserve to win the Presidency. To amicably put it in the words of Governor Chris Christie of New Jersey: You cannot win the Presidency when voters see you as an enigma, aloof and probably mysterious. It isn’t just that Mitt Romney remains aloof, it is the fact that information surfacing about his personal life and finances, are hardly enticing enough for people to want to follow him. Many mainstream Republicans see him as second best and zillions of Evangelical Christians will hardly vote for him as a Mormon. These are realistic facts that no political strategist can absolve for Mitt Romney in his quest for the White House Oval Office.

Why would a candidate for the office of Presidency unwilling to release his 2011 tax returns, if over Ninety percent of Americans have filed their taxes for 2011?  On what moral ground must an American vote for Mitt Romney, if he is not transparent enough with his taxes; and, meeting the deadlines as required by the law of the land. If all Mitt Romney wants to do is to undo whatever President Obama has done for this nation in the past three and a half years, including passing the heath care reform law, financial reform law and the student loan reform law, then he is someone to watch by all patriotic and loyal Americans. In an economy short of money, Mitt Romney would like the nation to go back to a student loan system that is wasteful, unpleasant and inappropriate! 

Why must any American voter commit to a presidential candidate who claims ignorance of his exact foreign investments, yet claiming to know that all his financial managers are adhering to applicable laws? If he does not know where all those investments and foreign bank accounts domicile, how does he know his finances are not dysfunctional and inappropriately placed? For all other Americans care, Mitt Romney’s foreign investments could be in another Al-Qaida machination or cell, since Mitt Romney hardly knows where his money lives. There is plenty of room for misunderstanding, whether that’s poor etiquette or lackadaisical attitude on the part of Mitt Romney no one knows; however, he is leaving the voters to wonder about his level of ignoramus and disloyalty regarding his wealth and where they are invested, except he will like to clarify his answers better. These are the reasons why American voters must abandon Mitt Romney in November. These are the reasons, why I submit to any American Voter: holding foreign bank accounts and denying the obvious are genuine reasons against Mitt Romney's candidacy for the White House Oval Office!
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