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Thursday, January 26, 2012

Mitt & Newt Forced To ‘Amend’ Financial Disclosure Docs

Mitt & Newt Forced To ‘Amend’ Financial Disclosure Docs

Mitt Forgets $3 Million In Swiss Bank Account...

Newt Forgets To Report $252,500 In Earnings...

By Dell Hill

How do you forget $3 Million dollars stuffed away in a Swiss bank account?  That’s the question that Mitt Romney will be asked to justify, as ABC News reports.

Mitt Romney's campaign is amending the financial disclosure form he filed in 2011 to acknowledge that a Romney trust earned interest income from a Swiss bank account, a detail that had been missing from the report.

"An amendment is being filed to address this minor discrepancy," a campaign official told ABC News in an email Thursday in response to questions about the apparent omission.

"The inescapable fact is that by releasing over 600 pages of information regarding his finances, Mitt Romney is clearly coming down on the side of disclosure," said Andrea Saul, a campaign spokeswoman, in a subsequent statement.  "Any document with this level of complexity and detail is bound to have a few trivial inadvertent issues.  We are in the process of putting together some minor technical amendments, which will not alter the overall picture of Gov. and Mrs. Romney's finances as disclosed in August."

The discovery that the Romneys had $3 million in an account with the Swiss bank UBS came only after the Republican presidential candidate released his tax returns for 2010 on Tuesday.  The campaign had maintained that it was not necessary to disclose the Swiss account because Romney's money manager, Brad Malt, had shuttered it in early 2010.

Several Republican election lawyers told ABC News Thursday that the account still needed to be disclosed because a Romney trust earned about $1,700 in income on the account during 2010.  The campaign's decision to amend the forms was first reported by the Los Angeles Times.

At the same time, questions from ABC News about undisclosed income that appeared on Newt Gingrich's tax return have led Gingrich to announce that he, too, will be amending his financial disclosure report.  Gingrich's returns showed he received $252,500 in wages from Gingrich Holdings Inc. in 2010, but those wages do not appear anywhere on his presidential disclosure report.

"An internal account review found the need to amend the reporting," said a Gingrich campaign official.  "It was done immediately."

Romney also decided to amend the report from his 2007 run for president, a decision first reported by the New York Times.  That form identified a UBS money market account, but did not clarify that it was held by his wife's trust.  UBS has branches in the United States, so it would not have been readily apparent that the account was in Switzerland.  

Read the entire report by clicking right here.

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