On MSNBC talk show in pm, Romney has 105 million in an IRA! Is it possible?

[dmosh42]

I thought there were limits on amounts deposited annually. Seems illegal if true.

[BeyondGeography]

1. It's his rainy century fund

[K8-EEE]

9. DUZY!! nt

[Cali_Democrat]

10. LOL

[Schema Thing]

2. it does seem impossible even if he was Warren Buffet

in his investing skills.



Where exactly did you hear this?

[dmosh42]

7. I believe it was on Martin Bashir show.(Guy who was moved to Rattigan's slot)

[66 dmhlt]

3. Yes - tricky, but it's legal. AND only if you're RICH RICH RICH

(H)ow can his I.R.A. possibly contain up to $102 million...?

The Romneys won’t say, but Mark Maremont, writing in The Wall Street Journal, uncovered a likely explanation. When Bain Capital bought companies, it would create two classes of shares, named A and L. The A shares were risky common shares, to which they would assign a very low value. The L shares were preferred shares, paying a high dividend but with the payoff frozen, and most of the value was assigned to them. Bain employees would then put the exciting A shares in their I.R.A. accounts, where they grew tax-free. With all the risk of the deal, the A shares stood to gain a lot or collapse. But if the deal succeeded, the springing value could be stunning: Bain employees saw their A shares from one particularly fruitful deal grow 583-fold, 16 times faster than the underlying stock.

http://www.vanityfair.com/politics/2012/08/investigating-mitt-romney-offshore-accounts

[dmosh42]

8. Ok, didn't realize he could do that with shares from the "Bain looting"! Thanks

[GoCubsGo]

4. Yes. It is possible.

The limit is something like $3000 per year, although one can put in more. But, one would have to pay an "excess contribution " tax of 6% per year. Unless his IRA is earning way more that 6%, I can't see how it would be worth it to him to stick that kind of money in an IRA.

[kimbutgar]

5. If you have a 401K you can move the money to an IRA

I had a job where they contributed my bonuses into a 401K and it was more than the $2000 annually when I left I was able to transfer the money over to an IRA account.

[FSogol]

6. When will the media discover that Romney has a huge money vault just like Scrooge McDuck

and that he spends his evenings rolling around in a pile of $100s and Krugerrands.

[Rosanna Lopez]

11. $100 million trust fund

Don't the Romney kids have a $100 million trust fund ?

[aint_no_life_nowhere]

12. Thom Hartmann and Victoria Jones are discussing this right now

Thom I believe said that you can only put up to $6,000 a year in a 401k. Victoria Jones is shaking her head, saying that she's asked several people about this and they don't know how it's possible to accumulate over $100 million this way . Apparently, the Romney campaign didn't respond to her requests for information. They're not saying point blank that it's illegal but they're both shaking their heads. I wish I knew more about it.

[truebrit71]

13. Read the Vanity Fair article posted elsewhere...VERY interesting stuff...

...oh, and he got that much in his IRA by fucking people over, you know, the same way all of his other rich pals did...

[HopeHoops]

14. Not legally.