The Murky World of Mitt Romney's Personal Finances
Posted: July 4, 2012 at 4:16 am
A person who worked for Mitt Romney at the consulting firm Bain and Co. in 1977 remembers him with mixed feelings. Mitt was a really wonderful boss, the former employee says. He was nice, he was fair, he was logical, he said what he wanted he was really encouraging. But Bain and Co., the person recalls, pushed employees to find out secret revenue and sales data on its clients competitors. Romney, the person says, suggested falsifying who they were to get such information, by pretending to be a graduate student working on a project at Harvard. (The person, in fact, was a Harvard student, at Bain for the summer, but not working on any such projects.) Mitt said to me something like We wont ask you to lie. I am not going to tell you to do this, but [it is] a really good way to get the information. I would not have had anything in my analysis if I had not pretended.
It was a strange atmosphere. It did leave a bad taste in your mouth, the former employee recalls.
This unsettling account suggests the young Romneyat that point only two years out of Harvard Business Schoolwas willing to push into gray areas when it came to business. More than three decades later, as he tried to nail down the Republican nomination for president of the United States, Romneys gray areas were again an issue when he repeatedly resisted calls to release more details of his net worth, his tax returns, and the large investments and assets held by him and his wife, Ann. Finally the other Republican candidates forced him to do so, but only highly selective disclosures were forthcoming.
Even so, these provided a lavish smorgasbord for Romneys critics. Particularly jarring were the Romneys many offshore accounts. As Newt Gingrich put it during the primary season, I dont know of any American president who has had a Swiss bank account. But Romney has, as well as other interests in such tax havens as Bermuda and the Cayman Islands.
To give but one example, there is a Bermuda-based entity called Sankaty High Yield Asset Investors Ltd., which has been described in securities filings as a Bermuda corporation wholly owned by W. Mitt Romney. It could be that Sankaty is an old vehicle with little importance, but Romney appears to have treated it rather carefully. He set it up in 1997, then transferred it to his wifes newly created blind trust on January 1, 2003, the day before he was inaugurated as Massachusettss governor. The director and president of this entity is R. Bradford Malt, the trustee of the blind trust and Romneys personal lawyer. Romney failed to list this entity on several financial disclosures, even though such a closely held entity would not qualify as an excepted investment fund that would not need to be on his disclosure forms. He finally included it on his 2010 tax return. Even after examining that return, we have no idea what is in this company, but it could be valuable, meaning that it is possible Romneys wealth is even greater than previous estimates. While the Romneys spokespeople insist that the couple has paid all the taxes required by law, investments in tax havens such as Bermuda raise many questions, because they are in jurisdictions where there is virtually no tax and virtually no compliance, as one Miami-based offshore lawyer put it.
Thats not the only money Romney has in tax havens. Because of his retirement deal with Bain Capital, his finances are still deeply entangled with the private-equity firm that he founded and spun off from Bain and Co. in 1984. Though he left the firm in 1999, Romney has continued to receive large payments from itin early June he revealed more than $2 million in new Bain income. The firm today has at least 138 funds organized in the Cayman Islands, and Romney himself has personal interests in at least 12, worth as much as $30 million, hidden behind controversial confidentiality disclaimers. Again, the Romney campaign insists he saves no tax by using them, but there is no way to check this.
Bain Capital is the heart of Romneys fortune: it was the financial engine that created it. The mantra of his campaign is that he was a businessman who created tens of thousands of jobs, and Bain certainly did bring useful operational skills to many companies it bought. But his critics point to several cases where Bain bought companies, loaded them with debt, and paid itself extravagant fees, thereby bankrupting the companies and destroying tens of thousands of jobs.
Come August, Romney, with an estimated net worth as high as $250 million (he wont reveal the exact amount), will be one of the richest people ever to be nominated for president. Given his reticence to discuss his wealth, its only natural to wonder how he got it, how he invests it, and if he pays all his taxes on it.
Ironically, it was Mitts father, George Romney, who released 12 years of tax returns, in November 1967, just ahead of his presidential campaign, thereby setting a precedent that nearly every presidential candidate since has either willingly or unwillingly been subject to. George, then the governor of Michigan, explained why he was releasing so many years worth, saying, One year could be a fluke, perhaps done for show.
But his son declined to release any returns through one unsuccessful race for the U.S. Senate, in 1994, one successful run for Massachusetts governor, in 2002, and an aborted bid for the Republican Party presidential nomination, in 2008. Just before the Iowa caucus last December, Mitt told MSNBC, I dont intend to release the tax returns. I dont, but finally, on January 24, 2012after intense goading by fellow Republican candidates Newt Gingrich and Rick Perryhe released his 2010 tax return and an estimate for 2011.
See original here:
The Murky World of Mitt Romney's Personal Finances
Three in four Canadians expect customized offers in return for their personal information
Posted: at 4:16 am
Businesses missing opportunity to increase loyalty as less than 40 per cent see expectations met
TORONTO, July 3, 2012 /CNW/ - The vast majority of Canadians (73%) say that when they give a company personal information, such as their age, email address, income or birth date, they expect the company to tailor offerings and deals in return. Unfortunately, only 37 per cent of those who reveal personal information say they get more personalized marketing as a result. These are just some of the findings of a SAS/Leger Marketing survey of 1,511 Canadians conducted earlier this spring.
"Canadians expect organizations to be relevant in how they talk to them. It's a give and get. If I provide you with some key personal information, use what I give you to send me offers which align to my interests, and serve me in a way that makes sense. When companies don't do that they lose the privilege of having that customer and our communications are relegated to "junk mail," and we don't get share of mind, never mind wallet," said Lori Bieda, Executive Lead for Customer Intelligence, SAS Americas. "Analyzing customer purchasing habits and matching promotional offerings to their needs is one of the best ways to increase customer loyalty."
Not meeting customer expectations can be risky business for Canadian companies. Half of those surveyed say they have actually stopped doing business with a company because of a bad marketing experience, men being more unforgiving than women (55 per cent versus 49 per cent.)
Regardless, the desire is there to engage more deeply with businesses of choice. Sixty per cent of Canadians say they would like to receive more personalized marketing material and half of Canadians say they would be more likely to buy from a company that personalizes their marketing. In addition, 46 per cent say they would be willing to give up personal information in return for more personalized offerings.
If a company does decide to personalize its marketing, it should be aware that Canadians are acutely aware of the efforts being made. Two thirds say they can tell when a company has done their research and tailored their marketing to them.
"It is essential that companies not only understand their customer expectations regarding the use of personal information, but also how best to communicate with each individual to offer tailored deals," Bieda said.
When asked how their favourite companies communicated with them, email was the top choice (73 per cent), followed by mail (47 per cent) and social channels (13 per cent.) The latter, perhaps not surprisingly, was much higher for 18-34 year olds (25 per cent), but it should be noted that even among that demographic, of which 93 per cent say they use social media, email was still the preferred means of communication.
Canadians not having their marketing expectations met may also be impacting the degree to which we divulge personal information: 18 per cent said they give away more personal information than they did five years ago, while 27 per cent said they now give away less. 93 per cent of Canadians say they have divulged personal information to companies.
Some additional stats
See the original post:
Three in four Canadians expect customized offers in return for their personal information
Beachbody and P90X Business Opportunity Success Stories – Video
Posted: at 4:16 am
Go here to read the rest:
Beachbody and P90X Business Opportunity Success Stories - Video
Fitness
Posted: at 4:16 am
Read this article:
Fitness
Well-Defined Solutions, Success Story: JT, Personal Trainer – Video
Posted: at 4:16 am
The rest is here:
Well-Defined Solutions, Success Story: JT, Personal Trainer - Video
Y Story: Inspiring Personal Success – Video
Posted: at 4:16 am
The rest is here:
Y Story: Inspiring Personal Success - Video
Research and Markets: The Non Nonprofit: For-Profit Thinking for Nonprofit Success
Posted: at 4:16 am
DUBLIN--(BUSINESS WIRE)--
Research and Markets (http://www.researchandmarkets.com/research/58vkr7/the_non_nonprofit) has announced the addition of John Wiley and Sons Ltd's new book "The Non Nonprofit: For-Profit Thinking for Nonprofit Success" to their offering.
A Top Business Leader Shares the Business Principles He Used to Launch Both a Top Company and a Thriving Nonprofit
Nonprofit leaders know that solving pervasive social problems requires passion and creativity as well as tangible results. The Non Nonprofit shares the same business principles that drive the world's best companies, showing how they can (and should) be applied to the realm of nonprofits. Steve Rothschild personally crossed sectors when he left corporate America to found Twin Cities RISE!, a highly successful poverty reduction program. His honest story, and success and missteps, create an essential roadmap for any social venture looking to prove and boost its impact.
- Distills essential nonprofit principles such as having a clear and appropriate purpose, creating economic value from social benefit, and establishing mutual accountability
- Shares successful approaches from innovative organizations such as Grameen Bank, Playworks, Common Ground, Habitat for Humanity, Lumni, Caring Bridge, College Summit and RISE!
- Draws from the author's success in founding and building Twin Cities RISE!, which trains unemployed Minnesotans for living wage jobs. RISE! serves 1,500 participants each year
As insightful as it is inspiring, The Non Nonprofit can help maximize the positive impact of any nonprofit.
Key Topics Covered:
Foreword: How This Book Will Benefit Us All by Bill George
Read the original post:
Research and Markets: The Non Nonprofit: For-Profit Thinking for Nonprofit Success
Greene's success spurs Williams
Posted: at 4:16 am
Rhys Williams feels the example of rival Welsh 400m hurdler Dai Greene can spur him to success in the Olympics.
Williams was named in Great Britain's squad for London 2012 after winning the European title in Finland last weekend.
The 28-year-old fell in the Olympic trials but ran the Olympic 'A' qualifying standard in Helsinki to join world champion Greene in London.
"He has improved massively but I know for a fact he's no more talented than myself," insisted Williams.
I honestly think I can run a yard faster in the next four weeks of training, which is good enough to make that final
"It has always been a case of 'well if he can do it, I know that I can do it'.
"It's been a tough one because obviously he's [Greene] run exceptionally well.
"Usually your biggest rivals, the world champions, aren't usually guys from your doorstep
Greene won gold at the 2010 Commonwealth Games and European Championships, then followed that up by taking the world title in Daegu the following year.
His personal best of 47.88 seconds is just short of the 47.82 set by British record holder Kriss Akabusi at the 1992 Barcelona Olympics, but well clear of Williams's 48.96 mark.
Read the original here:
Greene's success spurs Williams
Create a class website using SharePoint Online with Office 365 for education – Video
Posted: at 4:14 am
More:
Create a class website using SharePoint Online with Office 365 for education - Video
Mobile Learning Integration Workshop Introduction – Video
Posted: at 4:14 am
More here:
Mobile Learning Integration Workshop Introduction - Video