Ryan’s claim turned out to be off by an hour. That’s a lot. That’s something one should have gotten right. So today, Ryan made a statement saying that “he misspoke.” Yada. That his brother actually has the best time in the family and it isn’t sub- 3 hours. Yada. Yada.
That is NOT the way to respond to this.
This is how:
Sooooooo. It took you this long to fall into our little trap? Of course he never ran a sub-3 hour marathon. You’ve proven that you have the ability to dig when you want to, and we want that same standard applied to the other side of the ticket.
Where are the Obama college records? Obama doesn’t even have to lie about how he got straight A’s and is the smartest man in the history of the presidency – you guys do that for him.
We’re running against Joe Biden, a guy that has in the past made dubious claims about everything from his intellect to his family history. We anticipate that he will be doing the same in the upcoming debate. We just wanted to make sure that journalism wasn’t dead. Now that this has been established let’s see if it is only dead when it comes to going after the left.
Hugo Chavez is sending Cuba 100,000 bb of oil daily, and extra cash (to the tune of $1billion on the last quarter of 2011), supposedly to pay for all those Cuban doctors in Venezuela. Yeah, right, to pay for doctors.
It’s Labor Day weekend, so keep your lipstick off you teeth and have a great time.
Let me save you some time: There is nothing in there that will inform your opinion of Mitt Romney.
How do I know? Because I saw many of the exact same documents months ago, after requesting them from a Bain Capital investor. What I quickly learned was that there was little of interest, except perhaps for private equity geeks who want to know exactly how much Bain paid for a particular company back in 2006. Sure I would have loved the pageviews, but not at the expense of tricking readers into clicking on something of so little value.
Let’s go over what Gawker believes it found:
“Mitt Romney’s $250 million fortune is largely a black hole: Aside from the meager and vague disclosures he has filed under federal and Massachusetts laws, and the two years of partial tax returns (one filed and another provisional) he has released, there is almost no data on precisely what his vast holdings consist of, or what vehicles he has used to escape taxes on his income.”
There actually is plenty of data on Romney’s Bain-related holdings. For example, Bain’s own website lists most of its active private equity portfolio companies. Then there are third-party databases operated by such organizations as Dow Jones, Thomson Reuters and CapitalIQ — each one of which includes searchable lists of past Bain Capital deals (often with detailed financial information). And, finally, Bain isn’t really in the business of doing tiny purchases of unknown family businesses. When it buys something, there is almost always a press release and/or media coverage. Perhaps Gawker hasn’t yet discovered the magic of Lexis-Nexis. Maybe it should sign up for the daily Term Sheet email.
“Today, we are publishing more than 950 pages of internal audits, financial statements, and private investor letters for 21 cryptically named entities in which Romney had invested… Many of them are offshore funds based in the Cayman Islands.”
I get it. “Cayman Islands” is supposed to be code for tax avoidance or shady dealings. But the reality is that most private equity firms form Cayman-domiciled funds to accommodate investors based outside of the United States (particularly when those funds also are making some non-U.S. investments). One private equity fund formation attorney I spoke with says that the Caymans structure usually doesn’t have real tax benefit for the non-U.S. investors, but that they nonetheless feel more comfortable. He added that, for most U.S. private equity executives, the Cayman structure has little to zero impact in terms of personal taxes.
Gawker Media has been going through a big corporate revamp over the past year or so. The ultimate parent company has never been in the U.S.: it used to be Blogwire in Hungary, but now Blogwire Hungary has become a subsidiary of a Cayman Islands entity called Gawker Media Group Inc, which also owns various U.S. operations like Gawker Media LLC, Gawker Entertainment LLC, Gawker Technology LLC, and Gawker Sales LLC.
Then there’s this little tidbit of information; something regarding obscene profits, untaxed revenue, and side-stepping the IRS…
The Hungarian companies get all of Gawker’s international income, which flows in from 13 different salespeople in ten different countries and which, since it’s international income flowing to a Hungarian company owned by a Cayman Islands parent, is basically pure profit which never comes close to being taxed in the U.S. The result is a company where 130 U.S. employees eat up the lion’s share of the U.S. revenues, resulting in little if any taxable income, while the international income, the franchise value of the brands, and the value of the technology all stays permanently overseas, untouched by the IRS.
As Rusty says, “This is weapons-grade hypocrisy…” but what else can you expect?
1. No one over the age of 55 would be affected in any way.
2. Traditional Medicare fee-for-service would remain available for all. “Premium support”—that is, government funding of private insurance plans chosen by individuals—is an option for those who choose it. No senior would be forced out of the traditional Medicare program against his will.
3. Overall funding for Medicare under the Ryan-Wyden plan is scheduled to grow at the same rate as under President Obama’s proposals. Is this “gutting Medicare” and “ending Medicare as we know it”? In reality, it’s the market giving seniors cheaper, higher quality choices they can take if they wish, with the traditional program remaining an option.
But woman does not live by [entitlement] bread alone.
And so, when you take a look at this, it’s really deeper than the deficits or the budget gimmicks or the actuarial analysis. There really is a difference between us.
And we’ve been talking about how much we agree on different issues, but there really is a difference between us. And it’s basically this. We don’t think the government should be in control of all of this. We want people to be in control. And that, at the end of the day, is the big difference.