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Friday, August 10, 2012

But What Is a Son of Boss?

Posted by on Fri, Aug 10, 2012 at 12:30 PM

This morning, Eli posted a great Obama attack ad accusing Mitt Romney of taking part in the Son of Boss tax scam. CNN published an explanation of what Son of Boss is. Here's a taste:

Romney has had a close, long-standing, personal and business connection with Marriott International and its founders. He served as a member of the Marriott board of directors for many years. From 1993 to 1998, Romney was the head of the audit committee of the Marriott board.

During that period, Marriott engaged in a series of complex and high-profile maneuvers, including "Son of Boss," a notoriously abusive prepackaged tax shelter that investment banks and accounting firms marketed to corporations such as Marriott. In this respect, Marriott was in the vanguard of a then-emerging corporate tax shelter bubble that substantially undermined the entire corporate tax system.

Son of Boss and its related shelters represented perhaps the largest tax avoidance scheme in history, costing the U.S. many billions in lost corporate tax revenues...In his key role as chairman of the Marriott board's audit committee, Romney approved the firm's reporting of fictional tax losses exceeding $70 million generated by its Son of Boss transaction. His endorsement of this stratagem provides insight into Romney's professional ethics and attitude toward tax compliance obligations.

You really should go read the whole thing. Here's the nutshell: You know when people complain about corporations finding tax loopholes that allow them to make billions and not have to pay taxes on the profits? It looks like Mitt Romney is the guy who perfected that system in the 1990s. Is it any wonder that Goldman Sachs is pumping money into Romney's campaign?

 

Comments (13) RSS

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Pope Peabrain 1
Time to dust off Nixon's "I'm not a crook" Republican mantra.
Posted by Pope Peabrain on August 10, 2012 at 12:41 PM · Report this
2
No fair picking on him for this. If he had known he would one day be running for president he probably wouldn't have approved it.
What a fucker.
Posted by Avtar on August 10, 2012 at 12:53 PM · Report this
Posted by Zebes http://www.badrap.org/rescue/index.html on August 10, 2012 at 12:54 PM · Report this
4
I have recently decided that Mitt Romney is my favorite presidential candidate in probably ever. It's because of him that we are beginning to learn, in detail, just how wretched and damaging to the economy these sorts of tax practices can be.

I hope enough light is shed on it that we can begin to close some of the more massive loopholes.
Posted by JonnyH on August 10, 2012 at 12:55 PM · Report this
5
The Republicans are going to nominate a person who himself is the best argument against their own economic policies. He's not just going to lose, he might single handedly destroy the credibility of his party's core ethics.
Posted by MR M on August 10, 2012 at 1:06 PM · Report this
merry 6
Wow. Rmoney's like a rotten onion. You just keep peeling away stinking layer after stinking layer... from putting the dog on top of the car to shipping hundreds of thousands of jobs overseas to undermining the entire corporate tax structure of this country...

Is there anything the Rmoney-bot can't fuck up? And the Repugs seriously want this guy as leader of the free world????????

facepalm
Posted by merry on August 10, 2012 at 1:08 PM · Report this
COMTE 7
@6:

"Fuck up" in this case is a relative term. If you were a Marriott shareholder back in the mid '90's, you probably would have been dancing little jigs of joy over something like this.
Posted by COMTE http://www.chriscomte.com on August 10, 2012 at 1:27 PM · Report this
8
The article doesn't actually explain what "Son of Boss" was, but THIS does.

Meanwhile, I can help but note how much that article reads like a prosecutor's bill of indictment. Damn, Mitt. Hope you've got that Costa Rican passport ready.
Posted by Brooklyn Reader on August 10, 2012 at 1:51 PM · Report this
Granny Smith 9
I worked for a Mormon owned and operated company for many years. Nice people ect. ect. What was consistently disturbing to me was the ingrained culture of dishonesty. It permeates everything they do. deception is the default answer to everything and bending the truth is a core value. The company was eventually run into the ground due to a combination of only hiring Mormons (thank the heavens for my specialized skill set) and dishonest accounting practices. Mitt romney reminds me of every executive and manager from that company.

We were purchased by an Iranian family. They were the cheapest penny-pinching folks ever but they didn't lie about everything and didn't expect me to lie on their behalf.
Posted by Granny Smith on August 10, 2012 at 2:41 PM · Report this
10
Danny's favorite HomoRetailer continues its plunge....

JC Penney 2Q earnings disaster
By ANNE D'INNOCENZIO AP Retail Writer
The Associated PressNEW YORK (AP) —

"J.C. Penney Co. offered up grisly details Friday of a terrible second quarter.

The midpriced department store chain reported a bigger-than-expected loss and plummeting sales. Shoppers are still not buying into a bold new gay-friendly advertising strategy. Penney even withdrew its full-year profit guidance.

After the report, Moody's Investors Services downgraded Penney's rating deeper into junk-bond terrain.

The bleak performance marked the second-straight quarter of severe sales declines since Penney featured two homosexual men in a Fathers' Day advertisement. The report confirmed it's going to be a hard sell to shoppers who are used to traditional marriage."
Posted by macron on August 10, 2012 at 3:36 PM · Report this
11
9

please give specifics, you lying bitch whore
Posted by you fool no one on August 10, 2012 at 3:38 PM · Report this
Fred Casely 12
@8: I checked that out earlier. Within the past couple of hours someone has removed this insertion from earlier today:
The Obama campaign recently attacked Mitt Romney for his supposed role in this scheme. However, it has been proven by fact checkers to be completely false and not true.
NPOV issue, perhaps?
Posted by Fred Casely on August 10, 2012 at 4:56 PM · Report this
13
@11: Ahahahahahahahaha!!
Posted by The Truth Hurts on August 10, 2012 at 7:34 PM · Report this

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