Complaint Review: Mitt Romney
Mitt Romney president Romney Trust Traded Foreign Currency Internet
The trades came at one of many moments of concern about European banks.It's unclear why Romney was swapping foreign currencies, but the transactions stand out as another curiosity within Romney's lengthy 2011 returns, released by his campaign last Friday.The GOP candidate's trust is managed for him by Boston lawyer R. Bradford Malt, and Romney characterizes it as a "blind trust," though he has given Malt general instructions to trade in accordance with his public political stands. [continued below]....
The Romney campaign did not respond to a request for comment on the trades.Update: The trades were most likely used to hedge investments exposed to exchange-rate risk, a common use of currency hedges, according to Brian Galle, a tax law professor at Boston College Law School who analyzed Romney's returns. Romney's trust manager would have offset risk on a foreign investment by also buying a position in that country's currency. Although not uncommon, the currency hedges do reflect the diversity and complexity of the Romney family's investments.
This report was posted on Ripoff Report on 09/27/2012 06:26 AM and is a permanent record located here: http://www.ripoffreport.com/reports/mitt-romney/internet/mitt-romney-president-romney-trust-traded-foreign-currency-internet-947312. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content
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