How Did Mitt Romney Get $100 Million in His IRA? By Rigging the System?
Here's an excellent question. How does one get a hundred million in their IRA?
He may have generated a return of of 30% a year to reach $100 million. Or, in a possibility Kleinbard calls troubling, Romney may have rigged the system. “Complete disclosure would clarify it,” Kleinbard says. One possibility is that Romney put the money into funds he controlled, then sold them at prices he set. “The question is, did he set the prices at an honest, fair market value? Or did he lowball the prices?”
You have to love the idea of Mitt even having an IRA. It was designed for middle and upper middle class types to save money for retirement not for vulture capitalists worth hundreds of millions to defer taxes --- and possibly rig their returns. But hey, whatever works right?