Romney Failed to Disclose Swiss Bank Account Income


The discovery that Romney's vast holdings included an account in Switzerland, a country long notorious for helping the very wealthy hide their assets, came during his release of his tax return earlier this week. Malt, who oversees Romney's blind trusts, acknowledged during a conference call with reporters that he decided to shut down the Swiss account because he worried it could create a headache for Romney's campaign. "It might or might not be consistent with Governor Romney's political views," he said. "The taxes were all fully paid … it just wasn't worth it. And I closed the account."

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That suggests, Allison said, that the campaign had a motivation to exclude any evidence of the Swiss account from the candidate's forms. The Romney campaign called the omission an oversight.

Allison noted that there is generally no penalty for a candidate who leaves something off a disclosure report, and then goes back to amend the report if the missing information is discovered.

"Nobody is going to get into trouble for this," he said. "That is the problem with the disclosure system."

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