Vanity Fair was harsher. "While the Romneys' spokespeople insist that the couple has paid all the taxes required by law, investments in tax havens such as Bermuda raise many questions, because they are in 'jurisdictions where there is virtually no tax and virtually no compliance,' as one Miami-based offshore lawyer put it," wrote Nicholas Shaxson.
Obama himself hasn't been as fierce in criticizing Romney's holdings, though at a campaign rally on Thursday, former Ohio Gov. Ted Strickland introduced the president by teeing off on the reports.
"Mitt Romney is betting his resources in the Cayman Islands, in Bermuda, in Switzerland and God only knows where else he is putting his resources," Strickland said. "Now, my friends, he conveniently has decided that he will not release his income tax returns. Doesn't it make you wonder what Mitt Romney is trying to hide from the American people?"
McGehee said that while efforts to determine a candidate's wealth are clearly political (nobody wants to be an out-of-touch rich guy), having a full understanding of a would-be president's financial background is good policy.
For now, the rules don't require candidates to tell the public everything. "You can have disclosure without having meaningful transparency," McGehee said.