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Posts Tagged ‘bill parish’

Note:  Mitt Romney Tax Return Analyzed in Separate Post

As an investment advisor I have found reviewing a company’s pension plan to be a good indicator of the sponsoring company’s quality of management.  These pension plans are all available for viewing at http://www.free5500.com via required  annual 5500 ERISA filings.  The filings show not only show total assets yet also investment vehicles used and key administrative rules.

What follows is an analysis of Bain Capital’s 2010 Profit Sharing plan, a plan that likely explains how Mitt Romney so effectively built his IRA into a balance some speculate could be as high as $100 million.

What they appear to be doing is using a “common collective trust” account at Merrill Lynch that likely has Bain Capital partnership related investments contributed at artificially low prices and then rolled out into IRAs each year by participants.  This explains in part why the current plan is so small in terms of total assets, it is essentially being flushed each year.  In 2010 almost a third of the entire plan was rolled into IRAs and the plan document does indeed clearly state that participants are entitled to do one rollover each year.

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One century ago Republican Theodore Roosevelt was elected president and instituted sweeping changes in government, including the establishment of an estate tax and the national park system.  What followed was an economic boom that lasted for years. Roosevelt knew the importance of circulating wealth in order to revitalize the economy by investing in key infrastructure, including the public education system.

Today fierce battle lines are drawn over whether or not the estate tax should be repealed.  On one side are Bill Gates Jr., Grover Norquist and the Wall Mart heirs and on the other side are Bill Gates Sr. and Chuck Collins.  This is certainly not a case of “like father like son.”

While Bill Gates Sr. has co-penned a book with Chuck Collins calling for increased exemptions but not abolishment of the estate tax, Bill Gates Jr. has been the prime funder of Grover Norquist as Norquist tours the country relentlessly advocating a complete repeal of the tax.  Like Bill Gates Sr., I believe the exemption should be raised to $5 million yet do not support a repeal.

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With only two weeks until the election, it is truly disappointing that Senator John McCain has not reached out to independent competent economic advisors. Instead, he is using “Joe The Plumber” to articulate a message that is inaccurate and nonsensical.   History seems to be repeating itself for McCain.

It was in the 1980’s that McCain played the key role in promoting Charles Keating in what was a veritable factory of financial fraud in the Savings and Loan Industry.  Today 20 years later he has aligned himself with UBS Vice Chairman Phil Gramm at a time when UBS is a key player in several massive financial frauds ranging from selling fake municipal securities to affluent investors, so called auction rate securities,  in addition to numerous toxic derivative products to others.  UBS stock has plummeted as a result.

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