Mitt Romney defends his finances

Updated 12:25 p.m. ET

(CBS News) Mitt Romney took to the defensive Monday after a series of Democratic attacks on his finances, stating he has no knowledge of the specifics of his holdings because they're in a blind trust.

"I understand and you understand, of course, that my investments have been held by a blind trust, have been managed by a trustee. I don't manage them - don't even know where they are," Romney said during an interview on Monday on Radio Iowa. "That trustee follows all U.S. laws, all the taxes are paid as appropriate. All of them have been reported to the government. There's nothing hidden there, there's nothing."

"Let's say if you own shares in say Renault or in Fiat, you still have to pay taxes, you still have to disclose that in the United States, so you know I understand," he added.

Democrats have been relentless on this issue in recent days.  Tuesday, at his speech to the National Council of La Raza in Las Vegas, Vice President Joe Biden is set to call on Romney to release more of his tax returns.  According to prepared remarks, Biden will say, "Mitt Romney wants you to show your papers, but he won't show us his."

Over the weekend, Democrats filled the Sunday morning political talk shows citing a Vanity Fair article that suggested Romney's fortune is housed in offshore bank accounts in Bermuda, the Cayman Islands and Switzerland. They called on Romney to be more transparent in his finances and release more than one year of tax returns.

Romney called Obama "outsourcer-in-chief" in the video to the left.

President Obama entered the fray Monday. During an interview with WMUR-TV in Manchester, N.H., the president was asked if it's acceptable for a presidential candidate to have offshore bank accounts.

"I think what's important, is if you're running for president, the American people know who you are, what you've done - that you are an open book," he said. "That's been true of every presidential candidate dating back to Mr. Romney's father," the president said, referencing a common comparison: Mitt Romney to his father George, who ran for the Republican nomination in 1968 and released 12 years of tax returns.

However, Romney said the president is just trying to distract from his "failure to actually reignite the economy."

"The president's going to try and do anything he can to divert attention from the fact that his jobs record is weak and he has no plan to make things better. That's the startling thing," Romney said.

[PhilCrase]

So Obama wants 10 years of Romney tax filings? Let's see 10 years of Obama's. Actually, I think a challenge is due: In exchange for a release of school/college transcripts, scholarship info, attendance records, Romney agrees to release one additional year. In exchange for Obama's release of Exec. Order re Fast 'n Furious, and the subsequent release of requested documents by Holder, a third year of tax filings will be released. A fourth year of Romney's taxes will be forthcoming only when Obama releases a full accountability of all stimulus funds spent on failed green projects ($$$, jobs, political connections, including those where our stimulus went to provide jobs overseas.

[Kenhudson]

Obama has put his tax records and net worth right on the line. Evident'y you haven't been paying attention.

[Rasmussen-Fisher]

We know nothing about Obama and we know better than to ask or we would be racist.

[bundush]

Gee, a guy living in America makes some money, and that is a bad thing?

I guess when some have nothing else going for them; you take what shots you can.

I would rather have a guy working for me who makes money, not one who lives on borrowing money.

[Kenhudson]

Theres nothing against making money. It's where you hide it!

[stevehamilton858]

That's a seriously deficient comparison. What in the world does the qualities of someone working for you have to do with what's needed to do the toughest job in the world? And, if you knew anything about accounting, you would realize that the Treasury Department borrows money to pay the legal obligations of the US, irrespective of which president actually incurred the obligation, as for instance, the sitting president's predecessor did with Medicare drugs and two wars and a big tax cut that had to be offset with more borrowing.

[agkcrbs]

Concerned liberals are free to fill the impressive expanse of their minds with whatever lovely lies their masters spin for them. The reality is that Obama's open book has been sealed shut from the start, and swing voters have sickened of him. The first nail in the coffin of his transparency was the foisting of ObamaCare; the last nail was when he spread a curtain over the scandal of his other, non-Republican homeboy, Eric Holder. He's a deeply cynical man, now burning up millions on disproven ad hominem assaults, now begging his dwindling supporters for more cash for the furnace, while frightening them with more lies/gaffes about how he was actually "outspent" last time. He's created his own enemies, demonising the wealthy for an $80-billion mess of pottage, driving both the Jewish and Black margin over to the other side with his policy flip-flops before making poor Michelle his puppet to go blend church and state to wheedle them back. Barely a word seems to escape his campaign that isn't another blanket condemnation of one or another class of Americans. The union hands in his pockets offer precious little of the economic guidance he so badly needs. That said, I have supported him on Libya, Vietnam, and Mongolia, but he's demolished himself with Russia, Syria, and Pakistan.

Like I say, the middle is tired of him. In 2008, that same middle chose to overlook his dearth of preparation because of Bush-weariness. And now in 2012, try as he might to deflect and distract from his failures with his target-painting on Romney, the middle is simply not as interested as he is to blame a candidate for the sins of an incumbent.

[Cru09]

And yet Romney has a sisyphean task set before him.

[stevehamilton858]

Irrespective of all your comments, Romney is DOA. Hispanics won't vote for him, evangelicals won't vote for him, animal lovers won't vote for him, professionals concerned about non-disclosure of significantly relevant personal data won't vote for him, blacks certainly won't vote for him, particularly since he blew his NAACP presentation big time. Who's left? ABO wingnuts. He's toast, and he did it to himself.

[Jaylah54200]

apu20, you're the only person that can do anything about your ignorance.

[dotherightthing4]

The government spends $80 billion in 8 days--this is a joke and won't make a difference--all smoke, mirrors and more class warfare. Obama is done the opposite of what he promised. He has divided this country along lines of race, legal vs illegal, Christian vs Muslim, gay marriage, women's rights--most of the time creating issues where none exist--all in the name of political gain. It's the Chicago way. He does not love America or her people. He has squandered billions of taxpayer dollars on bogus bankrupt Green Industry all designed to pay back his campaign bundlers. He has outsourced thousands of jobs courtesy of his own JOB CZAR, Jeff Imelt. The Hypocrite-in-Chief.

[moretruthnow]

You are a liar and have no truth. President Obama was born in Hawaii and very lucky to have grown up in such a lovely place. But you right wing hatemongers sure spend your time wishing and hoping and wishing and hoping that your dreams will come true. President Obama's church for 20 years was a church like any other where the minister preached the word of God. Nothing said there compares to many of the most horrid and hateful right wing pulpits where ministers are lying about President Obama and spreading hate about him, but that is fine in your right wing demented minds.

[Jaylah54200]

"Right wing" and "mind" in the same sentence. Hysterical!

[Jaylah54200]

Isn't it funny how none of the TeaPublican Rush/Romney-bots have said anything about their own volunteer activities? Of course, we know why. Their mantra is "I've got mine so who gives a s#*t about anybody else?"

I also volunteer two afternoons per week with a (large) group in the town where I live that "gleans" near-expiration-date foods from local grocery stores and the university food service. They use that donated food to prepare an evening meal every day, which is open to everyone...no questions asked. What's left over after preparing the meal is offered (again, no questions asked) at a "Free Market" on Monday and Thursday afternoons.

Most people on the SNAP program have at least some income, so don't qualify for the maximum benefit each month, yet don't make nearly enough money to make ends meet. However, they can usually get quite a few groceries from the Free Market (especially if they attend both days every week) and then use their SNAP benefits to get what isn't available from Free Market.

It's really a win/win situation. That's all food that used to be literally thrown in dumpsters.

[Jaylah54200]

Ah, but the question we all want to know is: Did you have a Dalmatian riding shotgun with you when you were driving? :)

[Lindag20]

Hey OBAMA4ALL: Is it just me or have there been a lot less "booting" since Mortar cut out?

[Lindag20]

Shark I wasn't talking to you, so go swim in circles.

[mikesfilms]

Romney's hogwash: Tax cuts to the 1% and corporations will rain jobs and money on the 99%. It hasn't happened the last 12 years of Bush's cuts. But made it worse.

[RepubsAreFiscallyLiberal]

by Jaylah54200 July 10, 2012 7:25 PM EDT
I guess, if I was a couch potato and had nothing to do but sit around and watch television all day, I'd probably go ahead and get cable.

As it is, I waste enough of my time sitting here and laughing at all the TeaPublican Rush/Romney-bots.

I was really naughty today and stopped to get a cup of Barq's root beer after I finished my weekly stint volunteering at the local animal shelter, so I think I'm going to go indulge my sweet tooth before 7:00 when the "good stuff" starts on PBS.

Tonight it's "Michael Wood's Story of England, Part 3" followed by the new episode of "Frontline" (Endgame: AIDS in Black America).

But, of course, neither of those is "historical" like watching fat, drug addicted Rush would be.

---------

Spot on, Jaylah - hilarious!! I enjoy volunteering, as well. I work with the homeless once a week, work with helping miniature horses get to hospitals and nursing homes, and contribute money where I feel it's well spent.

And I LOVE Barq's!

The plus to Rush is that no history nor intelligence is required - just hate - which is why he's so widely appealing.

[Lindag20]

I like volunteering too. I used to volunteer at a local museeum, but it closed and haven't found anything else I want to do just now. However I HATE root beer, I'll settle for some Chamomile tea and enjoy the nuts spouting Fox/Rush statements.

[55minus5]

Romney defends his finances?
Why should he DEFEND them?

[RepubsAreFiscallyLiberal]

Beats me - he gave McCain about a dozen years' worth when he was being considered for VP.

[55minus5]

Uh. Uh-oh. I see now.