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Obama team calls Romney blind trust ‘not-so-blind’
Over the last two months since Mr. Romney secured the Republican nomination for president, the Obama campaign tried to saddle Mr. Romney with Bain’s role in shuttering manufacturing plants and laying off workers in some of the companies it owned.
Despite harsh criticism from workers who lost their jobs, Republican supporters and several leading Democrats have given the company credit for other successful investments that have helped businesses expand and hire workers.
The Associated Press reported Thursday that Mr. Romney’s financial ties to Bain are unlikely to end any time soon. Just last week, Mr. Romney disclosed more than $2 million in new income from Bain and taxation experts say the payments raise the very real possibility that Mr. Romney could continue receiving income from his former company over the next several years.
Although nowhere near Mr. Romney’s personal fortune, Mr. Obama’s book sales have made him a millionaire worth between $2 and $7 million, according to his latest annual financial disclosure report.
When he arrived in the Senate in 2005, Mr. Obama set up a blind trust but when he received a prospectus from one of the investment companies, he realized that the trust was not sufficient to protect him against even the perception of a conflict of interest, according to a campaign spokesman.
Mr. Obama then sold the stocks, closed out the trust and placed his holdings in U.S. Treasury notes and bills.
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About the Author
Susan Crabtree is an award-winning investigative reporter with more than 15 years of reporting experience in Washington, D.C. Her reporting about bribery, corruption and conflict-of-interest issues on Capitol Hill has led to several FBI and ethics investigations, as well as consequences for members within their caucuses and at the ballot box. Susan can be reached at firstname.lastname@example.org.
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