Trouble in paradise: Obama has offshore investments in Cayman Islands
posted at 1:20 pm on October 18, 2012 by Howard Portnoy
It appears that Mitt Romney is not the only candidate for president with investments in the Cayman Islands. Another candidate has investments offshore in that island paradise as well. His initials are B.O., as in body odor.
Politifact, one of the left’s favorite sources of campaign dirt, confirms that “investments made by managers of the Illinois pension fund in which Obama has an account” does indeed have holdings in the Cayman Islands.
The site notes that “one of the tense moments in the second presidential debate” centered on Romney’s claim that the president invests in foreign firms. “Mr. President,” Romney asked, “have you looked at your pension? Have you looked at your pension?” Obama’s response—“You know, I don’t look at my pension. It’s not as big as yours so it doesn’t take as long”—earned appreciative cackles from the audience and generated a round of high fives and applause among “impartial” liberal “journalists” back in the spin room.
Romney followed up with the advice to Obama that you “have investments outside the United States” including “investments through a Caymans trust”—which, in fact, is true.
What makes the revelation damning for the Obama camp is their repeated insinuations that Romney’s “foreign investments” are selfish and un-American. Politifact reminds the reader of a July 2012 ad by the Obama campaign lambasting Romney for his millions in the Cayman Islands, among other “tax havens.”
If there is solace to be taken in Obama’s bitter acceptance of the truth that he is as selfish and un-American as Romney, it is the fact that nothing illegal or improper about offshore investments made through a blind trust.
This revelation is not the first of Obama’s hypocrisy in calling the kettle black. As noted in this space in May:
[T]he bulk of the Obamas’ admittedly brief portfolio is invested in Chicago-based Northern Trust Corporation, a firm that has conducted itself in a manner that some might call ‘vampire-like.’ In 2003, the company, which was a trustee of Enron’s 401(k) retirement plan, was accused of having knowingly failed to prevent employees’ pensions from evaporating. A federal judge cleared the way for a lawsuit against Enron and Northern Trust for ‘misleading company employees by encouraging and in some cases requiring them to hold Enron stock in their retirement accounts, at a time when the stock price plummeted from an artificially inflated level.’ In the case, which commanded national attention, several former Enron executives were charged with manipulating the company’s financial results, ultimately driving it into bankruptcy. [Obama’s tax return for 2011 is here.]
Another discomfiting fact that the Obama campaign would rather not publicize is his having accepted $16 million in Wall Street campaign contributions, an amount that is five times greater than the $2.7 million received from the same source by George W. Bush.
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