2012-07-17 — bloomberg.com
The most mysterious of the unexplained mysteries about Mitt Romney's considerable wealth is how he was able to amass between $21 million and $102 million in his individual retirement account during the 15 years he was at Bain Capital LLC.
How did he do it, given the relatively small amounts that the law permits to be contributed to such a plan on an annual basis? Romney has not explained this conundrum...
What was "quite troubling" to Kleinbard is that he suspected Romney may have contributed these interests to his IRA at a fraction of their market value -- "pennies on the dollar" -- and well below what he might have charged you or me. When the buyouts became successful, Kleinbard proposed, the pennies on the dollar were suddenly worth real dollars.
"What's very frustrating to me about all this is that we can only talk in abstractions and generalities because, again, of the lack of disclosure," Kleinbard said.
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