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Obama Attacks Romney's Offshore Accounts

President Barack Obama's re-election campaign on Monday rolled out further attacks aimed at the record of former Massachusetts Gov. Mitt Romney, the presumptive GOP presidential nominee.

Obama for America's "Truth Team" released a video to highlight Romney's financial accounts in the Cayman Islands, Bermuda and Switzerland, and how he uses them.

"Mitt Romney could be the first President in history to stash millions offshore, so the American people deserve an explanation as to why he chose to invest in other countries known as tax havens rather than the United States," said Obama For America spokesman Ben LaBolt. "But they haven't heard one from him because Romney refuses to follow precedent and release his tax returns."

Obama's ad buy comes on the heels of an article by Vanity Fair that questioned the legitimacy of Romney's offshore accounts. But campaign spokeswoman Andrea Saul dismissed the idea of any improper activity.

"Mitt Romney had a successful career in the private sector, pays every dime of taxes he owes, has given generously to charitable organizations, and served numerous causes greater than himself," Saul said.

But Obama officials show no sign of letting up from focusing on Romney's offshore holdings. Romney released his 2010 tax returns in January, under pressure from his GOP primary challengers. But he did not release the past 12 years' worth of his returns, as his father did during his 1968 presidential run and has become precedent in recent years.

Deputy Obama campaign manager Stephanie Cutter said in a statement that Romney's reluctance shows he is deceiving voters.

"If there's nothing to hide, why not clear it all up and release multiple years of returns like every candidate has done for decades, including Mitt Romney's own father?" Cutter said.

by RTT Staff Writer

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