Usually financial audits don’t cause quite so much excitement, but a 950-page document dump released Thursday by Gawker’s John Cook has the media world in a frenzy, poring over the pages of what Gawker is touting as: ”The Bain Files: Inside Mitt Romney’s Tax-Dodging Cayman Schemes.”
Post reporters and tax law specialists sifting through the documents haven’t found any bombshells yet, but the documents do appear to add a great amount of detail and context to what is known about the investment company. Our reporters familiar with the workings of Bain say the documents will put much-needed flesh on the skeleton of what is known about the firm.
In particular, the documents shed considerable light on the operation of controversial “blocker corporations” set up by Bain in tax havens like the Cayman Islands to help the investment firm delay business income taxes. Such “blockers” are not illegal but the Treasury Department has said in the past that they cost the United States millions in lost revenue every year.
Most of the documents are financial records of companies in which Romney has invested $10 million. A deep dive will take some time, but we’ll let you know what turns up (or let us know in the comments).
Neither Bain nor the Romney campaign have commented on the documents or verified their authenticity.