From The Guardian UK: http://www.guardian.co.uk/commentisfree/2012/jul/12/mitt-romney-offer-government-billionaires
In the Romney candidacy, the Republican party has found the apotheosis of the fact that it now represents solely the super-rich
"Too much money" sounds like an oxymoron, especially when applied to American politics. But in the last week, Republicans are beginning to learn that lots of money can have its downside. Thursday's story that Romney may have actively directed Bain Capital three years longer than he claimed – a period in which Bain Capital-managed companies experienced bankruptcies and layoffs – caps what must be the worst weekly news cycle of any modern American presidential candidate. From images of corporate raiding, to luxury speedboats, to offshore accounts in the Cayman Islands, to mega-mansions in the Hamptons, this week's stories suggest that the candidacy of Mitt Romney – poster-boy for the symbiotic relationship between big money and the modern Republican party – is in serious trouble.
Last weekend's photos of the Romney clan on a luxury speedboat cruising around a lake in New Hampshire, where their multimillion-dollar compound sits, were startling in their tone-deafness. And just to make sure the sentiment wasn't lost on anyone, at a campaign event the same week, Obama recounted childhood memories of touring the US with his grandmother by Greyhound bus, even the thrill of staying at a Howard Johnson motel. In a smart political calculation, the Obamas chose to forgo their annual summer vacation in Cape Cod (a nice upper-middle class vacation spot, mind you, but nowhere near the same league as the Romney estate). Instead, Obama was photographed visiting a senior citizens' home in the battleground state of Ohio.
And the hits kept coming. Next, Vanity Fair published an article listing the Romneys' various offshore investment accounts worth potentially hundreds of millions of dollars in the secretive tax havens of Cayman Islands and Bermuda, as well as a since-closed Swiss bank account. Democrats stoked the predictable outrage from the revelations. On the Sunday ABC news program "This Week", Maryland Governor Martin O'Malley thundered:
"Mitt Romney bets against America. He bet against America when he put his money in Swiss bank accounts and tax havens and shelters."
On the same program, Bobbie Jindal, Republican governor of Louisiana, could only lamely respond:
"In terms of Governor Romney's financial success, I'm happy that he's a successful businessman."
While there is no evidence that the Romneys illegally evaded taxes through their various offshore accounts (their secretiveness making it impossible to tell), the reek of entitlement became overwhelming when it was revealed that the Romneys had accumulated somewhere between $20m and $101m in an "IRA", a tax-advantaged retirement account designed for middle-class savers, limited to a few thousand dollars a year contribution. As one commenter parried, "I may be stupid, but I ain't no fool." In other words, we might be too stupid to understand how Romney was able to obtain all these tax breaks legally, but we aren't fooled about unfairness of it all.