Video: DWS Nailed On Tax Transparency Hypocrisy

Posted: Jul 10, 2012 1:45 PM

Yesterday we wrote about national Democrats' distraction du jour, Mitt Romney seeeeeecret bank accounts, or whatever.  Leading this dopey rhetorical charge was -- who else? -- DNC Chairwoman Debbie Wasserman Schultz:

"I’d really like to see Mitt Romney release more than one year of tax records because there’s been disturbing reports recently that he’s got a ... secretive Bermuda corporation that no one knows anything about, investment in the Caymans ... he’s got a  Swiss bank account,” the Democratic National Committee chairwoman said on Fox News Sunday. “Americans need to ask themselves: why does an American businessman need a Swiss bank account and secretive investments like that?” the Florida congresswoman said.

Peruse that passage one more time, then watch this clip.  Kudos to the reporter from Boston's WCVB-TV:

Oh, but she's not running for president, you see.  She's merely the chairwoman of the Democratic National Committee and a sitting member of the United States Congress.  Plus, she's "filed full financial disclosures required by law."  Which is...exactly what Romney has done.  Except that he's also augmented his legally-required paperwork by volunteering two years' worth of tax returns, which show that he's paid every dime of his tax obligation and that he and his wife are world class, multimillion-dollar philanthropists.  Look, I recognize that DWS isn't running for president (can I circulate a petition?), but I still feel compelled to say something here. Americans need to ask themselves: Why does a prominent American Congresswoman need to be so secretive about her tax filings?

UPDATE - There's more:

Disclosure forms reveal that Democratic National Committee chair Debbie Wasserman Schultz, a member of Congress from Florida, previously held funds with investments in Swiss banks, foreign drug companies, and the state bank of India. This revelation comes mere days after the Democratic chair attacked presumptive Republican presidential candidate Mitt Romney for holding money in Swiss bank accounts in the past.  But disclosure forms reveal that in 2010, Wasserman Schultz invested between $1,001-$15,000 in a 401k retirement fund run by Davis Financial Fund. As the fund discloses, it is invested in the Julius Baer Group Ltd. and the State Bank of India GDR Ltd., as well as other financial, insurance, bank institutions.

"The Julius Baer Group is the leading Swiss private banking group, focusing exclusively on the demands of sophisticated private clients, family offices and external asset managers from around the world," its website explains. "Bank Julius Baer is the principal operating company of the Julius Baer Group, with origins dating back to 1890. The rich Swiss heritage becomes manifest in the values for which the Bank stands, e.g. trustworthiness, accountability, discretion and expertise. However, at the same time Julius Baer is a modern, forward-looking company at the leading edge of a genuine growth industry."

To be clear, there is nothing illegal or wrong about this investment, but DWS swung this door wide open on all of this.  Peddle nonsense, and be prepared to reap more nonsense.  I wonder how many liberal Democrats -- especially their donors -- are feeling a little queasy today, now that ties to Swiss bank accounts have been made into inexpiable and "disturbing" sins.