Ann Romney's "Blind Trust" Invested $10 Million in Tagg Romney's Hedge Fund
Ann Romney’s “blind trust” invested $10 million in Tagg Romney’s fledgling hedge fund, Nicholas Shaxson reports in Vanity Fair:
All the assets on Mitt’s financial disclosures are in blind trusts or retirement accounts held by him and Ann. Blind trusts are designed to avoid conflicts of interest for those in public office by having politicians’ assets managed by independent trustees. The Romneys’ blind trust was created when Mitt was elected governor of Massachusetts. Curiously, the Romneys appointed Bradford Malt as their trustee. It’s certainly true that under Malt the trusts don’t appear to be as blind as they might be: for instance, in 2010 the Romneys invested $10 million in the start-up of the Solamere Founders Fund, co-founded by their eldest son, Tagg, and Spencer Zwick, Romney’s onetime top campaign fund-raiser; Solamere is now in the Ann Romney blind trust. Malt has said he invested in Solamere without consulting Mitt or Ann and explained he liked Solamere because of its diversified approach and because he knew the founders and had confidence in them.
Maybe that’s what Mitt had in mind when he told college students to borrow money from their parents to start a business.
[Photo credit: Grand Velas Riviera Maya, Creative Commons.]