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Political Discussion
Reply to "Romney's 100 mil ira"
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[quote=Anonymous]I haven't researched any of this, or followed the news reports on it, but here's one guess at how it might be done .... Mitt (along with 19 other business partners or relatives) creates a new closely-held company ("IRA Co"). The preferred stock of IRA Co is initially worth only $1/share, so it easily can go into an IRA account. But over the years, each of the founders transfers huge sums of money (perhaps $1m/year each, or maybe more) into IRA Co. After a few years, the preferred stock of IRA Co, which is all held in retirement accounts, is worth several million dollars per share. Would something like that make sense?[/quote]
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