Cayman connection could spell trouble for Romney

| 04/08/2008

(CNS): They say you can’t choose your family but you certainly can choose your running mates, and if John McCain selects Mitt Romney as his VP in the upcoming US Presidential election race, Romney’s connection to the Cayman Islands could cause trouble for the duo, according to the US media. Romney’s former colleagues in the private equity industry say a heated campaign will paint them as job-killing fat cats, eager to stomp the little guy to make a quick buck.

Before he was elected Governor of Massachusetts, Romney formed the private equity firm Bain Capital, which he headed for 15 years, during which time he is estimated to have made about $250 million. The firm specialised in buying troubled companies which would be restructured, usually by laying off workers, and sold for profit.

The Republican primary offered a glimpse of what could be ahead for a possible McCain-Romney ticket and the industry. "I believe most Americans want their next president to remind them of the guy who they work with, not the guy who laid them off," Republican rival Mike Huckabee had noted at the time.

According to presidential race experts, the media coverage given to the potential running mates could make or break the decision for both potential candidates. Last December, the Democratic National Committee severely criticised Romney for closing US factories, investing in Iran, and of course using Cayman Islands tax shelters.

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