From 1993 through 1998, Mitt Romney was the head of the audit committee for the board of directors of the Marriot hotel chain. It is typical for heads of corporations to serve in these types of capacities on other boards of directors of other corporations. In this capacity for Marriot, Romney oversaw the various tax shelters and tax dodges that were used to avoid paying taxes. Marriot was a corporation that was very aggressive in using these types of instruments and it is telling that Romney felt comfortable serving on the board of a corporation like this.
One of the tax shelters used by Marriot and approved by Romney was something called "Son Of Boss", which was the nickname for a very liberal tax shelter used by many corporations during the rock and roll ninties when Enron was doing some of their dirty work such as bankrupting the California power industry with derivities trading. Son of Boss was found to be so abusive that the IRS collected as much as 100 million from one company in restitution for tax avoidance. In total, the IRS collected over three billion dollars in restitution from corporations who had used Son Of Boss. Marriot paid the government back 29 million dollars as their part in this abusive tax dodge during Romney's time there. They were reportedly the second largest user of Son Of Boss during this period of time.
Romney is very secretive about his affairs but, as we stated previously, during the go go 1990's he was more than comfortable serving as the head of the audit committee of a corporation that was rock and rolling with the best of them. This information came from two noted tax experts who have been critical of other Romney business practices in the tax arena and their reputations are said to be impecable.
Regards,
Joe
To say that "God exists" is the greatest understatement ever made across space and time.
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