Romney failed to disclose big Swiss bank holdings

Will Rahn Senior Editor
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Mitt Romney did not disclose the existence of a Swiss bank account in forms filed in 2007 and 2011, ABC News reports.

The Romney campaign is now amending those reports to include the Swiss bank account, which held $3 million, and was revealed when the former Massachusetts governor released his tax returns on Tuesday. They argued that they did not need to disclose the account because the Romney’s money manager had it closed in 2010.

Romney also decided to amend his 2007 financial disclosure form, which was released during his first run for the presidency, to include the account.

In a statement released to reporters, Romney spokesperson Andrea Saul dismissed the discrepancy as “inadvertent” and “trivial.”

“The inescapable fact is that by releasing over 600 pages of information regarding his finances, Mitt Romney is clearly coming down on the side of disclosure,” Saul said.

The news, however, is of questionable worth to Romney’s chief rival for the Republican nomination. According to ABC News, former House Speaker Newt Gingrich has failed to report income totaling $252,500 in his financial disclosure form.

“An internal account review found the need to amend the reporting,” a Gingrich staffer told the news organization. “It was done immediately.”

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