text: Romney Explains Cayman Island Investments - Washington Wire - WSJ
  http://blogs.wsj.com/washwire/2012/07/17/romney-explains-cayman-island-investments/
  Jul 17, 2012 4:28 pm ET
  Mitt Romney, in an interview with the National Review, improved greatly on his campaign's halting explanation of why he has held investments in the Cayman Islands, a Caribbean tax haven.
  Still, the new defense seems unlikely to quell attacks from the Obama camp, which seems to like tossing around phrases like "tax haven" and "Cayman Islands" and connecting them to Mr. Romney. So far this week, it has launched two ads on the topic. (To view them, click here and here.)
  "The world of finance is not as simple as some would have you believe," he added. "Sometimes a foreign entity is formed to allow foreign investors to invest in the United States, which may well be the case with the entities that Democrats are describing as foreign accounts."
  The Romney campaign has denied all along that there was any tax advantage for Mr. Romney in locating his investments in Cayman Islands funds. But it hasn't really explained until now why the funds were located in a tax haven – leaving voters to wonder what other reason there could be.
  The Obama campaign has seized that opportunity, repeatedly suggesting that Mr. Romney has indeed used the Cayman Islands funds to duck taxes. Some tax experts also say it's possible that Mr. Romney himself has used the Cayman location to avoid some U.S. taxes that could otherwise have hit his IRA.