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But longtime Republican operative Charlie Black said the Obama team's focus on Romney's personal finances was a Washington-driven issue that was unlikely to resonate with voters who would rather hear the candidates talk about their plans for job creation and economic growth. "What people want to know is, did Romney file all of the legally required disclosures, which he did," said Black, an informal adviser to Romney's campaign. "They already know he's a rich guy." While federal laws require Romney to release a broad portrait of his personal finances, candidates are not required to release their personal tax returns, despite the longstanding precedent for doing so, first set by Romney's father. Obama released seven years' worth of returns during his 2008 campaign. Romney, who could be worth up to $250 million, would be among the nation's richest U.S. presidents if elected. He made his fortune at Bain Capital, a Boston-based private equity firm that has become a key part of the argument for his White House bid. He hasn't drawn a regular paycheck in more than a decade, however, and has instead lived off a series of investments. Romney faced pressure to release details of his finances during the GOP primary from Republican opponents who warned that the issue could follow him into the general election. "If there's nothing in there, why not release them, and if there is something in them, better to know now," former House Speaker Newt Gingrich said in January. Romney did relent under party pressure and release his 2010 returns. That forced him to amend the personal financial disclosures he had filed earlier in the year because those documents didn't mention a Swiss bank account or a series of funds that were set up in foreign countries. Romney has yet to release his 2011 tax returns; he filed for a time extension. His advisers say he'll release them before the Nov. 6 election. Romney's financial filings include at least six Cayman-based funds, worth between $7 million and $32 million, run by Bain. More than a dozen other funds based in the Caymans and Bermuda showed up on his 2010 federal tax returns. His campaign says he pays the same taxes he would if they were based in the United States. Romney closed his UBS bank account in Switzerland in 2010 as he prepared to run for president.
[Associated
Press;
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