WASHINGTON (PRNewswire) - The following has been issued by the Democratic National Committee:

Sliding in the polls and struggling to overcome his image as a serial flip-flopper, the New York Times reports that smooth talking Mitt Romney is trying to shift attention away from ideological issues and toward his business record. In light of recent revelations about his leadership at Bain Capital, he might want to reconsider.

This week, the Los Angeles Times revealed that Romney used "shell companies in two offshore tax havens" to help clients "avoid paying US taxes".

At Bain Capital, Romney reportedly steered clients toward tax shelters in the Cayman Islands and Bermuda, attracting "billions of additional investment dollars" to Bain Capital, boosting profits for Romney and his partners. The Times also reported that Romney continues to earn money from at least one of his Cayman Island tax shelters, including more than $1 million last year from BCIP Associates III Cayman, "a private equity fund that is registered at a post office box on Grand Cayman Island."

On Romney's watch, Bain Capital also developed a reputation for extracting "jaw-dropping" consulting fees out of companies, sometimes just shortly before those companies collapsed and workers were left jobless.

Maybe Romney would rather focus on his personal financial business, for example the millions he made from his trust funds when they invested in companies doing business in Iran, despite his sharp rhetoric on the campaign trail urging state pension funds to divest from those companies.

"If smooth talking Mitt Romney thinks he can rescue his floundering campaign by talking about his business experience then by all means, let's talk about his whole record," said Democratic National Committee spokesman Damien LaVera.

"After Romney explains why he helped companies set up offshore tax havens and slash jobs instead of investing in America's economy he can explain why he talks tough on divesting from companies doing business in Iran when his own trust funds are littered with those same investments. With a record like that, Romney might have an easier time explaining all those flip-flops."

He's So Bain:

Mitt Makes Millions on Offshore Tax Shelters Taxes...

Romney Got Rich Advising Clients to Use Offshore Tax Shelters. "While in private business, Mitt Romney utilised shell companies in two offshore tax havens to help eligible investors avoid paying US taxes, federal and state records show. Romney gained no personal tax benefit from the legal operations in Bermuda and the Cayman Islands. But aides to the Republican presidential hopeful and former colleagues acknowledged that the tax-friendly jurisdictions helped attract billions of additional investment dollars to Romney's former company, Bain Capital, and thus boosted profits for Romney and his partners." [citation: Los Angeles Times, December 17]

Romney Still Profiting from Offshore Shelters. "In the Cayman Islands, Romney was listed as a general partner and personally invested in BCIP Associates III Cayman, a private equity fund that is registered at a post office box on Grand Cayman Island and that indirectly buys equity in US companies. The arrangement shields foreign investors from US taxes they would pay for investing in US companies. Romney still retains an investment in the Cayman fund through a trust. Campaign disclosure forms show the investment paid him more than $1 million last year in dividends, interest and capital gains." [Los Angeles Times, December 17]

Financial Advisor Increased Mitt's Offshore Investments. "His financial trust retains investments in at least 32 Bain and Sankaty equity, hedge and debt funds, among other assets, the documents disclosed. Under his retirement agreement, Romney retains a share of the profits at Bain Capital, as well as the right to make new investments in Bain funds through his trust, until February 2009. Malt said he had repeatedly increased Romney's stake in the Cayman fund since 2003. He said he was unaware of the specific figures, but added that he knew he 'wrote a lot of checks,' and that it paid a return of 20 percent to 30 percent a year." [Los Angeles Times, December 17]

...While Cutting Jobs and Closing Companies...

The Bain Way: Collect Millions in Fees Then Shutter the Shop. "From 1984 until 1999, Romney led Bain Capital, a Boston-based private equity group that earned jaw-dropping profits through leveraged buyouts, debt hedge funds, offshore tax havens and other financial strategies. In some cases, Romney's team closed US factories, causing hundreds of layoffs, or pocketed huge fees shortly before companies collapsed." [Los Angeles Times, December 16]

Romney "Unconcerned About Those Affected By His Decisions." "Some of Romney's colleagues recall him as vain, however, and focused only on the bottom line. They saw him as impatient and unconcerned about those affected by his decisions." [LA Times, December 16]

• Bain Reaped $100 Million While Hundreds Lost Jobs and Ampad Went Bankrupt. In 1992, Bain Capital invested $5 million towards the purchase of American Pad & Paper (Ampad) from Mead Corp., which, at the time, was only $11.3 million in debt with sales of $106.7 million. Over the next eight years, under Bain management Ampad had gone public, made several acquisitions, and made over $100 million in payouts to Bain and to its investors. By 1999, two American plants were closed, 385 Ampad workers were laid off, the company was $392 million in debt, sales were slipping, and, the next year, its creditors forced Ampad into bankruptcy. [Securities and Exchange Commission Filings, Boston Globe, June 26]

The Democratic National Committee, www.democrats.org paid to have this article diseminated over the newswires. This communication is not authorised by any candidate or candidate's committee.