Bain probed in tax cheat deal

[Guns Guns Guns]

[h=1]Bain Capital probed[/h]

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Private-equity firms raise money from investors such as pension funds and endowments and combine it with loans to acquire companies.

Their goal is to improve performance, sometimes by cutting jobs, and sell the companies for a profit.

Bain disclosed in a 2009 report that the general partner in the fund had in the past waived management fees and converted those fees into an interest in the fund called a "priority profit share."

Mitt Romney the Republican presidential candidate, invested in some Bain funds that employed the fee-conversion strategy.

Romney, who co-founded Bain in 1984, was able to put money into the funds after he left in 1999 to oversee the Salt Lake City Olympics...

Alex Stanton, a spokesman for Bain, didn't respond to an e-mail seeking comment.



http://newyork.newsday.com/business/bain-capital-among-buyout-firms-probed-in-ny-over-tax-liability-1.3945927

 

[canceled.2021.1]

I am sure as soon as they get finished investigating Jon Corzine they will get right on this. You are as concerned about Jon Corzine and his illegal activities aren't you? I am left to wonder because I have never seen a libtardiot bring it up.

Odd I know

 

[Guns Guns Guns]

New York's attorney general is investigating tax strategies of Bain Capital, founded by Republican presidential nominee Mitt Romney, an official familiar with the probe said.



Attorney General Eric Schneiderman is examining whether the firm abused a tax strategy to avoid paying hundreds of millions of dollars in taxes, said the official, who spoke on the condition of anonymity because of the sensitivity of the probe.


The practice involves converting some fees collected for managing accounts into fund investments, resulting in a lower tax rate.



Some tax experts who spoke to The New York Times, which first reported the investigation Sunday, believed the strategy was potentially illegal...

http://www.google.com/hostednews/ap...lhIOBA?docId=a2fe61ec44754378a12bb78b308c3fe4

 

[Howey]

Avoid paying taxes?

Bain????

The horror!

 

[Guns Guns Guns]

Before Mitt Romney retired from Bain Capital, the enormously profitable investment firm he founded, he made sure to lock in his gains, both realized and expected, for years to come.


He did so, in part, the way millions of other Americans do — with the tax benefits of an individual retirement account.


But he was able to turbocharge the impact of those advantages and other tax breaks in his severance package from Bain in a way that few but the country’s super-rich can ever hope to do.


Details of Romney’s retirement assets are somewhat vague because he has released only one year of full tax returns and declined to provide additional specifics about his personal finances.


But interviews with Bain executives and accounting professionals show that he was able to take advantage of tax benefits in innovative ways open only to a narrow slice of extremely affluent people — mostly those who work in private-equity firms and other investment partnerships.


His severance package, for instance, allowed him to continue sharing in the profits of the company as if he were still a partner managing it, according to his 2010 tax return and interviews with present and former Bain executives.


And because he benefited from the firm’s investments as if he were an active Bain partner, he paid taxes at a lower rate on these earnings than if they were treated as ordinary retirement income.














http://www.washingtonpost.com/polit...ddc8de-ec85-11e1-a80b-9f898562d010_story.html