Report: Bain Capital Among Firms Being Investigated By N.Y. Attorney General

[ProSense]

Report: Bain Capital Among Firms Being Investigated By N.Y. Attorney General

Bain Capital, the company co-founded by Republican presidential nominee Mitt Romney, is reportedly among several private equity firms being investigated by the New York attorney general.

According to a story published on Saturday on the New York Times’ website, Attorney General Eric Schneiderman (D) sent subpoenas to six firms in recent weeks to determine whether they improperly managed to cut hundreds of millions of dollars from their tax bills. Romney helped found Bain Capital in 1984 but left the company before becoming governor of Massachusetts in 2002.

http://livewire.talkingpointsmemo.com/entry/report-bain-capital-among-firms-being-investigated-by

"Did you know that Romney had a serious stake in the CDO-Derivatives game?"
http://www.democraticunderground.com/1002999369

[a geek named Bob]

1. Maybe we ought to call Mitt by his proper title

Vampire in Chief

[APate]

2. Wonderful and good to read the history!

Here's some good reading, but you may want to wash afterwards:

http://www.rollingstone.com/politics/news/greed-and-debt-the-true-story-of-mitt-romney-and-bain-capital-20120829?link=mostpopular1

Enjoy!

[ProSense]

3. Thanks for the link.

Welcome!

[Initech]

4. If corporations are people - Bain Capital is a serial killer.

[Panasonic]

7. Federal death penalty

for Bain Capital (forced Chapter 7 dissolution) - with real death penalty of their officers and executives.

[Lone_Star_Dem]

5. Mitt Romney: What I Learned at Bain Capital

Was how to commit tax fraud?

I'm wondering why he won't show his taxes less and less with each passing day.

Romney’s Former Company Under Investigation For Tax Evasion

Bain Capital, the private equity firm founded by presidential candidate Mitt Romney, is under investigation for questionable tax practices, according to the New York Times. Since July, New York Attorney General Eric Schneiderman has been issuing subpoenas to private equity firms including Bain, which he believes intentionally changed management fees into capital gains as a way of hanging onto millions of dollars that would have otherwise been taxed at a higher rate. Bain alone is estimated to have saved “more than $200 million in federal income taxes and more than $20 million in Medicare taxes.” It is unclear whether the tax strategy was used while Romney was at the helm of the company, but the Times reports that Romney is still making money on funds that are using the method in question. A lawyer who handles Romney’s money says he “can confirm that neither he nor the trust has ever done this, whether before or after he retired from Bain Capital.” Still, little is known about Romney’s finances, except that he makes a windfall on capital gains each year, since he has refused to release his tax returns.

http://thinkprogress.org/politics/2012/09/01/787661/romneys-former-company-under-investigation-for-tax-evasion/

[ProSense]

6. "since he has refused to release his tax returns. "

What is Mitt hiding?

[ProSense]

8. Kick! n/t