Bain Capital being investigated for tax evasion

Discussion in 'Politics' started by Chris, Sep 2, 2012.

  1. Chris
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    Chris Gold Member

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    ALBANY, N.Y. — New York’s attorney general is investigating tax strategies of some of the nation’s largest private equity firms, including Bain Capital, founded by Republican presidential nominee Mitt Romney, an official familiar with the probe said Sunday.

    Attorney General Eric Schneiderman is examining whether the firms have 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.

    Source: NY attorney general investigating private equity firms, including Romney-founded Bain - The Washington Post
     
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  2. Katzndogz
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    Katzndogz Diamond Member

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    Is this like Scott Walker's imminent arrest?
     
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  3. Chris
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    Chris Gold Member

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    Romney's Son of Boss fraud

    In his key role as chairman of the Marriott board's audit committee, Romney approved the firm's reporting of fictional tax losses exceeding $70 million generated by its Son of Boss transaction.
     
  4. GuyPinestra
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    GuyPinestra Senior Member

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    Yup!
     
  5. Chris
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    Chris Gold Member

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    Romney's AMPAD fraud

    American Pad and Paper. Romney and Bain Capital bought it from Mead Company, when it had total debts of $11 million. By the time they sold it, the company had $400 million in debt -- and Bain had earned $100 million off the deals, between fees it charged the company for managing it and for buying other companies, and profits from selling the company's stock after they took it public (for yet another fee). Bain was later sued by stockholders for fraud in overstating the value of the company.

    Mitt Romney's Skeleton Closet -- political scandals, quotes and character
     
  6. Chris
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    Chris Gold Member

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    Romney's KB Toys fraud

    Bain Capital 'purchased' KB for the respectable price of $ 305 million dollars on December 8, 2000.

    Bain Capital only offered $ 18 million in cash, the rest was leaveraged debt put on the company.

    Sixteen months after the buyout, Bain Capital paid itself $85 million in dividends in early 2002.

    January 14, 2004, K·B Toys filed for Chapter 11 bankruptcy protection and closed 365 stores.

    Three years later the rest of the 156 stores were closed down.

    KB Toys - Wikipedia, the free encyclopedia
     
  7. Papageorgio
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    Papageorgio The Ultimate Winner

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    Obama on a witch hunt.

    So blatant.
     
  8. Immanuel
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    Immanuel Gold Member

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    That is what happens when you cross the man in the empty chair.

    Immie
     
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  9. whitehall
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    whitehall Gold Member

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    You bet your ass..ets the almost bankrupt democrats in NY and Holder's "justice" dept is investigating Bain Capital. That's what crooked regimes do when they are behind in the polls.
     
  10. Chris
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    Chris Gold Member

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    Except that it's not the Justice Department.

    And Romney has been involved in fraud before.
     

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