Bain Capital being investigated for tax evasion

[thereisnospoon]

Let me guess: He's a Democrat!

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.

Of course. New York has a democrat governor and of course all the top brass are democrat operatives.
NY has one the most corrupt state governments in the nation.

 

[thereisnospoon]

Eric Schneiderman is the only one with the balls to go after Wall Street.

Neither the Republicans nor the Democrats would do it.

Oh now it's Wall Street....
Umm you are wrong. Current Governor Andrew Cuomo did the same thing when he was NY AG..As did the disgraced Eliott Spitzer.
With each administration, even yes, When GOP George Pataki was governor, the state government seeing a sea of red ink and the state public worker unions beating ploughshares into swords angry about their precious wages and benefits, start looking for creative ways to tax business and individuals.
Here is one of the dirtiest things the NY State government has ever done.
Looking for a new source of revenue, the geniuses in Albany decided that if a person lived or worked in NY for just ONE day, that individual's income was subject to a full year of NYS income tax. They then extended that tax to the spouse.
Then the state seeing the number of properties owned by out of state residents, saw another source. They decided that if a person owned property in NY State, they had to prove they did not claim residency in NY lest their total income be subject to NYS income tax. The final indignation occurred when the government in Albany decided that just OWNING a vacation property was reason enough to fire off income tax bills to out of state residents.
Of course, the state has had a very difficult time muddling it's way through one court case after another trying to defend suits against this unlawful money grab.
You fucking tax and spend libs believe there is no end to taxation combined with your sides insatiable thirst for political power and appetite for spending, think you are so smart.
You are actually LOSING revenue by increasing taxes and being unfriendly to business.

 

[Toro]

I believe discovering which is true is why NY is investigating.

I believe it's political.

Maybe. But it is still a valid investigation.

I'll make a point of bumping this thread in the new year after the investigation is quietly shut down.

 

[bripat9643]

Let me guess: He's a Democrat!

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.

Of course. New York has a democrat governor and of course all the top brass are democrat operatives.
NY has one the most corrupt state governments in the nation.

Any government run by Democrats is corrupt, by definition.

 

[thereisnospoon]

So he's investigating a practice that is entirely legal?

That is soooooooooooo liberal!

New York Attorney General Eric Schneiderman issued a round of subpoenas to five private equity firms back in July. He's investigating a rather common practice in the industry known as the "management fee waiver," whereby fees (which would normally be counted as income, taxable up to 35 percent) are converted instead into investments (later taxable at the lower 15 percent capital gains rate). While it's not exactly illegal, there has been a growing movement away from the practice, with leading firms such as the Carlyle and Blackstone groups disavowing any use of it.

But several other big firms (including KKR, and Apollo Global Management) still seem pretty keen on it — and none more so than Bain Capital, the private equity outfit founded by Romney in 1984. In fact, it was a cache of internal Bain Capital documents — illustrating how Bain funds converted $1 billion in fees into investments, saving about $220 million in tax liabilities — that first prompted Schneiderman to look into the process, the Times discovered. The documents also showed that Romney continues to receive profits from several funds implicated in this little tax switcheroo, which is why a lawyer for the recently crowned Republican presidential nominee released the following statement:

Investing fee income is a common, accepted and totally legal practice. However, Governor Romney's retirement agreement did not give the blind trust or him the right to do this, and I can confirm that neither he nor the trust has ever done this, whether before or after he retired from Bain Capital.

Private Equity Firms Subpoenaed Over Tax Process -- Daily Intel

And sooooooooooooo politically motivated.
Only libs do this shit. If they cannot win an election they sick their attack dogs on their opponent in the hopes to discredit them.

 

[thereisnospoon]

Eric Schneiderman is the only one with the balls to go after Wall Street.

Neither the Republicans nor the Democrats would do it.

Spitzer has the balls. But they set him up and got him out of the way.

Oh yeah...They slipped him a mickey and called up those hookers..On numerous occasions. Please.

 

[thereisnospoon]

So, allegations of criminal activity should be ignored if either a principle or a periphery is involved in a political race?

Obama executed a US citizen w/o trial, and you looked the other way.

Your love of al Qaeda terrorists is noted.

Samir Khan was an expatriate American who moved to Yemen. Although Khan professed his hatred for the US and I am glad the piece of shit is dead, he was still an US citizen.
BTW, I thought you libs were all for capturing and bringing Al Qaeda people to trial. Preferably in NYC?
You people screamed "Geneva Conventions" and "Stop the torture of innocent until proven guilty Arabs"( In Gitmo)..Now you are spouting anti Al Qaeda shit.
You people will do ANYTHING for political gain.

 

[thereisnospoon]

How amazing that the Obama administration is having Bain Capital investigated in an election year, what are the chances????

Are you too fucking stupid to know the difference between the U.S. Justice Department and the NY Attorney Generals Office?

No one can be this naive..Please, do you not think it possible for Obama to have friends in high places ( in NY for example) which can do this sort of anal probing?
C'mon. Don't play stupid.
I am not stating this IS happening. I am claiming the probability exists.
This is all too convenient.

 

[bripat9643]

Eric Schneiderman is the only one with the balls to go after Wall Street.

Neither the Republicans nor the Democrats would do it.

Spitzer has the balls. But they set him up and got him out of the way.

Oh yeah...They slipped him a mickey and called up those hookers..On numerous occasions. Please.

Yeah, and they stole his credit card and spent thousands of dollars on internet porn.

 

[JoeB131]

You mean like abortion?

Immie

NOpe. not at all.

Kidney bean sized fetuses aren't people.