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Title: New York AG Investigating Bain Capital, Other Firms For Tax Evasion
Source: RawStory
URL Source: http://www.rawstory.com/rs/2012/09/ ... l-other-firms-for-tax-evasion/
Published: Sep 2, 2012
Author: Jonathan Terbush
Post Date: 2012-09-02 14:22:13 by Brian S
Keywords: None
Views: 1297
Comments: 2

New York Attorney General Eric Schneiderman has launched an investigation into whether some large private equity firms—among them Bain Capital, the firm founded by Republican presidential candidate Mitt Romney—took advantage of a tax loophole to avoid paying hundreds of millions of dollars in taxes.

According to the New York Times, who first reported the story, executives with knowledge of the investigation said Schneiderman had subpoenaed around a dozen firms in the past few weeks seeking any documents that could shed light on their tax-writing procedures. At issue is whether those firms used a shady, legally-dubious practice of labeling certain fees as investments, thus allowing them to be taxed at a far lower rate to produce huge savings over the long run.

Last month, Gawker obtained and posted nearly one thousand pages of Bain’s finances, revealing that the firm utilized the controversial tax strategy to classify at least $1 billion in fees as capital gains-producing investments. While the fees could have been taxed at up to a 35 percent rate, as investments they were subject to a more modest 15 percent rate, saving Bain around $200 million.

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Sources told the Times that the subpoenas predate the publication of those financial documents, though the timing of both, with the election two months away, draws attention to a potential abuse of tax law at a time when Democrats are eager to push a narrative about top-earners not paying their fair share of taxes. The investigation could also serve as a new weapon for President Obama’s campaign team, which has sought to paint Romney as a profiteering executive in campaign ads by pointing the finger at some of Bain’s more controversial business practices, such as outsourcing and leveraged buyouts.

The subpoenas are sure to strike some as being politically motivated and deliberately timed to tarnish Romney’s image just before November. Schneiderman is a popular figure among progressives who applaud his eagerness to take on powerful financial interests, and President Obama appointed him in January to head a new committee tasked with investigating the recession’s mortgage crisis.

“The American people deserve a robust and comprehensive investigation into the global financial meltdown to ensure nothing like it ever happens again, and today’s announcement is a major step in the right direction,” Schneiderman said of his appointment at the time.

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#1. To: Brian S (#0)

took advantage of a tax loophole to avoid paying hundreds of millions of dollars in taxes.

If it is a so called loophole. Why is it being investigated. Romney is going to have to investigate this guy for wasting the people of New Yorks money.

A K A Stone  posted on  2012-09-02   14:35:53 ET  Reply   Trace   Private Reply  


#2. To: Brian S (#0)

www.washingtontimes.com/n...bama-crony-payday/?page=2

Leading universities have profited from Bain’s expertise. According to Infrastructure Investor, Bain Capital Ventures Fund I (launched in 2001) managed wealth for “endowments and foundations such as Columbia, Princeton and Yale universities.” The Wall Street Journal’s James Freeman noted July 18 that Harvard “has also invested with Bain.”

Thus, Michelle and Barack Obama’s undergraduate campuses (Princeton and Columbia, respectively) and the university where they earned their law degrees (Harvard) all have enjoyed Bain Capital’s financial prowess.

According to Buyouts magazine and S&P Capital IQ, Bain’s other college clients have included Cornell, Emory, the Massachusetts Institute of Technology, Notre Dame and the University of Pittsburgh. Preqin reports that the following schools placed at least $424.6 million with Bain Capital between 1998 and 2008:

Purdue University ($15.9 million).

University of California ($225.7 million).

University of Michigan ($130 million).

University of Virginia ($20 million).

University of Washington ($33 million).

Major center-left foundations and cultural establishments also have seen their prospects brighten thanks to Bain Capital. According to the aforementioned sources, such Bain clients have included the Charles Stewart Mott Foundation, the Doris Duke Foundation, the Metropolitan Museum of Art, the Ford Foundation, the Heinz Endowments and the Oprah Winfrey Foundation.

Why on earth would government-union leaders, university presidents and foundation chiefs let a company with Bain Capital’s reputation oversee their precious assets?

“The scrutiny generated by a heated election year matters less than the performance the portfolio generates to the fund,” California State Teachers’ Retirement System spokesman Ricardo Duran said Aug. 12 in the Boston Globe. CalSTRS has pumped some $1.25 billion into Bain. Since 1988, Mr. Duran said, private-equity companies like Bain have outperformed every other asset class to which CalSTRS has allocated the cash of its 856,360 largely unionized members.

What really is Bain’s reputation? Is it a gang of corporate buccaneers who plundered their ill-gotten gains by outsourcing, euthanizing feeble portfolio companies and giving cancer to the spouses of those whom they fired? If so, union bosses, government retirees, liberal foundations and top-flight universities — including the Obamas — thrive on the wages of Bain’s economic Darwinism.

If, however, those institutions relish the yields that Bain Capital generates by supporting startups and rescuing distressed companies, 80 percent of which have prospered, then this money is honest — and Team Obama isn’t.

Read more: MURDOCK: Bain Capital's Obama crony payday - Washington Times www.washingtontimes.com/n...day/?page=2#ixzz25N63Zo00 Follow us: @washtimes on Twitter

SJN  posted on  2012-09-02   22:53:57 ET  Reply   Trace   Private Reply  


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