Saturday, September 22, 2012

Mitt Romney's Firms Officially Under Investigation


Sunday, 2 September 2012

Mitt Romney's Firms Officially Under Investigation

Mitt Romney buy-out firm said to be probed by New York attorney general

KKR and Bain Capital, the buy-out firm co-founded by Republican presidential candidate Mitt Romney, are two of at least a dozen private equity groups reported to be under investigation over a strategy that allegedly saved them hundreds of millions of dollars in tax.

Republican presidential candidate and former Massachusetts Gov. Mitt Romney
Presidential candidate Mitt Romney co-founded Bain Capital. Photo: GETTY
The buy-out firms are said to have been subpoenaed by New York’s attorney general Eric Schneiderman over their use of a tax-cutting method.
The subpoenas were issued in July and the probe is being carried out by the attorney general’s Taxpayer Protection Bureau.
The agency claims to investigate “firms that rip-off government pension funds, contractors that over-bill taxpayers, and large-scale tax cheats”.
The probe is thought to centre on so-called management fee waivers, in which private equity firms convert fees into fund investments. That allows the income to be taxed as capital gains at around 15pc, rather than as ordinary income, which is taxed at about 35pc.
The use of management fee waivers, which are not banned, came under the spotlight last month when confidential Bain documents were published on the internet. However, the private equity groups are reported to have been subpoenaed before the leak.
The investigation, first reported by the New York Times, is likely to spur further public scrutiny of Mr Romney’s corporate past.
The presidential candidate has already been depicted by opponents as a corporate raider who helped break up companies. Lawyer Bradford Malt, who is a trustee of the Romney blind family trusts, said that Mr Romney had not profited from investing fee income.
KKR declined to comment. Bain and the attorney general did not return requests for comment.

2 comments:

Anonymous said...

Mitt Romney is just being offered up as a scapegoat, so they get their Obama puppet in to forge the next part of end times prophecy.

Don't be fooled by any of their hocus-pocus.

Obama is their man, he kisses the ass of Netanyahu and Livni; he adores the Sultan of Islamic Shari Law & he will bring about the false changes they greatly desire.

Mitt Romney is also in love with unleashing Islam to destroy Israel, he just does not profess it in public as much. In reality, he too is a puppet tooled to do the same agenda.

Anonymous said...

Mitt Romney is another Board of Directors member of Corporate U.S.


Do not vote for this fraud of a traitor, or Obama, learn who they are:
http://www.youtube.com/watch?v=2LxY_H5V0Kw


Vote third party!
http://www.garyjohnson2012.com