Predatory capitalism writ largeRomney Persona Non Grata In Italy For Bain’s Deal Skirting Taxes
Mitt Romney skipped Italy on his swing through Europe. That was probably prudent.
That’s because Bain Capital, under Romney as chief executive officer, made about $1 billion in a leveraged buyout 12 years ago that remains controversial in Italy to this day. Bain was part of a group that bought a telephone-directory company from the Italian government and then sold it about two years later, at the peak of the technology bubble, for about 25 times what it paid.
Bain’s purchase and quick resale of the yellow pages business is “an example of Italian capitalism, whereby those with little capital are able to cheat the system and enrich themselves,” Lannutti said. “It’s a mistake Italians hope won’t be repeated again now.”
Romney’s extensive investments in tax havens are drawing intensifying media scrutiny at the same time that revenue- starved governments around the world are cracking down on such practices.
In recent weeks, Romney has faced increasing pressure to release additional years of tax returns because of questions over his 13.9 percent personal tax rate, his Swiss bank account, an IRA valued at as much as $102 million and his investments in Bermuda and the Cayman Islands.
-- more -->
Pretty ing shrewd, if you ask me.That’s because Bain Capital, under Romney as chief executive officer, made about $1 billion in a leveraged buyout 12 years ago that remains controversial in Italy to this day. Bain was part of a group that bought a telephone-directory company from the Italian government and then sold it about two years later, at the peak of the technology bubble, for about 25 times what it paid.
Last edited by Yonivore; 08-06-2012 at 08:18 PM. Reason: Read it wrong...
Sounds corrupt as , if you ask me.
Indeed:
LOL job creatorsBain funneled profits through subsidiaries in Luxembourg, a common corporate strategy for avoiding income taxes in other European countries, according to do ents reviewed by Bloomberg News. The buyer, Italy’s biggest telephone company, now has a total market value less than what it paid Bain and other investors for the directory business.
In Italy, the deals have spurred at least three books, separate legal and regulatory probes and newspaper columns alleging investors made a fortune at the expense of Italian taxpayers.
I'm sure Italian officials are busy with the indictments...no, wait, it seems they're just butt hurt.
It's not the italian officials that are butthurt, it's the italian people, that see how a corrupt politician or two are bribed to dump a government company built with their tax dollars for peanuts to some predatory fund only for such fund to turn around and sell it for what it was really worth (which normally is many, many times of what they paid for).
I'm not pinning it on Romney or Bain, because unfortunately if you've ever lived in a country with rampant corruption (like Italy), stuff like this happens all the time. It's just another con job under the guise of "privatization".
lol goodwill tour to Italy to follow
At least you have the balls to admit you think that way.
Thank-You.
Few other liberals will admit that. They will find some excuse.
Yes, I believe if anything is wrong, he didn't he his 10%. I believe one of the years he released was a little short of 10%, and maybe the others are even less!
Still...
Anyone firmly saying he needs to release personal information that is protected under the fourth amendment need to suck that donkey .
lol fourth amendment
No one is demanding a governmental search or seizure.
Maybe you should look at what it says.
Maybe you should.The right of the people to be secure in their persons, houses, papers, and effects, against unreasonable searches and seizures, shall not be violated, and no Warrants shall issue, but upon probable cause, supported by Oath or affirmation, and particularly describing the place to be searched, and the persons or things to be seized.
#suckthatdonkey
the trickle down thing has been the GOP strategy since 1980. Throughout the 80s the called it supply side and trickle down economics.
Its been an economic failure the entire time and all it has done is entrench elites and widen the rich poor gap. we have all seen the income distribution comparisons to third world countries.
Now they do not call it a particular economic strategy, they just demonize it in terms like hurting 'job creators' and general taxation.
its still the same ing thing but the american electorate and specifically GOP sycophants eat it up once again.
I just really wish that there was a party that would cater to economically liberal conservative christians. The GOP appealing to social conservatives is a big reason why the corporate elite is able to maintain their hegemony on power.
Reid ain't backing down, he's doubling down.
Not really characteristic for him. It looks like he's very certain that his info about Gecko's hidden tax returns is solid.
I think Romney should release as many years of his tax returns as Obama releases of his years at Occidental, Columbia, and Harvard.
There's a classmate of Obama's -- and he isn't speaking in a hushed voice to Harry Reid, over the phone, that's been saying there's no proof Barack "Choom Gang" Obama ever stepped foot on Columbia's campus.
Obama can clear this up by just releasing the records.
Are you so stupid that you can't even remember context contained with in the same thread?Democrats! These are your leaders...
Nancy Pelosi: 'It Is A Fact' That Somebody Told Harry Reid About Romney Not Paying Taxes
Has it occurred to anyone that if Mitt Romney hadn't paid his taxes for 10 years, he'd already have been facing criminal charges? Just ask Wesley Snipes.
Going for the Gold medal of lies; 10 years, no taxes!
God, how do Democrats keep sending people like this, Sheila Jackson-Lee , and Hank Johnson back to Congress? Isn't it embarrassing?
Avoiding taxes != Evading taxes
Is there a major policy debate about how certain classes of people in America should have their college grades counted differently than other classes, and that our "Grade Code" be structure in a way that benefits certain classes more in the hope that better grades eventually trickle down for everyone else?
No. That was had and lost in the 80's. Certain classes of people's grades do count differently.
Actually, this guy alleges a crime...just like Harry Reid. It can all be cleared up if the President will release his college transcripts and enrollment forms.
What's the matter? Wake up with some skank, again?
Are you so stupid as to think avoiding and evading are the same thing? Or, is the exclamation point some clue?
Yeah boutons actually makes a valid point.
Reid is a pussy who's gotten bent over by the minority in the senate for years, the fact he's taking such a strong stance here is telling.
So what relevance does Obama's transcripts have to any policy debate going on in the US today?
Who alleged Romney of a crime? Are you suggesting that not paying taxes is a crime?Actually, this guy alleges a crime...just like Harry Reid. It can all be cleared up if the President will release his college transcripts and enrollment forms.
What's the matter, are you still a moron?
!= is shorthand for "not equal". It's mathematical notation that middle school students know.
So am I so stupid as to think you had knowledge equivalent to a middle schooler? Yes, I was. Won't make that same mistake again.
And, what do Romney's tax returns, beyond the two he's already turned over lend to any policy debate going on in the US today?
It's ludicrous to suggest that Romney, knowing what we know about his wealth, could legally avoid paying taxes for 10 years. So, yes, I would say Reid's statement alleges a crime.
There are currently 1 users browsing this thread. (0 members and 1 guests)
Posting Permissions
Reply With Quote
