Albany, NY – An official familiar with the probe says New York’s attorney general is investigating some of the nation’s largest private equity firms, including Bain Capital, founded by Republican presidential nominee Mitt Romney.
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The official spoke on the condition of anonymity because of the sensitivity of the probe. It is examining whether the firms used a tax strategy to avoid paying hundreds of millions of dollars in taxes. The practice involved converting some fees collected for managing accounts into fund investments, resulting in a lower tax rate.
The New York Times first reported the investigation of more than a dozen firms. Tax experts tell the Times they have differing views about the strategy’s legality.
Though Romney collects benefits as a Bain retired partner, the inquiry isn’t focused on the time he ran Bain.
Bain was only a minor part of teh article. The New York Times was very eager to put Bain in the headlines and to mention the Romney connection. Only a slap in his face, as they are known to do.
No Bain = no Sports Authority & no Staples & no Domino’s Pizza & lots of other businesses that wouldn’t be in existence.