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Albany, NY - Source: NY Probing Equity Firms, Including Bain

Published on: September 2, 2012 11:41 AM
By: AP
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homas S. Monaghan, founder and chairman of Domino's Pizza, Inc., left, and Mitt Romney, managing director of Bain Capital, Inc., sign an agreement for Monaghan to sell a "significant portion" of his stake in the company to Bain Capital Friday, Sept. 25, 1998, in New York. Monaghan announced Friday his retirement from day-to-day operations of the pizza company. AP FILEAlbany, 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.


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.

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Read Comments (2)  —  Post Yours »


 Sep 02, 2012 at 12:22 PM Longwave Says:

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.


 Sep 02, 2012 at 05:27 PM Mark Levin Says:

No Bain = no Sports Authority & no Staples & no Domino's Pizza & lots of other businesses that wouldn't be in existence.


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