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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.

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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.



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Read Comments (2)  —  Post Yours »

1

 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.

2

 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.

3

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