ooh more documents just in time
the NY TIMES has more BAIN DOCUMENTS! GROAN!
It sauce for the goose to use the letter of the law to avoid taxes but for the 47 % they aren't taking responsibility for their lives. What an absolute phony piece of crap this is!
This is a rancid can of crap any way you play him!
Mitt Romney skipped Italy on his swing through Europe. That was probably prudent.
ThatÃ¢ÂÂs 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 funneled profits through subsidiaries in Luxembourg, a common corporate strategy for avoiding income taxes in other European countries, according to documents reviewed by Bloomberg News. The buyer, ItalyÃ¢ÂÂs 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. Boston-based Bain wasnÃ¢ÂÂt a subject of the inquiries, which didnÃ¢ÂÂt result in any charges.
The sale of the governmentÃ¢ÂÂs directory business is Ã¢ÂÂa dark chapter in the countryÃ¢ÂÂs privatization history, one that has hurt Italians deeply,Ã¢ÂÂ said Bernardo Bortolotti, an economics professor at Turin University who advised the Italian Treasury on asset sales from 2002 through 2005. Ã¢ÂÂIt was a mistake from the start, damaged by a lack of transparency and the use of offshore fundsÃ¢ÂÂ¦Ã¢ÂÂ
Here is a link that might be useful: circling the bowl