The Last Of The Millenniums

Just because it always has been, doesn't mean it always will be

What is Mitt Romney Hiding? – ‘Bain documents offer details on Romney holdings’

One set of rules for them – another set of rules for the rest of us.

Just imagine what it will be like in 4 years if Mitt Romney and the Republicans have the opportunity to rewrite the tax code and deregulate business.

Just imagine…………………

‘The release of more than 900 pages of internal Bain Capital investment documents by a media website Thursday offered new details on holdings owned by GOP presidential candidate Mitt Romney’s family trusts, including offshore account locations and underlying assets’.

‘The confidential records made public by provided financial statements and investor information on 18 Bain investment funds and three hedge funds in which Romney, his wife, Ann, and his children have invested’.

‘One expert on private equity taxation, University of Colorado law professor Victor Fleischer, said Thursday that the records from one entity, Bain Capital Fund VII LP, a Cayman Islands-based offshore account, showed that the fund’s managers appear to have converted their fees from ordinary income to future capital gains. Such a maneuver, Fleischer said, would allow the income to be deferred and taken later at a lower 15 percent capital gains rate’.

‘As of 2011, Ann Romney’s blind trust held between $100,000 and $1 million of that fund, according to Romney’s 2011 presidential financial disclosure statement’.

‘Another Bain investment fund, Sankaty High Yield Partners II, based in Delaware, held nearly $3 million in loans to Adelson’s Las Vegas Sands. Adelson is the largest public donor in this year’s presidential race, giving more than $45 million to super political action committees benefiting Romney and other GOP candidates’.
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