The Bain Files: Gawker has obtained Bain documents related to Romney's Bain income
The Bain Files: The Documents
Gawker has obtained a large cache of confidential internal financial documents from more than 20 secretive hedge funds and other investment vehicles in which Mitt Romney has stashed his considerable wealth. All told, the partnerships and limited liability corporations detailed below accounted for, at minimum, $10,069,000 of Romney's assets in 2011 and yielded $913,300 in income, according to his 2012 financial disclosure (those figures are derived from adding up the low end of ranges Romney disclosed; the actual numbers could be astronomically higher).
Most of the entities are affiliated in one way or another with Bain Capital, the private equity firm Romney ran from 1984 through 1999. According to his financial disclosures, the investments "were made pursuant to an agreement with Bain Capital regarding Romney's retirement.... The agreement has expired but [Romney] retain[s] certain investments...made prior to the expiration of the agreement." In other words, they are his retirement package from more than a decade ago, and continue to make him nearly a million (at minimum) dollars per year.
Gawker is asking readers with financiaLand tax law acumen to go over these documents and report findings.
http://skydancingblog.com/2012/08/27/mon..."> has written about this as well, but there is precious little reaction so far the the lefty blogs (afaik) and none that I saw from the MCM (Mainstream Corporate Media) -- at least from a search on Bing. Google turned up more links, with the business press seeming to say it's probably a nothing burger.
I heard about it on NYC's Pacifica station WBAI last evening, on Counterspin, iirc. However, the Listen To link didn't work just now. The report mentioned that what Romney has done costs a bundle and is way, way, way beyond the ability of any non-wealthy tax payer to untlize. The advisers cost a bundle. Dakinikat noted that it was so expensive it almost seemed Romney's main goal was to keep money from the government, not to just find tax free havens and avoidance strategies. Also, Romney's retirement income keeps increasing, as it appears he kept the right to, as I understood it, any profits Bain makes going forward, plus what he put off shore.
I'd appreciate learning what our readers think about this info, what they've found on the web about it.
If this is a repeat, I apologize as my search wouldn't work.