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Willard is Persona Non Grada in Italy Over Bain Deal

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Sal

Sal
That’s 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, Italy’s 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.

Romney himself probably earned more than $50 million, and possibly as much as $60 million from the Italian directory sale of Seat Pagine Gialle SpA, according to a person familiar with the matter. The deal turned into one of the biggest windfalls of his tenure.

Romney’s extensive investments in tax havens are drawing intensifying media scrutiny at the same time that revenue- starved governments around the world are cracking down on such practices.

In recent weeks, Romney has faced increasing pressure to release additional years of tax returns because of questions over his 13.9 percent personal tax rate, his Swiss bank account, an IRA valued at as much as $102 million and his investments in Bermuda and the Cayman Islands.

Bain moved profits through a series of subsidiaries in Luxembourg, a country that makes it easy to get cash out without paying taxes, according to corporate filings. Corporate records in Luxembourg show Bain carried out technical steps for a tax- free repatriation of profits to the U.S.

“The government got ripped off,” said Alessandro Fogliati, who led a Stet shareholder group that voted against the sale of Seat. “It was the beginning of the destruction of Italian industry.”

http://www.bloomberg.com/news/2012-08-06/romney-persona-non-grata-in-italy-for-bain-s-deal-skirting-taxes.html

NaNook

NaNook
salinsky wrote:That’s 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, Italy’s 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.

Romney himself probably earned more than $50 million, and possibly as much as $60 million from the Italian directory sale of Seat Pagine Gialle SpA, according to a person familiar with the matter. The deal turned into one of the biggest windfalls of his tenure.

Romney’s extensive investments in tax havens are drawing intensifying media scrutiny at the same time that revenue- starved governments around the world are cracking down on such practices.

In recent weeks, Romney has faced increasing pressure to release additional years of tax returns because of questions over his 13.9 percent personal tax rate, his Swiss bank account, an IRA valued at as much as $102 million and his investments in Bermuda and the Cayman Islands.

Bain moved profits through a series of subsidiaries in Luxembourg, a country that makes it easy to get cash out without paying taxes, according to corporate filings. Corporate records in Luxembourg show Bain carried out technical steps for a tax- free repatriation of profits to the U.S.

“The government got ripped off,” said Alessandro Fogliati, who led a Stet shareholder group that voted against the sale of Seat. “It was the beginning of the destruction of Italian industry.”

http://www.bloomberg.com/news/2012-08-06/romney-persona-non-grata-in-italy-for-bain-s-deal-skirting-taxes.html


Did the Italian Government have to sell????? Couldn't other groups raise the Capital to purchase the company? What about the citizens?

Did ROMNEY break any Tax-Laws? Remember, he has been audited. Unlike the Kennedy Family who broke laws to accumulate wealth.

Will, Obama ever hold a presser? It's been 7 weeks......he is, the President. There is a Lobster Fest at a State Park closed yesterday due to Obama. It's a shame the KIDS couldn't swim. Oh, well....Obama needs the 35.8K per plate donations. Screw the kids on summer vacation, right?

Guest


Guest
And is it not strange that this is now a tragedy? The liberal media is all aquiver over history. Aren't too many companies that are worth today what they were worth back then in real dollars. A company is in business to make money, thats what makes the economy work, if they availed themselves of the laws to save or make money why is it so terrible even if the appearance is something else? My house sure isn't worth what it was several years ago but I am not blaming Oblamer. He does get the credit for failing to even have a realistic PLAN (or budget) to start turning the train wreck around though.

Floridatexan

Floridatexan
nochain wrote:And is it not strange that this is now a tragedy? The liberal media is all aquiver over history. Aren't too many companies that are worth today what they were worth back then in real dollars. A company is in business to make money, thats what makes the economy work, if they availed themselves of the laws to save or make money why is it so terrible even if the appearance is something else? My house sure isn't worth what it was several years ago but I am not blaming Oblamer. He does get the credit for failing to even have a realistic PLAN (or budget) to start turning the train wreck around though.

You couldn't blame Obama for what your house is worth because the housing meltdown happened in 2006...some say 2007. And you can't blame him either when, 3 1/2 years into office, the Republicans are still blocking APPOINTMENTS within his administration, not to mention every single piece of legislation it was possible to block.

What was "so terrible"? What you're willfully refusing to see.

Guest


Guest
[quote="Floridatexan"]
nochain wrote:And is it not strange that this is now a tragedy? The liberal media is all aquiver over history. Aren't too many companies You couldn't blame Obama for what your house is worth because the housing meltdown happened in 2006...some say 2007. And you can't blame him either when, 3 1/2 years into office, the Republicans are still blocking APPOINTMENTS within his administration, not to mention every single piece of legislation it was possible to block.

What was "so terrible"? What you're willfully refusing to see.

Are you really that dense or just trying to stir the pot? So what if the repubs are blocking appointments? Your hero, the end run specialist just makes them when Congress is not in session. Failing that he always has room for another czar at the table. Where is Obamas BUDGET? He has never had one. The do nothing president excels at failure.

Guest


Guest
[quote="nochain"]
Floridatexan wrote:
nochain wrote:And is it not strange that this is now a tragedy? The liberal media is all aquiver over history. Aren't too many companies You couldn't blame Obama for what your house is worth because the housing meltdown happened in 2006...some say 2007. And you can't blame him either when, 3 1/2 years into office, the Republicans are still blocking APPOINTMENTS within his administration, not to mention every single piece of legislation it was possible to block.

What was "so terrible"? What you're willfully refusing to see.

Are you really that dense or just trying to stir the pot? So what if the repubs are blocking appointments? Your hero, the end run specialist just makes them when Congress is not in session. Failing that he always has room for another czar at the table. Where is Obamas BUDGET? He has never had one. The do nothing president excels at failure.

So Democrats have never opposed or blocked an appointment?....

Guest


Guest
[quote="newswatcher"]
nochain wrote:
Floridatexan wrote:
nochain wrote:And is it not strange that this is now a tragedy? The liberal media is all aquiver over history. Aren't too many companies You couldn't blame Obama for what your house is worth because the housing meltdown happened in 2006...some say 2007. And you can't blame him either when, 3 1/2 years into office, the Republicans are still blocking APPOINTMENTS within his administration, not to mention every single piece of legislation it was possible to block.

What was "so terrible"? What you're willfully refusing to see.

Are you really that dense or just trying to stir the pot? So what if the repubs are blocking appointments? Your hero, the end run specialist just makes them when Congress is not in session. Failing that he always has room for another czar at the table. Where is Obamas BUDGET? He has never had one. The do nothing president excels at failure.

So Democrats have never opposed or blocked an appointment?....

FLATEXICAN, the forum hypocrite, would never believe that.

Guest


Guest
[quote="nochain"]
newswatcher wrote:
nochain wrote:
Floridatexan wrote:
nochain wrote:And is it not strange that this is now a tragedy? The liberal media is all aquiver over history. Aren't too many companies You couldn't blame Obama for what your house is worth because the housing meltdown happened in 2006...some say 2007. And you can't blame him either when, 3 1/2 years into office, the Republicans are still blocking APPOINTMENTS within his administration, not to mention every single piece of legislation it was possible to block.

What was "so terrible"? What you're willfully refusing to see.

Are you really that dense or just trying to stir the pot? So what if the repubs are blocking appointments? Your hero, the end run specialist just makes them when Congress is not in session. Failing that he always has room for another czar at the table. Where is Obamas BUDGET? He has never had one. The do nothing president excels at failure.

So Democrats have never opposed or blocked an appointment?....

FLATEXICAN, the forum hypocrite, would never believe that.

With apologies to 'hypocrites'...

Guest


Guest
[quote="nochain"]
Floridatexan wrote:
nochain wrote:And is it not strange that this is now a tragedy? The liberal media is all aquiver over history. Aren't too many companies You couldn't blame Obama for what your house is worth because the housing meltdown happened in 2006...some say 2007. And you can't blame him either when, 3 1/2 years into office, the Republicans are still blocking APPOINTMENTS within his administration, not to mention every single piece of legislation it was possible to block.

What was "so terrible"? What you're willfully refusing to see.

Are you really that dense or just trying to stir the pot? So what if the repubs are blocking appointments? Your hero, the end run specialist just makes them when Congress is not in session. Failing that he always has room for another czar at the table. Where is Obamas BUDGET? He has never had one. The do nothing president excels at failure.

Hey,so what if the repugs are blocking job bills? The American people can "eat cake" and live in communes,by God!

Guest


Guest
[quote="Dreamsglore"]
nochain wrote:
Floridatexan wrote:
nochain wrote:And is it not strange that this is now a tragedy? The liberal media is all aquiver over history. Aren't too many companies You couldn't blame Obama for what your house is worth because the housing meltdown happened in 2006...some say 2007. And you can't blame him either when, 3 1/2 years into office, the Republicans are still blocking APPOINTMENTS within his administration, not to mention every single piece of legislation it was possible to block.

What was "so terrible"? What you're willfully refusing to see.

Are you really that dense or just trying to stir the pot? So what if the repubs are blocking appointments? Your hero, the end run specialist just makes them when Congress is not in session. Failing that he always has room for another czar at the table. Where is Obamas BUDGET? He has never had one. The do nothing president excels at failure.

Hey,so what if the repugs are blocking job bills? The American people can "eat cake" and live in communes,by God!

Dodging the important question again by slinking around to another subject - where is Oblamers BUDGET???

Guest


Guest
[quote="nochain"]
Dreamsglore wrote:
nochain wrote:
Floridatexan wrote:
nochain wrote:And is it not strange that this is now a tragedy? The liberal media is all aquiver over history. Aren't too many companies You couldn't blame Obama for what your house is worth because the housing meltdown happened in 2006...some say 2007. And you can't blame him either when, 3 1/2 years into office, the Republicans are still blocking APPOINTMENTS within his administration, not to mention every single piece of legislation it was possible to block.

What was "so terrible"? What you're willfully refusing to see.

Are you really that dense or just trying to stir the pot? So what if the repubs are blocking appointments? Your hero, the end run specialist just makes them when Congress is not in session. Failing that he always has room for another czar at the table. Where is Obamas BUDGET? He has never had one. The do nothing president excels at failure.

Hey,so what if the repugs are blocking job bills? The American people can "eat cake" and live in communes,by God!

Dodging the important question again by slinking around to another subject - where is Oblamers BUDGET???

ONE LAST TIME......As David Letterman said...[Name] COWH has a full plate and WHAT MORE CAN WE EXPECT ONE MAN TO DO?!!!!!!...He'll get to a budget when he's done golfing and fundraising...PRIORITIES 'NoChain'!...Get off his back geez it's not like he was elected president...

NaNook

NaNook
Floridatexan wrote:
nochain wrote:And is it not strange that this is now a tragedy? The liberal media is all aquiver over history. Aren't too many companies that are worth today what they were worth back then in real dollars. A company is in business to make money, thats what makes the economy work, if they availed themselves of the laws to save or make money why is it so terrible even if the appearance is something else? My house sure isn't worth what it was several years ago but I am not blaming Oblamer. He does get the credit for failing to even have a realistic PLAN (or budget) to start turning the train wreck around though.

You couldn't blame Obama for what your house is worth because the housing meltdown happened in 2006...some say 2007. And you can't blame him either when, 3 1/2 years into office, the Republicans are still blocking APPOINTMENTS within his administration, not to mention every single piece of legislation it was possible to block.

So you are blaming the Democratic take over of Congress? I agree.......

What was "so terrible"? What you're willfully refusing to see.

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