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(Bloomberg)   You might have noticed Mitt Romney skipped Italy on his big "I love Europe" tour. You'll never guess why. Hint: It involves Bain Capital, privatization, and tax dodging   (bloomberg.com) divider line 122
    More: Obvious, Mitt Romney, Italy, Europe, Politics of Italy, document review, leveraged buyouts, Mario Draghi, La Repubblica  
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6433 clicks; posted to Politics » on 06 Aug 2012 at 3:48 PM (2 years ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2012-08-06 01:48:47 PM
So the Republicans want us to elect a guy who can't even go to an allied country because of the financial shenanigans in his past? Wow. Just, wow.
 
2012-08-06 01:55:20 PM
I figured it was because it was filled with dark-skinned Italians and everyone knows Mormons can't touch them without getting their soul dirty.
 
2012-08-06 02:52:53 PM
The TLDR version for the Ritalin dependant among us:

The Italian government was selling off the state owned Yellow pages business. Bain bought 60% of it in 1997 for about 800 Million Euros, then in that special way they seem to have, turned around and re-sold it back to the Italian Telephone company for about 16 BILLLION Euros, or 25x what they paid for it in early 2000 (and more that all the entire acquiring company is worth today). This screamingly high price could possibly be explained by either a) the Internet Bubble or b) the fact that some very power Italian government types had shares in the company. Either way, the important thing for our purposes is that B&Co, and Romney (who may have earned $50 mil personally on the deal) appear to have paid no taxes in the US or Italy on the windfall profits.
 
2012-08-06 03:22:48 PM
And we're supposed to take this campaign seriously because...
 
2012-08-06 03:54:07 PM
He'll be completely different if we elect him. He won't break into our houses at night and wreck up the place, or sell our children's organs to zoos for meat.
 
2012-08-06 03:55:13 PM
Italians sound like whiners in TFA:

"waaaaah, we sold you an asset too cheaply, then overpaid you when we bought it back!!! No fair!!"

As usual, sounds like Bain did nothing wrong except make a savvy business deal.
 
2012-08-06 03:56:44 PM
What? Is this the latest unfounded rumor we're supposed to believe? This is just swiftboating all over again. Look, "taxers", you're just embarrassing yourselves with this wild-eyed speculation. It's beneath Mitt's dignity to have to respond to this scurrilous balderdash. Harumph.
 
2012-08-06 03:58:05 PM

Debeo Summa Credo: Italians sound like whiners in TFA:

"waaaaah, we sold you an asset too cheaply, then overpaid you when we bought it back!!! No fair!!"

As usual, sounds like Bain did nothing wrong except make a savvy business deal.


Exactly. It's not a crime if Government officials with a financial stake in your deal are helping you do it.
 
2012-08-06 04:02:46 PM
[Ominous Voiceover, see if we can get NICK TATE]: Mitt Romney wants to represent America to the world. He expects that he can negotiate peace treaties all over the world, but because of Mitt Romney's shady dealings, there are some countries that he's not even allowed to set foot in...

[This shiat just writes itself]
 
2012-08-06 04:03:22 PM

Debeo Summa Credo: Italians sound like whiners in TFA:

"waaaaah, we sold you an asset too cheaply, then overpaid you when we bought it back!!! No fair!!"

As usual, sounds like Bain did nothing wrong except make a savvy business deal.


Exactly, evading taxes isn't wrong if you're savvy.
 
2012-08-06 04:04:02 PM

Skleenar: Debeo Summa Credo: Italians sound like whiners in TFA:

"waaaaah, we sold you an asset too cheaply, then overpaid you when we bought it back!!! No fair!!"

As usual, sounds like Bain did nothing wrong except make a savvy business deal.

Exactly. It's not a crime if Government officials with a financial stake in your deal are helping you do it.


Can you say FCPA? I will bet you Mitt's big backer Adelson knows what that is.
 
2012-08-06 04:04:08 PM

Debeo Summa Credo: Italians sound like whiners in TFA:

"waaaaah, we sold you an asset too cheaply, then overpaid you when we bought it back!!! No fair!!"

As usual, sounds like Bain did nothing wrong except make a savvy business deal.


I'm sure Italian citizens are not happy about their own corrupt politicians partaking in this deal, either. It's not like they had a say, just like we don't have much of a say in our own country's corrupt politicking either.
 
Ehh
2012-08-06 04:04:23 PM
So, Bloomberg doesn't like R-money. Even among his fellow 1 percenters, Willard isn't very good at making friends. Maybe he should go into politics.
 
2012-08-06 04:04:56 PM

coco ebert: Debeo Summa Credo: Italians sound like whiners in TFA:

"waaaaah, we sold you an asset too cheaply, then overpaid you when we bought it back!!! No fair!!"

As usual, sounds like Bain did nothing wrong except make a savvy business deal.

I'm sure Italian citizens are not happy about their own corrupt politicians partaking in this deal, either. It's not like they had a say, just like we don't have much of a say in our own country's corrupt politicking either.


No reason not to go then.
 
2012-08-06 04:07:40 PM
What a coward. What a shiat-licking, groveling sycophant.
 
2012-08-06 04:11:10 PM

Skleenar: What? Is this the latest unfounded rumor we're supposed to believe? This is just swiftboating all over again. Look, "taxers", you're just embarrassing yourselves with this wild-eyed speculation. It's beneath Mitt's dignity to have to respond to this scurrilous balderdash. Harumph.


This is what Republicans actually believe!
 
2012-08-06 04:12:01 PM
i208.photobucket.com

outsourcing American jobs for profit and keeping the loot in foreign banks is the American Way!
 
2012-08-06 04:14:32 PM

SurfaceTension: So the Republicans want us to elect a guy who can't even go to an allied country because of the financial shenanigans in his past? Wow. Just, wow.

 
2012-08-06 04:18:07 PM

qorkfiend: He'll be completely different if we elect him. He won't break into our houses at night and wreck up the place, or sell our children's organs to zoos for meat.


I rarely laugh out loud when reading things on the internet but the organ meat thing got me, well done.
 
2012-08-06 04:18:27 PM

Debeo Summa Credo: Italians sound like whiners in TFA:

"waaaaah, we sold you an asset too cheaply, then overpaid you when we bought it back!!! No fair!!"

As usual, sounds like Bain did nothing wrong except make a savvy business deal.


Well, and pay taxes on the deal.
 
2012-08-06 04:18:52 PM

Monkeyhouse Zendo: qorkfiend: He'll be completely different if we elect him. He won't break into our houses at night and wreck up the place, or sell our children's organs to zoos for meat.

I rarely laugh out loud when reading things on the internet but the organ meat thing got me, well done.


Totally stolen from Futurama ^_^
 
2012-08-06 04:19:56 PM

sdd2000: Can you say FCPA? I will bet you Mitt's big backer Adelson knows what that is.


Is that a Welsh word? Give me a hint-- Is the C pronounced like a vowel or something?
 
2012-08-06 04:24:40 PM
A select few of shady people get rich and and the real taxpayers (middle/lower class) get screwed......this has been the GOP platform for 40 years why are people surprised at this.

/The GOP only cares about Big Government and debt when they aren't personally profiteering from it.
 
2012-08-06 04:25:17 PM

qorkfiend: He'll be completely different if we elect him. He won't break into our houses at night and wreck up the place, or sell our children's organs to zoos for meat.


AROOO!

/And his vice president will be the headless body of Spiro Agnew.
 
2012-08-06 04:27:08 PM

Skleenar: sdd2000: Can you say FCPA? I will bet you Mitt's big backer Adelson knows what that is.

Is that a Welsh word? Give me a hint-- Is the C pronounced like a vowel or something?


Let me google that for you Link and Link
 
2012-08-06 04:29:00 PM
Ed Finnerty: And we're supposed to take this campaign seriously because...

..voter suppression and dirty tricks.
 
2012-08-06 04:29:11 PM

Debeo Summa Credo: Italians sound like whiners in TFA:

"waaaaah, we sold you an asset too cheaply, then overpaid you when we bought it back!!! No fair!!"

As usual, sounds like Bain did nothing wrong except make a savvy business deal.


Profit justifies everything when the only value you believe in is money.
 
2012-08-06 04:29:35 PM
ComicBookGuy: Ed Finnerty: And we're supposed to take this campaign seriously because...

..voter suppression and dirty tricks.


Oh, and Citizen's United.
 
2012-08-06 04:30:24 PM

qorkfiend: Monkeyhouse Zendo: qorkfiend: He'll be completely different if we elect him. He won't break into our houses at night and wreck up the place, or sell our children's organs to zoos for meat.

I rarely laugh out loud when reading things on the internet but the organ meat thing got me, well done.

Totally stolen from Futurama ^_^


Who stole it from The Simpsons.

Homer: Marge, please, old people don't need companionship. They need to be isolated and studied so it can be determined what nutrients they have that might be extracted for our personal use.
Marge: Homer, would you please stop reading that Ross Perot pamphlet?
-- Stockdale could still surprise us, "Lady Bouvier's Lover"
 
2012-08-06 04:30:42 PM

sdd2000: Let me google that for you Link and Link


Wha? I googled "Link and Link" and it it didn't help.

Wait....

you're not one of those "evolutionismists", are you?
 
2012-08-06 04:33:47 PM
Don't you see: paying owed taxes on profits earned overseas would be taking money out of America. If Mitt Romney actually paid the taxes he owed to foreign countries rather than simply avoiding their jurisdiction he wouldn't be qualified to be president.
 
2012-08-06 04:36:40 PM

Dog Welder: Debeo Summa Credo: Italians sound like whiners in TFA:

"waaaaah, we sold you an asset too cheaply, then overpaid you when we bought it back!!! No fair!!"

As usual, sounds like Bain did nothing wrong except make a savvy business deal.

Well, and pay taxes on the deal.


Bain moved the profits to a sub in Luxembourg, which TFA says is a common corporate strategy to avoid high taxes. It would have been a breach of Bain's fiduciary duty to its investors to not take actions that would legally (and this appears to have been legal) reduce tax liability. And romney, to the extent he personally profited from the deal, would have paid taxes in the US. TFA mentions nothing about taxation of Romneys comp or profits related to this transaction.
 
2012-08-06 04:38:46 PM

Debeo Summa Credo: And romney, to the extent he personally profited from the deal, would have paid taxes in the US. TFA mentions nothing about taxation of Romneys comp or profits related to this transaction.


I know. It's a pity there is no way to ever get to the bottom of what Romney paid in US taxes, because if there were, he could just shut these libs up.

And then think how much egg would be on their faces!
 
2012-08-06 04:39:31 PM

SurfaceTension: So the Republicans want us to elect a guy who can't even go to an allied country because of the financial shenanigans in his past? Wow. Just, wow.


Yeah, this is problematic. Romney has actually burned bridges before he's even gotten to office. His entire campaign was already devoid of any foreign policy platforms, and now we find out that he's pre-alienated multiple allies.
 
2012-08-06 04:40:28 PM
Italians are known for practicing extreme tax evasion, so, you can either view this as ironic or that Romney really farked them over.

/I'm amused
//Not a knock against Italians
///Met some great people over there
 
2012-08-06 04:40:37 PM

Debeo Summa Credo: Dog Welder: Debeo Summa Credo: Italians sound like whiners in TFA:

"waaaaah, we sold you an asset too cheaply, then overpaid you when we bought it back!!! No fair!!"

As usual, sounds like Bain did nothing wrong except make a savvy business deal.

Well, and pay taxes on the deal.

Bain moved the profits to a sub in Luxembourg, which TFA says is a common corporate strategy to avoid high taxes. It would have been a breach of Bain's fiduciary duty to its investors to not take actions that would legally (and this appears to have been legal) reduce tax liability. And romney, to the extent he personally profited from the deal, would have paid taxes in the US. TFA mentions nothing about taxation of Romneys comp or profits related to this transaction.


It did. And the net result was he has yet to pay taxes on this transaction.
 
2012-08-06 04:40:41 PM

Debeo Summa Credo: Dog Welder: Debeo Summa Credo: Italians sound like whiners in TFA:

"waaaaah, we sold you an asset too cheaply, then overpaid you when we bought it back!!! No fair!!"

As usual, sounds like Bain did nothing wrong except make a savvy business deal.

Well, and pay taxes on the deal.

Bain moved the profits to a sub in Luxembourg, which TFA says is a common corporate strategy to avoid high taxes. It would have been a breach of Bain's fiduciary duty to its investors to not take actions that would legally (and this appears to have been legal) reduce tax liability. And romney, to the extent he personally profited from the deal, would have paid taxes in the US. TFA mentions nothing about taxation of Romneys comp or profits related to this transaction.


Citation Needed.
 
2012-08-06 04:41:28 PM

justtray: Debeo Summa Credo: Italians sound like whiners in TFA:

"waaaaah, we sold you an asset too cheaply, then overpaid you when we bought it back!!! No fair!!"

As usual, sounds like Bain did nothing wrong except make a savvy business deal.

Exactly, evading taxes isn't wrong if you're savvy.


How can it be wrong if it feels so right?
 
2012-08-06 04:43:28 PM
too f*cking funny. well, not funny ha ha, but 'funny'.
 
2012-08-06 04:47:22 PM
international criminal
 
2012-08-06 04:53:55 PM
He'll retroactively retire from Bain in 1996 so he doesn't have any responsibility for this. Nice try libs...
 
2012-08-06 04:54:57 PM
So, dude buys a telephone directory company. You're going, dude, a telephone directory company? Are you serious? Can't you see into the future? Those things are doomed.

Dude sells telephone directory company for a big profit. You're going, dude, I see now. You're farking brilliant. No wonder you're so rich and successful.

Taxes stuff? See story. Common practice in the Old Countries, people.

Fallout? LIttle diid successful business person know being rich and successful is to be despised in 2012 America.
 
2012-08-06 04:57:47 PM
Wouldn't this be proof that we need to start imposing restrictions on LLCs run through known tax havens? Say, a baseline 70% rate to discourage tax evasion.
 
2012-08-06 04:59:02 PM

Cletus C.: Fallout? LIttle diid successful business person know being rich and successful is to be despised in 2012 America.


I don't despise his wealth or success, he just seems out of touch with the lower and middle classes. Just like Obama and all of the Congresscritters to be honest, they're insulated from the day to day struggles of those who are less fortunate.
 
2012-08-06 04:59:05 PM

Linux_Yes: too f*cking funny. well, not funny ha ha, but 'funny'.


mmmmm hmmmmm

content7.flixster.com
 
2012-08-06 04:59:43 PM

Cletus C.: So, dude buys a telephone directory company. You're going, dude, a telephone directory company? Are you serious? Can't you see into the future? Those things are doomed.

Dude sells telephone directory company for a big profit. You're going, dude, I see now. You're farking brilliant. No wonder you're so rich and successful.

Taxes stuff? See story. Common practice in the Old Countries, people.

Fallout? LIttle diid successful business person know being rich and successful is to be despised in 2012 America.


Yep, making money is to be praised no matter how it is made. America has one value, and one value alone: Money. The more money involved the better something or someone is. No other criteria are needed.
 
2012-08-06 05:00:48 PM
Dear GOP,

Thank you for running Romney, the spotlight has done a lot to teach Americans about what most "job creators" actually do for their money: ratfark the system. He didn't even create his own job, his mom did when he fell out of her vagina.
 
2012-08-06 05:01:09 PM

IamSoSmart_S_M_R_T: Cletus C.: Fallout? LIttle diid successful business person know being rich and successful is to be despised in 2012 America.

I don't despise his wealth or success, he just seems out of touch with the lower and middle classes. Just like Obama and all of the Congresscritters to be honest, they're insulated from the day to day struggles of those who are less fortunate.


That's some pretty lame BSABSVR.
 
2012-08-06 05:01:15 PM

Snarcoleptic_Hoosier: Wouldn't this be proof that we need to start imposing restrictions on LLCs run through known tax havens? Say, a baseline 70% rate to discourage tax evasion.


No, don't you get it! This means we need to have a 0% tax, otherwise no company will do business here
 
2012-08-06 05:01:20 PM
biatches, please! He went to Poland. When you match up Poland vs. Italy, Poland wins every time.

//Really, we're upset he skipped Italy? That's like visiting Africa and skipping Malawi.

///You always skip Malawi. I'm not even sure Malawi is a real place.
 
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