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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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6431 clicks; posted to Politics » on 06 Aug 2012 at 3:48 PM (1 year ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2012-08-06 10:56:19 PM

Magorn: 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.


There's a little bit more to it than that. It turned out that when they bought the Italian Yellow Pages from the Italian phone company, it contained the Italian version of Yahoo. They saw the coming internet boom, capitalized on it, built the company up so it was a major player in the Italian internet and that's what was worth so much money.

It's actually one of the least sleazy deals Bain Capital did.
 
2012-08-06 11:01:46 PM

Dwight_Yeast: Magorn: 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.

There's a little bit more to it than that. It turned out that when they bought the Italian Yellow Pages from the Italian phone company, it contained the Italian version of Yahoo. They saw the coming internet boom, capitalized on it, built the company up so it was a major player in the Italian internet and that's what was worth so much money.

It's actually one of the least sleazy deals Bain Capital did.


Oh, stop it with your damned "facts". The farklibs HATE it when you introduce facts into their Bain bashing threads.
 
2012-08-07 12:10:56 AM

HansoSparxx: IlGreven: HansoSparxx: IlGreven: sdd2000: 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

I'm sorry, the only people who use "Let Me Google That For You" are douchebags. Even if they are arguing the side I happen to agree with.

/If you're arguing, bring it to the table with you, or you lose the argument.
//And don't try to obfuscate it, either.

People should know how to look up shiat on the internet by now.

You, as the prosecution, should not be telling the defense to do your job for you. That you won't do it yourself is tantamount to saying you can't do it yourself. IOW, if it's so easy to look up, why didn't you bring it to the table with you?

It's not my job to teach you shiat you should already know. Look it up dumbass.


It is, if you want to win an argument. Otherwise, I say you don't know what the fark you're talking about, and I'd be right, because you don't have the information you're arguing about.
 
2012-08-07 12:21:49 AM
Bain buys assets from Italian government
Bain sells asset at the peak of its value to another group of private equity investors. Asset has declined precipitously in value since. We're outraged on the behalf of Italians everywhere because Bain.

That sum it up?
 
2012-08-07 12:31:33 AM

skullkrusher: That sum it up?


Not really. Regular Italians are angry that Bain Capital appears to have been in cahoots with the almost always corrupt Italian government, and secured huge profits for itself and connected government shareholders, then passed off a sour deal onto another public Italian company, for which now the entire country is paying the price in austerity and EU measures. Bain allegedly facilitated the inherent corruption within the Italian system of government, and Mitt Romney probably did a strip tease for Silvio Berlusconi.
 
2012-08-07 01:30:44 AM

Bashar and Asma's Infinite Playlist: and Mitt Romney probably did a strip tease for Silvio Berlusconi.


Haha, beautiful! Checked into the thread to monitor Rmoney's flat-spin. Leaving satisfied.
 
2012-08-07 01:43:43 AM
Let's hear it for the Rainbow Romney Tour
It's been an incredible success
We weren't quite sure, we had a few doubts

Would Evita Romney win through?
And the answer is...
Yes!
(...and no)
(...and yes)
(...and no)
(...and yes)

No.
 
2012-08-07 01:54:47 AM
I was wondering why the hell you would go to Poland but not Italy.

But I guess Italy is "Old Europe".
 
2012-08-07 06:29:21 AM
FTA
"Boston-based Bain wasn't a subject of the inquiries, which didn't result in any charges"
Interesting that most people apparently missed this part of the article.
 
2012-08-07 07:19:52 AM

IlGreven: HansoSparxx: IlGreven: HansoSparxx: IlGreven: sdd2000: 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

I'm sorry, the only people who use "Let Me Google That For You" are douchebags. Even if they are arguing the side I happen to agree with.

/If you're arguing, bring it to the table with you, or you lose the argument.
//And don't try to obfuscate it, either.

People should know how to look up shiat on the internet by now.

You, as the prosecution, should not be telling the defense to do your job for you. That you won't do it yourself is tantamount to saying you can't do it yourself. IOW, if it's so easy to look up, why didn't you bring it to the table with you?

It's not my job to teach you shiat you should already know. Look it up dumbass.

It is, if you want to win an argument. Otherwise, I say you don't know what the fark you're talking about, and I'd be right, because you don't have the information you're arguing about.


You can't change reality simply by choosing not to verify a fact.

Strawman aside, You seem not even smart enough to follow a discussion, let alone use a computer. The person you were originally responding to (even though it was sarcastic) asked a question "What does 'blahblah' mean".

This is not an argument, this is a question that can be easily looked up. If you don't know how to do that by now, you are an idiot and deserve all the LMGTFY links you get.
 
2012-08-07 08:03:04 AM
Bain bought the business for as little as it could, then sold it more as much as it could. Just like anybody else would. As for the taxes, if anybody has any evidence of fraud, present it or STFU. Romney's also had to put up with disingenuous insinuations regarding his taxes. Again, if anybody has any evidence of fraud, present it or STFU. The fact of the matter is, if anybody would have any interest in Romney's taxes, it would be the IRS. Given his financial status, you can bet your bottom dollar that the IRS has a full-time auditor who does nothing but review Romney's taxes. Hell, probably a whole team of them. This is all a flurry of misdirection aimed at keeping attention turned away from the sealed State of their own hero's records. What's in there that's so damaging? Did Obama really receive a scholarship reserved for a Kenyan? Did he commit fraud, or have the "Birthers" been right all this time?
 
2012-08-07 08:57:52 AM

Whodat: "Boston-based Bain wasn't a subject of the inquiries, which didn't result in any charges"
Interesting that most people apparently missed this part of the article.


I know. Why don't Americans simply recognize the fact that the only qualification we should want for our president is "not under indictment"?

HAMMERTOE: As for the taxes, if anybody has any evidence of fraud, present it or STFU.


If only there were a way for Romney to clear his name in this regard. If only.


HAMMERTOE: Given his financial status, you can bet your bottom dollar that the IRS has a full-time auditor who does nothing but review Romney's taxes


Even though Romney himself has said that he only has faced auditing a few times, this feels right, so I'm gonna go along and believe it. And, of course, since the only thing we should possibly want out of a president is that he is not a criminal, I don't know why anyone would want to see what is in these things, anyway. I mean, what are they looking for? Ethical lapses? Why would that matter?

HAMMERTOE: his is all a flurry of misdirection aimed at keeping attention turned away from the sealed State of their own hero's records. What's in there that's so damaging? Did Obama really receive a scholarship reserved for a Kenyan? Did he commit fraud, or have the "Birthers" been right all this time?


This is obviously what is happening. The libtards were getting nervous because enough of our best and brightest (Arpaio, Taitz) were getting too close to the truth. VILIGANCE!
 
2012-08-07 09:35:36 AM

Skleenar: This is obviously what is happening. The libtards were getting nervous because enough of our best and brightest (Arpaio, Taitz) were getting too close to the truth. VILIGANCE!


Funny. But one inescapable truth about human beings: we judge others according to our own motivations and methods. The fact remains: for all the mud-slinging, Romney isn't charged with tax fraud of any kind. Meanwhile, a significant percentage of Obama's White House aides owe nearly $1,000,000 in back taxes. Where's the attention given to that?
 
2012-08-07 09:42:12 AM

HAMMERTOE: Funny. But one inescapable truth about human beings: we judge others according to our own motivations and methods.


So you are saying that your birth certificate is fraudulent?
 
2012-08-07 09:58:38 AM
Apparently, I'm supposed to be more outraged with what Romney legally does with his money than with Obama does with my great-great-great-great-grandchildrens'.
 
2012-08-07 09:59:41 AM

Philip Francis Queeg: So you are saying that your birth certificate is fraudulent?


No, but then there's been no fuss over it either. My college records aren't sealed either.
 
2012-08-07 10:16:58 AM

Bashar and Asma's Infinite Playlist: skullkrusher: That sum it up?

Not really. Regular Italians are angry that Bain Capital appears to have been in cahoots with the almost always corrupt Italian government, and secured huge profits for itself and connected government shareholders, then passed off a sour deal onto another public Italian company, for which now the entire country is paying the price in austerity and EU measures. Bain allegedly facilitated the inherent corruption within the Italian system of government, and Mitt Romney probably did a strip tease for Silvio Berlusconi.


TFA says that they sold the assets to another private equity group. Even if not, was the public Italian company required to buy those assets? An inquiry was made and Bain was not charged. Sounds like they should be pissed at their government if anyone
 
2012-08-07 10:31:22 AM

HAMMERTOE: My college records aren't sealed either.


Cool. Link?

HAMMERTOE: for all the mud-slinging, Romney isn't charged with tax fraud of any kind


Exactly. And the only reason anyone could possibly care about seeing his tax returns is to see if he committed fraud. QED, there is nothing to see. Because the only thing a voter could possibly care about is fraud. I mean, what else could there be? See? Nothing.
 
2012-08-07 11:08:10 AM

HAMMERTOE: Bain bought the business for as little as it could, then sold it more as much as it could. Just like anybody else would. As for the taxes, if anybody has any evidence of fraud, present it or STFU. Romney's also had to put up with disingenuous insinuations regarding his taxes. Again, if anybody has any evidence of fraud, present it or STFU. The fact of the matter is, if anybody would have any interest in Romney's taxes, it would be the IRS. Given his financial status, you can bet your bottom dollar that the IRS has a full-time auditor who does nothing but review Romney's taxes. Hell, probably a whole team of them. This is all a flurry of misdirection aimed at keeping attention turned away from the sealed State of their own hero's records. What's in there that's so damaging? Did Obama really receive a scholarship reserved for a Kenyan? Did he commit fraud, or have the "Birthers" been right all this time?


I have no problem with Romney as a businessman. He apparently did very well for his company and legally made them a lot of money while also abusing every tax loophole in the books. But that means I want him nowhere near the government.
 
2012-08-07 11:31:50 AM

qorkfiend: FuturePastNow: I really think Romney is an experiment by the GOP to see where the breaking point is, to see just how blatant they can be about their true agenda before they start losing their base. The fact that people still come in these threads and defend Romney means they haven't hit that point, yet.

Also, compared to Romney, whoever they put up in 2016 is going to look like the Second Coming of Reagan.


I dunno. Look at the jerks, morons, and fundies who represent the GOP in Congress and as governors. Do you think any of that scum will make a good presidential candidate in four years?
 
2012-08-07 04:27:10 PM

FuturePastNow: qorkfiend: FuturePastNow:
....

Also, compared to Romney, whoever they put up in 2016 is going to look like the Second Coming of Reagan.

I dunno. Look at the jerks, morons, and fundies who represent the GOP in Congress and as governors. Do you think any of that scum will make a good presidential candidate in four years?


They won't be a good candidate, just head and shoulders above Rmoney.
 
2012-08-08 12:35:49 AM

sdd2000: FuturePastNow: qorkfiend: FuturePastNow:
....

Also, compared to Romney, whoever they put up in 2016 is going to look like the Second Coming of Reagan.

I dunno. Look at the jerks, morons, and fundies who represent the GOP in Congress and as governors. Do you think any of that scum will make a good presidential candidate in four years?

They won't be a good candidate, just head and shoulders above Rmoney.


There's a reason Christie, Jindal and (probably) Rubio are sitting out the dance this year.
 
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