Welcome to PatsFans.com

Romney Persona Non Grata in Italy for Bain’s Deal Skirting Taxes

Discussion in 'Political Discussion' started by Patters, Aug 6, 2012.

  1. Patters

    Patters Moderator Staff Member PatsFans.com Supporter

    Joined:
    Sep 13, 2004
    Messages:
    18,967
    Likes Received:
    317
    Ratings:
    +583 / 22 / -19

    Hey, Romney and Bain deserve credit for the ingenuity. Any way they can beat the tax system and leave the middle class holding the bill. No wonder Romney wants to be president. Just think how much wealthier he'll be if he wins.

    http://www.bloomberg.com/news/2012-...a-in-italy-for-bain-s-deal-skirting-taxes.htm

    ... 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.
     
  2. patsfan13

    patsfan13 Hall of Fame Poster PatsFans.com Supporter

    Joined:
    Jan 4, 2005
    Messages:
    25,598
    Likes Received:
    167
    Ratings:
    +459 / 12 / -14

    So Bain Capital did something that is legal and common in Europe after Romney left the firm and this is a bad thing for Romney... :rolleyes:


    BTW Bain had a fiduciary responsibility to structure the deal in a way to benefit the share holders not the Italian Government.
     
  3. IllegalContact

    IllegalContact Pro Bowl Player

    Joined:
    Jun 5, 2010
    Messages:
    12,908
    Likes Received:
    315
    Ratings:
    +1,021 / 30 / -34

    So, Patters........what is supposed to happen in that case?

    what I see is someone who was outstanding at doing what he was supposed to do.......a level of effectiveness obama has never achieved anywhere in his life.

    he did his job and he did it better than anyone else
     
  4. wistahpatsfan

    wistahpatsfan Pro Bowl Player

    Joined:
    Jul 30, 2005
    Messages:
    15,626
    Likes Received:
    11
    Ratings:
    +13 / 0 / -1

    #75 Jersey

    Patters, you're fishing without any bait, man.
     
  5. PatsFanInVa

    PatsFanInVa PatsFans.com Supporter PatsFans.com Supporter

    Joined:
    Mar 19, 2006
    Messages:
    21,381
    Likes Received:
    481
    Ratings:
    +1,048 / 15 / -9

    We're assuming, since nobody filed charges, that it was legal.

    Please demonstrate that it was "normal" in Europe.

    Romney was 100% owner of Bain in 2000. Unless he was going to sue himself, the "fiduciary responsibility" argument is best reserved for cases involving publicly held companies.

    PFnV
     
  6. patsfan13

    patsfan13 Hall of Fame Poster PatsFans.com Supporter

    Joined:
    Jan 4, 2005
    Messages:
    25,598
    Likes Received:
    167
    Ratings:
    +459 / 12 / -14

     
  7. Patters

    Patters Moderator Staff Member PatsFans.com Supporter

    Joined:
    Sep 13, 2004
    Messages:
    18,967
    Likes Received:
    317
    Ratings:
    +583 / 22 / -19

    I think if Romney is persona non grata in Italy, it's fairly significant. While there is an element in America who admires the sort of ingenuity that Bain engaged in, there are many who really don't admire that. Many of us recognize that Romney is a poster boy for loopholes for the wealthy. While I won't fault him for taking advantage of loopholes, it's certainly not something that I see positively. Do you think the same people who admire Romney's games admire the welfare recipient who has children to get extra aid or the dogged disability seeker who manages to get that aid legally, even though s/he might not need it?
     
  8. patsfan13

    patsfan13 Hall of Fame Poster PatsFans.com Supporter

    Joined:
    Jan 4, 2005
    Messages:
    25,598
    Likes Received:
    167
    Ratings:
    +459 / 12 / -14

    Yeah because that would have solved Italy's fiscal problems brought about by the policies Obama wants the US to embrace... :rolleyes:
     
  9. Patters

    Patters Moderator Staff Member PatsFans.com Supporter

    Joined:
    Sep 13, 2004
    Messages:
    18,967
    Likes Received:
    317
    Ratings:
    +583 / 22 / -19

    As I asked Wistah, do you also admire the person on welfare who identifies every single form of aid s/he can legally get? Do you admire the dogged disability seeker who legally finds a loophole in disability so that it s/he can collect it? If your point is that legally exploiting the government is okay, then I hope that point applies to the poor as well as the wealthy. If Romney was poor, he'd be the American Welfare Queen because he's so effective. I think Romney is not releasing his tax returns, even though many conservatives are calling for him to do it, because he has something to be ashamed of. It's sad that rather than hide the information, he doesn't share his tax strategies so as to help others who share his point of view or to help the government close loopholes that allow the rich to profit at the cost of increasing the federal deficit.
     
    Last edited: Aug 7, 2012
  10. wistahpatsfan

    wistahpatsfan Pro Bowl Player

    Joined:
    Jul 30, 2005
    Messages:
    15,626
    Likes Received:
    11
    Ratings:
    +13 / 0 / -1

    #75 Jersey

    Oh yeah. I forgot about this tactic:

    Italy=USA
    Greece=USA
    Portugal=USA

    Funny.
     
  11. patsfan13

    patsfan13 Hall of Fame Poster PatsFans.com Supporter

    Joined:
    Jan 4, 2005
    Messages:
    25,598
    Likes Received:
    167
    Ratings:
    +459 / 12 / -14


    You might want to look at US debt as a % of GDP and get back to us.
     
  12. wistahpatsfan

    wistahpatsfan Pro Bowl Player

    Joined:
    Jul 30, 2005
    Messages:
    15,626
    Likes Received:
    11
    Ratings:
    +13 / 0 / -1

    #75 Jersey

    Yeah. We also live in houses and drive cars. Let's hear it from a super=patriotic American how much America resembles Greece and other sh!tholes because our debt structure has similarities. Never mind the ways we are massively dis-similar. We can compare an eagle with a bee because they both have wings, but so what?
     
  13. Mrs.PatsFanInVa

    Mrs.PatsFanInVa PatsFans.com Supporter PatsFans.com Supporter

    Joined:
    Sep 7, 2009
    Messages:
    16,423
    Likes Received:
    404
    Ratings:
    +780 / 14 / -6

    #24 Jersey

    Doesn't sound like he had "left the firm," at the time - not to me, anyhow. Maybe you read this differently.

    Romney Persona Non Grata in Italy for Bain’s Deal Skirting Taxes - The Washington Post
     
  14. IcyPatriot

    IcyPatriot ------------- PatsFans.com Supporter

    Joined:
    Sep 13, 2004
    Messages:
    39,645
    Likes Received:
    754
    Ratings:
    +1,998 / 41 / -31

    #24 Jersey

    Maybe if Romney is elected he will devise ways to screw other country's out of their money. If he did that and our economy improved how many Americans would cry foul?

    Our country already through our military screws other countries over left and right. Obama has been a part of this as much as anyone before him.

    How many Americans are crying foul?

    These stories of how Romney is more ethically corrupt than Obama are laughable. Obama does not have Romney's wealth but he is every bit the slug that Romney is. But i know it's the democrat/republican cat vs dog thing. There are merely slight differences between these 2 candidates ... the chasm is not as large as painted by the talking points people in this forum.
     
  15. wistahpatsfan

    wistahpatsfan Pro Bowl Player

    Joined:
    Jul 30, 2005
    Messages:
    15,626
    Likes Received:
    11
    Ratings:
    +13 / 0 / -1

    #75 Jersey

    No one knows what Romney is going to be like as president except he seems to think it's a good idea to go to war with Iran given all his childish saber-rattling about them.

    I agree that there isn't as great a difference between Bush and Obama as one may think except Obama never started a war but seems to prefer to end them. Bush didn't like war that much either, I think, as evidenced by his attempts to avoid combat. But he was willing to go along with the plans of his fellow draft-dodging masters. We have no idea what Romney would do, but considering his draft-dodging history, the outlook for peacec is not good, IMO. But then again, since Americans have been insulated from the cost of war, they may just overlook this danger...still.

    Not happy with how long Obama's taking to end the Terror Wars.
     
  16. Real World

    Real World Moderator Staff Member

    Joined:
    Aug 15, 2006
    Messages:
    27,440
    Likes Received:
    321
    Ratings:
    +901 / 7 / -3

    So when he doubled down in Afghanistan, he didn't like war, he ended them? What war has Obama ended btw? Please don't say Iraq. Iraq was already ended. The process was already signed and sealed under the previous administration.

    BTW, the war enderer in chief has sent more US soldiers to their deaths in Afghanistan in his 3 1/2 years in office, than were suffered under his predecessors terms. What branch of the military did Obama serve in again?
     
  17. IcyPatriot

    IcyPatriot ------------- PatsFans.com Supporter

    Joined:
    Sep 13, 2004
    Messages:
    39,645
    Likes Received:
    754
    Ratings:
    +1,998 / 41 / -31

    #24 Jersey

    Wistah the way I see it is a president has become a face of the party. The people behind the scenes - the ones we are not electing are some of the most corrupt and vile people in America. The Obama people have brought buying the office through corruption to new heights. it won't be any different under Romney should he win.

    Obama is not the compassionate and honest man the media is trying to portray. The money shifted to his supporters through the office of government is staggering. These people sell their souls to the devil for power.

    The game will be played ... the partisans in the forum will do their bidding and try to put their guy on some moral perch. But these 2 are the same in every aspect except for skin color. Both male, both greedy, both power hungry, both surrounded by corrupt and immoral people, etc ...

    Anyone in this forum who thinks slight deviations make a difference are missing the boat. There are no solutions to the process ... but reality checks on the subject of morality are needed. Neither of these 2 candidates should be judged on morality or honesty. Judge them on their platform - it's about the best we have to go on.
     
  18. Drewski

    Drewski In the Starting Line-Up

    Joined:
    Jul 25, 2007
    Messages:
    4,276
    Likes Received:
    131
    Ratings:
    +362 / 0 / -1

    No Jersey Selected

    Post of the Mother Effing Year Icy!!!!!!


    How can I like it more than once? I would Like it a thousandy times if I could
     
    Last edited: Aug 7, 2012
  19. Mrs.PatsFanInVa

    Mrs.PatsFanInVa PatsFans.com Supporter PatsFans.com Supporter

    Joined:
    Sep 7, 2009
    Messages:
    16,423
    Likes Received:
    404
    Ratings:
    +780 / 14 / -6

    #24 Jersey

    If what you've said here is true then judging them on their platform isn't going to work, either. You'd be better off judging them by which" corrupt, immoral and vile" supporters own them because they're the ones who'll be calling the shots.

    That's one of the problems I have with Romney. Obama's pretty good about naming his bundlers and his donors - Romney mostly refuses. Obama's got super-pacs, but not nearly the amount of super-pacs that Romney has. We don't know who's got money in anyone's super-pacs so donor disclosure is a wash between the two candidates, but the amount collected is not - Obama doesn't take money from registered lobbyists - Romney does. Romney not only takes money from them, he uses them as "informal advisors."

    Mitt Romney's Lobbyist Donations Boom In First Half Of 2012
     
  20. Real World

    Real World Moderator Staff Member

    Joined:
    Aug 15, 2006
    Messages:
    27,440
    Likes Received:
    321
    Ratings:
    +901 / 7 / -3

    The link doesn't work for me, so going from what's in this thread, we're supposed to be upset that one group sold something for pennies, which the buying entity later sold for dollars, only to have them sell to someone else for whom the "wigit" in question later turned into pennies again. Do I have this right in a general sense?
     

Share This Page

unset ($sidebar_block_show); ?>