Romney Persona Non Grata In Italy

[DiabloViejo]

<span style="color: #000099"><span style='font-size: 17pt'>Romney Persona Non Grata In Italy For Bain’s Deal Skirting Taxes</span></span>
By Jesse Drucker, Elisa Martinuzzi and Lorenzo Totaro - Aug 6, 2012 12:01 AM ET
Bloomberg News (http://www.bloomberg.com/news/2012-08-06/romney-persona-non-grata-in-italy-for-bain-s-deal-skirting-taxes.html)

Mitt Romney skipped Italy on his swing through Europe. That was probably prudent.

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.

Read the full story here: Bloomberg News (http://www.bloomberg.com/news/2012-08-06/romney-persona-non-grata-in-italy-for-bain-s-deal-skirting-taxes.html)

Video here: Bloomberg Video (http://bloom.bg/Mfd3ZA)

http://www.bloomberg.com/image/iVxSXWDLVMJ8.jpg
<span style='font-size: 8pt'>LOL! I made $50 or $60 Million screwing those dumb wops! Give me a chance and I'll do the same to America!</span>

[Qtec]

Excellent find D and its important for this reason.
Romney says he is only worth $250 M. Here on one deal alone he made $50/60 M!
Did he pay any tax on that? I doubt it.

Compare that to the only tax return he has submitted.

Q

[Gayle in MD]

Friend, I posted this without seeing this post of yours on the same subject.

I apologize for the re-post.

G.

[LWW]

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: DiabloViejo</div><div class="ubbcode-body"><span style="color: #000099"><span style='font-size: 17pt'>Romney Persona Non Grata In Italy For Bain’s Deal Skirting Taxes</span></span>
By Jesse Drucker, Elisa Martinuzzi and Lorenzo Totaro - Aug 6, 2012 12:01 AM ET
Bloomberg News (http://www.bloomberg.com/news/2012-08-06/romney-persona-non-grata-in-italy-for-bain-s-deal-skirting-taxes.html)

Mitt Romney skipped Italy on his swing through Europe. That was probably prudent.

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.

Read the full story here: Bloomberg News (http://www.bloomberg.com/news/2012-08-06/romney-persona-non-grata-in-italy-for-bain-s-deal-skirting-taxes.html)

Video here: Bloomberg Video (http://bloom.bg/Mfd3ZA)

http://www.bloomberg.com/image/iVxSXWDLVMJ8.jpg
<span style='font-size: 8pt'>LOL! I made $50 or $60 Million screwing those dumb wops! Give me a chance and I'll do the same to America!</span> </div></div>

And the ssue is what?

That capital flows to where it is taxed least? D'uh! But ... the tax nd sped left has denied this sef evident truth for decades.

Is the point that telephone directory use has fallen from an eeryday tool to a useless waste of paper? Care to check what the value of US directory comanies has fallen to?

[DiabloViejo]

<span style='font-size: 17pt'><span style="color: #000099">Me not understand Bizzaro troll-speak.</span> </span> /forums/images/%%GRAEMLIN_URL%%/laugh.gif

http://upload.wikimedia.org/wikipedia/en/thumb/1/1d/ClassicBizarro.PNG/216px-ClassicBizarro.PNG