Saturday, September 1, 2012

Exclusive: Financial Firms Face Subpoenas on Tax Strategy

How does the Romney/Ryan ticket and the GOP handle this one?   Do they accuse the state of New York of political grand standing, or ignore it?   This is not going to be a good week for RomRyan.  BTW, did you see the faux pax committed by Ryan in an interview a day or two ago after the acceptance speech when he stated that ...."the public will be able to know him better like I know Rip Nomree".   If you knew Rip, like I know Rip...oh...oh...oh..what a guy!

---------- Forwarded message ----------
From: News Alert <>
Date: Sat, Sep 1, 2012 at 3:13 PM
Subject: Exclusive: Financial Firms Face Subpoenas on Tax Strategy

Breaking News Alert
The New York Times
Saturday, September 1, 2012 -- 6:06 PM EDT

Financial Firms Face Subpoenas on Tax Strategy

The New York attorney general is investigating whether some of the nation's biggest private equity firms have abused a tax strategy in order to slice hundreds of millions of dollars from their tax bills, according to executives with direct knowledge of the inquiry. The attorney general, Eric T. Schneiderman, has subpoenaed more than a dozen firms seeking documents that would reveal whether they converted certain management fees into fund investments, which are taxed at a far lower rate than ordinary income.

Among the firms to receive subpoenas are Kohlberg Kravis Roberts & Company, TPG Capital, Sun Capital Partners, Apollo Global Management, Silver Lake Partners and Bain Capital, which was founded by Mitt Romney, the Republican nominee for president.

Executives at some firms said they feared that Mr. Schneiderman, a Democrat with ties to the Obama administration, was seeking to embarrass the industry because of Mr. Romney's roots at Bain. Others suggested the subpoenas might be part of an effort to recover more tax revenue for New York.

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