Romney Persona Non Grata In Italy For Bain’s Deal Skirting Taxes

[Marzupialis]

Source: Bloomberg

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. Boston-based Bain wasn’t a subject of the inquiries, which didn’t result in any charges.

Read more: http://www.bloomberg.com/news/2012-08-06/romney-persona-non-grata-in-italy-for-bain-s-deal-skirting-taxes.html

[truthisfreedom]

1. Ouch! Just the first of many countries to come forward complaining of being forced

to ride on the top of the rMONEY-mobile.

[Berlum]

2. "Vaffanculo! Willard" - Honest Italian people

"We got no use for International Fatcat Republican Welfare-for-the-rich tax-and-draft dodging Republican wankers like you, Willard. We have our own dodgy Plutocrats sponging off the Proles right here at home. You can pick them out: they wear deluxe, gourmet, $5,000 shoes, and wierdo Sassy Boy hats. Like you, Willard, our Plutocrats like to imagine they are 'special'"

- Honest Italians

[Quantess]

3. The scum rises to the top.

[Fuddnik]

4. Invaded by Fascists with a checkbook instead of an army.

[Berlum]

5. No one likes being ripped off by Republicans

Kinda stirs up a stinking shitpot of righteous risentimento

[sofa king]

6. GWB asks, "How do you say that in Eye-talian?"

[MADem]

7. To which rMoney says "I don't know, I can tell you in French!!!" nt

[sofa king]

9. "He must owe them Brazilians."

[still_one]

8. There was a time after WWII where we were respected. This kind of garbage is what made us the

Ugly American

[raouldukelives]

10. Yep. Anyone who pays the slightest attentionn can see the real message of America.

Con or kill whatever or whomever you can to make an extra buck. Proudly brought to you by the Romneys of our country.
Maybe we have fought with monsters so long we have become one. A lot of people in this country see no problem with swindling and murdering whomever they please on this planet if it means a decent paycheck for them. We have become what we tried to free ourselves from so long ago. Almost seems like a quaint fairy tale at this point.

[h2ebits]

11. There is one good thing.

Having Romney run for President is truly allowing the American public to see the dirty underbelly of vulture capitalists. He epitomizes the worst of them. We need to work to expose all of these vultures and help everyone understand how each of us worldwide are being ripped off for the sake of greed by the few. Romney is just another example of the corruption in the system and that corruption is gradually coming to light. We need to spread the word loud and clear.