Romney's firm, Bain Capital, colluded - Mountain Buzz
 

Go Back   Mountain Buzz > Other Chatter > The Eddy


Reply
 
Thread Tools Display Modes
 
Old 09-11-2012   #1
 
Join Date: Nov 2005
Posts: 652
Romney's firm, Bain Capital, colluded

From http://www.nytimes.com/2012/09/12/bu...uding.html?hpw


In court documents that lawyers for Bain Capital sought to keep secret, the company and other leading private equity firms are depicted as unofficial partners in a bid-rigging conspiracy aimed at holding down the prices of businesses they were seeking to buy.

Documents filed in the lawsuit this week show that many of Bain’s takeovers last decade did exceedingly well for the company — a result, the lawsuit charges, of buying the businesses at deflated prices because of collusion with other equity firms.

Mr. Romney has frequently cited his success at Bain Capital in presenting himself as a proven businessman who can turn around the lagging economy.

In Bain’s biggest acquisition, the $32.1 billion purchase of the hospital giant HCA in 2006, competitors agreed privately to “stand down” and not bid on the company as part of an understanding with Bain to divvy up companies targeted for leveraged buyouts, according to internal e-mails.

The corporate takeovers at issue in the lawsuit include the acquisition of prominent companies like Neiman Marcus, Toys “R” Us, Michaels Stores, Univision and the Loews and AMC movie chains, and they date from 2003 to 2007. The class-action shareholders’ lawsuit, which was first filed in 2007, long before the presidential campaign.

Michele Davis, a spokeswoman for the Romney campaign, said on Tuesday that the accusations regarding the takeovers are “not related” to Mr. Romney. “All of these things are long after he left Bain,” she said. Mr. Romney completed a retirement deal with Bain in 2001, and his name appeared on dozens of corporate documents until 2001. Moreover, he has continued to receive profits from the firm as a retired partner and has maintained holdings in some of its investment funds.

basil is offline   Reply With Quote
Sponsored Links
Advertisement
 
Reply


Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Topic Thread Starter Forum Replies Last Post
Romney out ,what now cayo 2 The Eddy 12 02-08-2008 09:42 AM

» Classified Ads
Powered by vBadvanced CMPS v3.2.3

All times are GMT -6. The time now is 09:57 PM.


Powered by vBulletin® Version 3.8.8
Copyright ©2000 - 2020, vBulletin Solutions, Inc.
vBulletin Security provided by vBSecurity v2.2.2 (Pro) - vBulletin Mods & Addons Copyright © 2020 DragonByte Technologies Ltd.