Posted on 12/19/2011 3:18:01 AM PST by 2ndDivisionVet
Republican White House hopeful Mitt Romney receives millions of dollars a year in a retirement agreement with Bain Capital, nearly 13 years after he left the private equity firm he helped start, the New York Times said on Monday.
In the final deal of his private equity career, Romney negotiated an agreement with his former partners that has paid him a share of Bain's profits ever since, bringing his family millions in income each year and bolstering the fortune that has helped finance his political aspirations, the paper said.
After Romney left Bain, the company grew into a global investing behemoth, buying and restructuring companies. His retirement agreement, the Times noted, may expose him to criticism that while pursing a career in public life, he has grown wealthier partly from Bain laying off workers at companies it has bought - a charge that routinely resurfaces on the campaign trail.
A second point of controversy could be that his Bain profits may qualify for a lower tax rate than ordinary income under a tax provision favorable to private equity managers - a point of contention in fierce arguments over whether tax rates on the wealthy should be raised...
(Excerpt) Read more at reuters.com ...
That’s capitalism, or are we against that now?
Read the book “Dangerous Company” which discusses instances where the large consulting and investing firms have actually had negative impacts. There is chapter dedicated to Bain.
That is the best thing I heard about Roomey
I still would NEVER VOTE FOR HIM...
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