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Keyword: privateequity

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  • Ultrawealthy pile into private equity

    07/28/2014 5:09:04 AM PDT · by Citizen Zed · 4 replies
    cnbc ^ | 7-28-2014
    The rich are increasingly enamored with private equity investing, but their rising allocation to PE funds doesn't mean they're cutting back on stock or cash allocations, according to a new survey of ultrawealthy investors by Tiger 21, a peer-to-peer network of high net worth individuals. The 265 members polled—with investable assets of more $25 billion—increased their private equity allocations to 22 percent of the average portfolio during the second quarter of 2014, according to Tiger 21. That matches the record in PE during the first quarter of 2013 and the most significant allocation increase since Tiger 21 began tracking member...
  • IRS audits less than 1 percent of big partnerships

    04/17/2014 6:06:25 PM PDT · by Olog-hai · 2 replies
    Associated Press ^ | Apr 17, 2014 6:24 PM EDT | Stephen Ohlemacher
    The Internal Revenue Service audits fewer than 1 percent of large business partnerships, according to a government report released Tuesday. That means some of Wall Street’s largest hedge funds and private equity firms are largely escaping close scrutiny by the IRS, said Sen. Carl Levin, D-Mich. The Government Accountability Office says the number of large businesses organized as partnerships has more than tripled since 2002, yet hardly any get audited. In 2012, only 0.8 percent were subjected to field exams in which agents do a thorough review of books and records. …
  • Mitt Romney is worth $250 million. Why so little? (Here's a new tack)

    10/05/2012 11:24:55 PM PDT · by 2ndDivisionVet · 27 replies
    The Washington Post ^ | October 5, 2012 | William D. Cohan
    Mitt Romney is indisputably a very rich man. And if he is elected president on Nov. 6, he will become one of the wealthiest people ever to hold the office. But exactly how wealthy is Romney? The figure that gets tossed around is $250 million in net worth — meaning the total value of his assets, financial and others, minus any debts. It’s a big number, but frankly, it seems low. Given the industry in which he made his fortune (private equity), the era when he made it (the 1980s and 1990s) and the wealth of his peers in that...
  • Greed, debt and Matt Taibbi: What Rolling Stone got right, and wrong, about Bain Capital

    09/09/2012 3:05:02 PM PDT · by mojito · 2 replies
    CNN/Fortune ^ | 9/4/2012 | Dan Primack
    Very few of my friends understand private equity, let alone care about it. But some of them wrote me this past weekend, after reading Matt Taibbi's new cover story for Rolling Stone about Mitt Romney's time with Bain Capital. [....] Taibbi took out the long knives for this one, which means he sacrificed a bit of accuracy for potency. His overall thesis is correct: There is a fundamental hypocrisy in a former leveraged buyout investor railing against America's ballooning debt. Leveraged buyouts, by definition, add debt to a company's balance sheet -- weighing it down in the short-term so that...
  • Inquiry on Tax Strategy Adds to Scrutiny of Finance Firms(Bain/Romney)

    09/02/2012 11:19:04 AM PDT · by EBH · 7 replies
    New York Times ^ | 9/1/2012
    Mr. Schneiderman’s investigation will intensify scrutiny of an industry already bruised by the campaign season, as President Obama and the Democrats have sought to depict Mr. Romney through his long career in private equity as a businessman who dismantled companies and laid off workers while amassing a personal fortune estimated at $250 million. Some executives at the firms said they feared that Mr. Schneiderman, a first-term Democrat with ties to the Obama administration, was seeking to embarrass the industry because of Mr. Romney’s roots at Bain. Others suggested that the subpoenas, which were issued by the attorney general’s Taxpayer Protection...
  • Romney's Bain Capital Vs. Obama's Solyndra: Game On

    06/03/2012 1:25:37 PM PDT · by raptor22 · 1 replies
    IBD editorials ^ | June 3, 2012
    Industrial Policy: At the NATO Summit, President Obama said his opponent's private equity success vs. the administration's failed industrial policy was what this election was all about. Speaking at the bankrupt Solyndra headquarters, his GOP opponent agreed. It is said a picture is worth a thousand words. The photo of Mitt Romney holding a surprise press conference in front of the headquarters of the bankrupt solar energy firm Solyndra poster may just be worth a good portion of the 270 electoral votes needed for victory in November. "Two years ago President Obama was here to tout this building and this...
  • Bill Clinton criticizes Obama’s Bain attacks, praises Romney’s ‘sterling business career’

    06/01/2012 8:39:50 AM PDT · by Justaham · 10 replies
    news.yahoo.com ^ | 6/1/12 | Holly Bailey
    Former President Bill Clinton suggested in a television interview Thursday that he believes President Obama's re-election campaign should stop trashing Mitt Romney's work in the private equity industry. In an interview with CNN's "Piers Morgan Tonight," Clinton, a top Obama surrogate who is set to raise cash with the president next week, directly contradicted Democrats who have attacked Romney's business record, suggesting it does qualify him for president. "I think he had a good business career," Clinton told guest host Harvey Weinstein, a movie mogul who is one of Obama's top fundraisers. "There's no question that in terms of getting...
  • (Vanity) How to Completely Debunk Obama's Attack on Private Equity

    05/25/2012 11:25:16 AM PDT · by VA Voter · 6 replies
    I just heard Debby Wasserman Schultz on Rush claim that Romney made hundreds of millions of dollars by deliberately bankrupting companies. Romney should offer to give Obama a $1 million campaign donation if Obama can do two things. First, create a hypothetical example of how this can be done and second, show a single example of how this was done by Bain Capital. A private equity company cannot get debt funding, much less equityfunding, to execute a takeover without a business plan showing a plausable turn around concept and profitable exit strategy. Once money goes into a troubled company, it...
  • President Obama Won’t Be Returning His Donations From Bain Capital

    05/24/2012 6:21:21 PM PDT · by Free ThinkerNY · 7 replies
    politicker.com ^ | May 24, 2012 | Hunter Walker
    Though the Obama campaign has repeatedly attacked Mitt Romney for his career at Bain Capital, President Obama still accepted $7,500 in campaign contributions from three Bain executives. His campaign press secretary, Ben LaBolt told The Politicker the president has no intention of giving the money back. “No one aside from Mitt Romney is running for President highlighting their tenure as a corporate buyout specialist as one of job creation, when in fact, his goal was profit maximization,” said Mr. LaBolt. ”The President has support from business leaders across industries who have seen him pull the economy back from the brink...
  • Obama national co-chair works in private equity, like Romney

    05/24/2012 6:35:57 PM PDT · by mandaladon · 11 replies
    The Daily Caller ^ | 24 May 2012 | Neil Munro
    <p>One of President Barack Obama’s top campaign spokesmen is a private equity manager whose firm has shut down several factories and laid off hundreds of people amid a stalled economy.</p> <p>Federico Pena’s role at Vestar Capital Partners has emerged as Obama’s aides and deputies continue their effort to portray former Massachusetts Gov. Mitt Romney‘s investment career as ruthless, job-destroying, profit-maximizing “vulture capitalism.” Pena has been a partner at Vestar since 2000.</p>
  • Obama's Attack on Bain Capital Backfires: The President is Campaigning Against Profit

    05/23/2012 11:48:19 AM PDT · by Kaslin · 8 replies
    Rush Limbaugh.com ^ | May 23, 2012 | Rush Limbaugh
    BEGIN TRANSCRIPT RUSH: This attack on Bain... I told you this was gonna happen. I told you this is why Obama wanted Romney. Way back during the Republican primaries I said Republicans are gonna nominate Romney. That's what Obama wants because of health care, and because of Wall Street. That's what Occupy Wall Street's about, going after Romney. And Obama has now come out and admitted it, that this campaign is gonna be about Bain Capital. It's backfiring everywhere you look, from Cory Booker to now Fast Eddie Rendell, governor of Pennsylvania All these Democrats are piping in, "Wait a...
  • Did You Know That Obama’s Blackstone Backers Laid Off Over 800 People? Beck Explains

    05/22/2012 8:45:07 PM PDT · by Nachum · 4 replies
    The Blaze ^ | 5/22/12 | Glenn Beck
    Ironically, despite making Mitt Romney’s former company Bain Capital and other private equity firms the target of its latest attack, the Obama campaign held a near-$36,000 per plate fundraising dinner at the home of Tony James, president of the nation’s largest private equity firm, Blackstone Group. Citing the president’s latest Romney-hit-piece, Glenn Beck blasted the hypocrisy shown by the president when it comes to private equity firms. Obama’s condemnation of private equity hinges on the familiar narrative that the industry is renown for commandeering companies and slashing jobs, leaving untold numbers jobless — which is why it is doubly ironic...
  • Swinging at Bain, Obama Ignores What Private Equity Is

    05/22/2012 3:20:27 AM PDT · by tobyhill · 14 replies
    abc ^ | 5/22/2012 | By MATT NEGRIN
    Bain Capital has been used as a political weapon against Mitt Romney since 1994, but now his opponents might be rethinking ads about attacking him for his time at the private-equity firm as the ads are being criticized by some Democrats as well as Republicans. President Obama planned to set the political tone for the week with a new ad about an Indiana company that was bought by Bain and then shuttered, as the firm made millions of dollars and workers lost jobs. The biggest problem with the online video: Even Democrats say it attacks the business of private equity...
  • Obama raised most from private equity, hedge funds in 2008

    05/22/2012 7:59:16 AM PDT · by Sub-Driver · 3 replies
    Obama raised most from private equity, hedge funds in 2008 By Jonathan Easley - 05/22/12 09:52 AM ET President Obama raised far more cash from hedge fund and private equity donors than any other candidate in the 2008 election cycle. According to an analysis by the nonprofit group Open Secrets, Obama took in nearly $3.5 million from large private-equity donors that year — nearly twice what his general-election rival, Sen. John McCain (R-Ariz.), pocketed. The data bring into focus the thin line Obama must walk in attacking presumptive GOP presidential nominee Mitt Romney’s background in the industry, which has sparked...
  • Cory Booker And The Bain Of Obama's Existence

    05/21/2012 4:22:53 PM PDT · by Kaslin · 7 replies
    IBD Editorials ^ | May 21, 2012 | Editor
    Campaign 2012: Newark's mayor succumbs to administration thought control after going off-script and praising the private-equity firm that succeeded in creating net jobs, unlike presidential investment Solyndra. The White House must have had a bad case of the vapors when Newark Mayor Cory Booker, viewed in some quarters as a practical, non-ideological problem-solver, praised the record of Mitt Romney's former private firm Bain Capital, before a national audience on NBC's "Meet The Press," and eschewed attacks of a type he found "nauseating." "I have to just say from a very personal level, I'm not about to sit here and indict...
  • The Hedge Fund And Private Equity Stock Train Wreck

    05/08/2012 6:28:20 AM PDT · by SeekAndFind · 1 replies
    Forbes ^ | 05/08/2012 | Nathan Vardi
    When some of America’s biggest hedge fund and private equity firms started to sell ownership through initial public offerings a few years ago, many investors rushed to buy the stocks. The hedge fund and private equity industries had produced Wall Street’s biggest fortunes, billionaires like Stephen Schwarzman, David Rubenstein and Daniel Och. There are now some 50 hedge fund and private equity billionaires—it seemed to make sense for investors to want a piece of the companies that made them rich. But investing in hedge fund and private equity stocks has largely been a disaster for years. Blackstone’s 2007 IPO priced...
  • VANITY: Please help me out with some particulars on this "Bain Capital" outfit

    02/10/2012 7:03:34 AM PST · by OKSooner · 67 replies
    Vanity | 2-10-2012 | Vanity
    Gonna be having dinner with a Romney supporter this weekend. I know everything I need to know about "Bain Capital" and their way of skimming the cream off the top of failing companies, but I need all the information I can get.
  • Bain or Blessing?

    01/29/2012 3:18:05 PM PST · by oblomov · 1 replies
    The Economist ^ | 28 Jan 2012 | unsigned
    The buy-out industry is under attack for destroying jobs. Its returns to investors are the real problem IF STEVE SCHWARZMAN thought it was valid in 2010 to compare Barack Obama’s “war” against business to Hitler’s invasion of Poland, what can he be thinking now? Private-equity executives must be hoping the boss of Blackstone will keep his opinions to himself. More bad publicity is the last thing the industry needs. Other Republican presidential candidates are competing to see who can say the most damning thing about Mitt Romney’s career at Bain Capital. Newt Gingrich’s supporters have even made a sort of...
  • A Brief History of Mitt Romney’s Record of Putting Profits Ahead of People as CEO of Bain Capital

    01/28/2012 9:40:26 AM PST · by JediJones · 29 replies · 3+ views
    Romney Gekko 2012 ^ | 1/23/2012 | the job losses under Mitt Romney's Bain Capital and Americans United for Change
    Bain Capital is a classic “strip and flip” shop — a private equity firm that made its money buying businesses and sucking profit out of them by any means possible that often resulted in a stack of pink slips for everyday Americans. Romney “made fortunes by bankrupting five profitable businesses that ended up firing thousands of workers.” Here’s how it often went down. Romney’s Bain would buy a company and increase its short-term earnings through firing workers and shuttering plants in order to borrow enormous amounts of money. The borrowed money was used to pay Bain dividends, however, those businesses...
  • "Free-enterprise Critics are Intellectually Bankrupt"

    01/19/2012 1:12:34 PM PST · by Aspenhuskerette · 9 replies
    The Aspen Times ^ | January 19,2012 | Melanie Sturm
    When Paul Simon sang “Mama don't take my Kodachrome” in 1973, he claimed he'd “read the writing on the wall,” but he couldn't have foreseen how a transformative technology — making photos from digits — would render obsolete his precious color film. The global brand icon that revolutionized photography, making it affordable and convenient for ordinary people, now teeters on the brink of bankruptcy. Unfortunately for Kodak workers and the residents of Rochester, N.Y., consumer choice — not Mama — vaporized Kodachrome. Because election season coincides with economic stagnation, lost jobs and defunct companies are political hot potatoes, putting capitalism...
  • Ingraham Grills Perry on Donations from ‘Vultures’ (Perry received $7M from private-equity firms)

    01/12/2012 1:24:19 PM PST · by Qbert · 36 replies
    NRO ^ | January 12, 2012 | Brian Bolduc
    On her radio show today, Laura Ingraham grilled Gov. Rick Perry about his criticism of Mitt Romney’s career as a “vulture capitalist” at Bain Capital. Especially unhelpful to Perry’s case against Romney was the fact that he received donations from private-equity firms in previous campaigns, as Ingraham pointed out. Here’s a partial transcript (the exchange occurs about 4:16 minutes in) and audio below. Ingraham: You know I am going to raise the issue of Texans for Public Justice. Their analysis of your campaign contributions since 2000 [indicates] you have received more than $7 million from private-equity firms and private investment...
  • You can blame Mitt, but not for Bain

    01/12/2012 1:09:55 PM PST · by freespirited · 38 replies
    Politico ^ | 01/12/12 | Steve Rattner
    I’m all in favor of piling on Mitt Romney for any number of reasons: his come lately embrace of hard right conservatism, his periodic malapropisms (“I like being able to fire people”) and above all, the nonchalance with which he displays a dazzling shortage of principles by incessantly flip-flopping on issues, sometimes the same day. But these latest salvos being fired at his service as the founder and head of Bain Capital go too far. Having spent nearly three decades on Wall Street, when it comes to Bain Capital, I feel equipped — some might say too equipped — to...
  • Gingrich also profited from private equity firm

    01/11/2012 1:42:51 PM PST · by freespirited · 19 replies
    Daily Caller ^ | January 11, 2012 | Kells Hetherington
    Although Former Speaker of the House Newt Gingrich has been in the news of late for attacking former Massachusetts Gov. Mitt Romney for his role at Bain Capital, it seems that Gingrich also had a paid role at a major private equity firm. From 1999 to 2001, Gingrich served on an advisory board for Forstmann Little, according to a New York Times report. Former Sen. Bob Dole and former Secretary of State Henry Kissenger also served Forstmann Little in similar capacities, a Gingrich campaign spokesperson told the Times. The Forstmann Little advisory board that Gingrich served on met twice a...
  • Private Equity's Peculiar Plight: So Much Capital, So Little Credit

    06/11/2010 8:56:49 AM PDT · by Slyscribe · 2 replies · 322+ views
    Investor's Business Daily ^ | 6/10/2010 | Norm Alster
    The private equity industry has what would seem to be an enviable problem. Despite a recent history of turning solid corporations into debt-laden cripples, leveraged buyout firms are sitting on $445 billion of committed capital. That's how much private equity has raised — but not yet spent — from investors like pension funds and endowments. Sounds like $445 billion is a good problem to have. But it's not that simple.
  • Exotic investment Vehicles: An Unproductive Abuse of Capital

    05/12/2010 4:19:48 PM PDT · by bananaman22 · 1 replies · 155+ views
    OilPrice.com ^ | 12/05/2010 | Dave Forest
    Michael Lewitt has an interesting new book out, called "The Death of Capital". In it, Lewitt attacks speculative investment activities such as private equity buyouts. He notes that such speculation "has been a prime abuser of capital as it has diverted an inordinate amount of capital into unproductive uses while producing (at best) mediocre returns and charging unjustifiably exorbitant fees." He also cites naked credit default swaps, leveraged buyouts and quantitative stock trading strategies as cases where capital has been channeled into unproductive use. Surveying the base metals this week, his point is driven home. The aluminum price ticked up...
  • US Renewable Energy Grant Rules Exclude Private Equity (Chu's Socialist Folly)

    07/21/2009 10:24:29 AM PDT · by mojito · 4 replies · 468+ views
    NEW YORK (Dow Jones)--A grant program introduced in the federal stimulus package passed earlier this year was intended to jump-start investment in renewable energy, but the rules of the program threaten to hobble it from the start by restricting private equity involvement in any projects the government backs. The rules, published July 9, exclude from the program any projects with investors that have tax-exempt status. That was done because the grant program is intended to replace tax credits, which have become less widely used as taxable incomes have fallen.... However, most private equity firms receive backing from tax-exempt limited partners...
  • Private Equity is Where the Smart Money Will Be- BUT not the way you think

    04/24/2008 1:48:19 PM PDT · by slackattack19 · 4 replies · 50+ views
    The Uncommon Sense Blog ^ | 4/24/08 | Dan Taylor
    I have a theory that if you took all the money in the world and divided it equally among all the people's of the world, it would end up in the same pockets as it left 5-10 years from now. The rule here is that money goes where it can earn it's highest return and be guaranteed to return. That clearly isn't Wall Street. The sub prime stuff made the underwriters and issuers a fortune and the investors nothing. Investors like pension funds and super wealthy individuals have been there and done that and my sense is they are not...
  • Clear Channel, Buyers Sue Banks to Force Buyout’s Completion

    03/26/2008 2:45:34 PM PDT · by HAL9000 · 1 replies · 241+ views
    Excerpt - The two proposed buyers of Clear Channel Communications filed two lawsuits on Wednesday against six banks that agreed to finance the company’s $19.5 billion buyout. Bain Capital and Thomas H. Lee Partners, two private equity firms, sued the bank consortium in New York state court for breach of contract, accusing them of refusing to honor their commitment to finance the deal. Additionally, the two firms and Clear Channel itself sued the banks in Bexar County, Texas, where the broadcaster is based, accusing the banks of interfering with the closing of the takeover. ~ snip ~
  • Cintra/Zachry complete legal work on $1,360m financial close with TxDOT on SH130 5&6

    03/19/2008 6:20:26 PM PDT · by Tolerance Sucks Rocks · 13 replies · 949+ views
    TOLLROADSnews ^ | March 10, 2008 | TOLLROADSnews
    SH 130 Concession Company LLC finalized the legal details of a financial close with Texas DOT on a $1,360m toll concession to build SH130 segments 5&6 Thursday and Friday last week in bankers' offices in New York City - at Orrick, 666 Fifth Avenue. The actual money flows should occur on Thursday or Friday (Mar 13 or 14) this week, Jose Maria Lopez de Fuentes, president of Cintra North America, told us this morning. Hundreds of documents and over 20 lawyers were involved last week representing TxDOT, private equity people, banks, mostly European, the TIFIA loan group from FHWA, and...
  • King of roads known for giving little ground

    06/26/2007 6:13:04 AM PDT · by Tolerance Sucks Rocks · 13 replies · 772+ views
    WFAA.com ^ | June 26, 2007 | Christy Hoppe (Dallas Morning News)
    AUSTIN – State Transportation Commission Chairman Ric Williamson is proud that he can still work a bulldozer, a skill he learned early on the ranch and in the gas fields. Others would say he still drives it at meetings, committee hearings and town hall gatherings. Mr. Williamson, 55, is one of the most influential men in Texas. He has the ear of the governor, with whom he speaks almost daily. He is the architect behind the state's road plan for the next 25 years. He is smart, studious, self-made. And critics, who seem as endless as a West Texas highway,...
  • Private equity deals getting riskier: lenders

    06/07/2007 7:53:01 AM PDT · by TigerLikesRooster · 542+ views
    SMH ^ | 06/06/07 | Jill Treanor
    Private equity deals getting riskier: lenders Jill Treanor in London June 7, 2007 ALARM bells have been sounded by two lenders about the way loans were being handed out to fund the booming private equity sector. Royal Bank of Scotland, in the throes of a record-breaking takeover of the Dutch bank ABN Amro, admitted there were signs the market was getting "quite toppish", while Intermediate Capital warned it was turning away deals because they were too risky. Riskier loans are being granted because banks are able to offload their exposure to rivals by forming large syndicates. Debt is a crucial...
  • Alltel sold to private equity form for $27.5 billion

    05/20/2007 8:11:51 PM PDT · by HAL9000 · 21 replies · 1,320+ views
    AP News Alert ^ | May 20, 2007
    Alltel to Be Acquired by TPG Capital and GS Capital Partners for $71.50 Per Share Alltel Corp. (NYSE: AT) today announced that it has signed a definitive merger agreement to be acquired by TPG Capital and GS Capital Partners ("GSCP”), in a transaction valued at approximately $27.5 billion. Under the terms of the merger agreement, TPG Capital and GSCP will acquire all of the outstanding common stock of Alltel for $71.50 per share in cash. The purchase price per share represents a 23% premium over Alltel’s closing share price prior to media reports of a potential transaction published on...
  • Private Equity Woos STATS ChipPAC (Purchaser is Investment Arm of Singapore Government)

    03/01/2007 4:35:32 PM PST · by nickcarraway · 109+ views
    EE Times ^ | 03/01/2007 | Jonathan Hopfner
    Temasek Holdings, the investment arm of the Singapore government, is offering of up to $1.6 billion for local packaging house STATS ChipPAC—a bid that analysts said may undervalue the once-troubled firm. Temasek subsidiary Singapore Technology Semiconductors said Thursday it would pay $1.14 per share for the 64.4 percent of STATS ChipPAC that it doesn't already own, rising to $1.23 per share if its final stake exceeds 90 percent. The offer, which is conditional on Temasek obtaining at least half of the company, represents an 18.2 percent premium on its most recent share price. Though both parties are declining to comment...
  • CalPERS: Biggest U.S. pension fund warns on private equity

    02/09/2005 10:21:27 AM PST · by NormsRevenge · 13 replies · 731+ views
    San Diego Union -Tribune ^ | 2/9/05 | Steve Hays - Reuters
    GENEVA – The booming U.S. private equity market could be heading for a crash as interest rates rise and hedge funds, desperately seeking higher returns, pour money into the sector, the chief investment officer for the biggest pension fund in the United States warned on Wednesday. "The biggest one (asset bubble) I'm afraid of at the moment is private equity," Mark Anson, CIO for the California Public Employees' Retirement System (CalPERS), told the International Fund Management 2005 conference organised by ICBI. "The current overhang of leveraged buyouts committed but not invested is $182 billion (end-2003 figure). A lot of money...
  • PRIVATE EQUITY FUNDS BUY UP ENERGY ASSETS

    08/08/2004 6:20:36 AM PDT · by MeneMeneTekelUpharsin · 13 replies · 822+ views
    Reuters via Yahoo ^ | 8 August 2004 | Caroline Humer & Dane Hamilton
    NEW YORK (Reuters) - Private equity funds are snapping up power plants and pipelines once sought by aggressive buyers like El Paso Corp. (NYSE:EP - News), Dynegy Inc. (NYSE:DYN - News) and Mirant Corp. (Other OTC:MIRKQ.PK - News) as these former industry heavyweights focus on repairing their businesses.CenterPoint Energy's (NYSE:CNP - News) sale of its Texas Genco Holdings Inc. (NYSE:TGN - News) electricity generator, announced last month, was the industry's largest deal this year. Like the more than $5 billion in other power deals this year, the buyers were financial groups that typically buy, fix up and sell assets in...