What's the deal with the $10 million Romney got in debt relief in the 90s for Bain?

[northeast]

This sounds like a lot of free stuff. Anyone know the details on this?
Strange that a private company that made tons of money needed a bailout. Or maybe they didn't need it , it was just a gift?
Could the partners who previously took out profits from the company have given some back to keep the company viable without getting free stuff?
Who ultimately did not get paid the debt, and what were the consequences of that?

 

[Stoked]

Dude just stone him and get it over with. You don't liek Romney. We got it. There is nothing wrong with that. Good on you. Can we move on?

 

[northeast]

Give me my 10 million and we can call it even.

 

[Hartsock]

If he wasn't using all the tax law loopholes to increase his wealth he would be retarded. Good on him
for using the laws to his advantage.

 

[northeast]

Stay on topic; this thread is about a company failing to pay its debts.
Exploiting special tax loopholes for the rich is another thread.

 

[Stoked]

Give me my 10 million and we can call it even.

Cry for me North, cry.

 

[nightmare3983]

Stay on topic; this thread is about a company failing to pay its debts.
Exploiting special tax loopholes for the rich is another thread.

1. Threads on Jazzfanz rarely if ever stay on topic.
2. This isn't about a company failing to pay its debts. It's about a company negotiating a debt settlement that the FDIC obviously approved.
3. As Stoked has already said, please feel free to cry about this.

 

[northeast]

This isn't about a company failing to pay its debts.

yes it is

It's about a company negotiating a debt settlement that the FDIC obviously approved.

Same thing. A settlement to forgive its debts, aka not pay its debts.

Again, who was on the other side of these payments? Either American Citizens. or the US Government, not sure which.

 

[northeast]

How much has this 10 million in free money grown to in the last 20 years?
Will Romney ever pay taxes on this fortune, or will it be forever hidden by a maze of tax laws written by the wealthy for the wealthy?

 

[Scat]

Either American Citizens. or the US Government, not sure which.

The fact that you even make this distinction speaks volumes about your mindset.

 

[northeast]

baseless speculation made to divert attention from what is important...

who paid for Bain's free seed money? i want to know.

Could the Bank of New England been saved?
Was it publicly traded? Who were its creditors? Did the FDIC eat the 10 million?
Was this a favor from Bush to Bain?

I'd be curious to here some details.
Why not share some of Bain's profits from the 10 million investment with the original debt forgivers now that Bain has built up a fortune?

 

[Jazz Spazz]

Give me my 10 million and we can call it even.

If you had 10 million would you hate yourself?
Would you vote for yourself if you ran for office?

 

[northeast]

not at all.
If I got a free 10 million , and got lots of cooperation from the government to structure the financial world to maximize my success and minimize my taxes and help build the 10 million into a fortune by laying people off and reneging on debts and getting low interest loans from Fed backed financing, while sucking money out of pension plans .... etc to build a fortune worth many hundreds of millions sheltered with tax havens protecting the wealth in many ways and many locations , I probably wouldn't be such a hypocritical tightwad blaming the tax structure's persecution of the rich and free money for the poor for all the world's problems.

 

[nightmare3983]

I don't know if this was true in 1993 or whenever this happened, but debt cancellation is generally considered to be taxable income. There is some information on that here:

https://www.irs.gov/taxtopics/tc431.html

 

[nightmare3983]

I just wanted to add that paying taxes on $10m isn't the same as paying the full debt, but it wasn't a totally free $10m.

 

[Cocaine]

Don't worry, all this tedious Romney talk will dissipate when he loses the election.

 

[nightmare3983]

Don't worry, all this tedious Romney talk will dissipate when he loses the election.

What will northeast make threads about then?

 

[Saint Cy of JFC]

https://www.youtube.com/watch?v=K61UADVD4VA

Think about the kids who just want to watch porn when you enter the voting booth.

 

[franklin]

Does anyone have a link yet so we have something to go on? I've owned stock in a few small banks with balance sheets that are actually understandable. But I can't educate you, Northeast, if I have nothing to go on.

 

[The Thriller]

https://www.youtube.com/watch?v=K61UADVD4VA

Think about the kids who just want to watch porn when you enter the voting booth.

This is Romney in a nutshell.

Just 4-5 years ago he was talking about complete government intrusion of the electronics industry. Yes, he said that he wanted all computers sold to have a filter on them to block out porn.

Today? Everything the government does is evil and his suggestion 4 years ago would be a complete violation of his "smaller government" cry of today.

Ladies and Gentlemen, Willard Mitt Romney!!!