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[h=1]Bain Capital probed[/h]
Private-equity firms raise money from investors such as pension funds and endowments and combine it with loans to acquire companies.
Their goal is to improve performance, sometimes by cutting jobs, and sell the companies for a profit.
Bain disclosed in a 2009 report that the general partner in the fund had in the past waived management fees and converted those fees into an interest in the fund called a "priority profit share."
Mitt Romney the Republican presidential candidate, invested in some Bain funds that employed the fee-conversion strategy.
Romney, who co-founded Bain in 1984, was able to put money into the funds after he left in 1999 to oversee the Salt Lake City Olympics...
Alex Stanton, a spokesman for Bain, didn't respond to an e-mail seeking comment.
http://newyork.newsday.com/business/bain-capital-among-buyout-firms-probed-in-ny-over-tax-liability-1.3945927

Private-equity firms raise money from investors such as pension funds and endowments and combine it with loans to acquire companies.
Their goal is to improve performance, sometimes by cutting jobs, and sell the companies for a profit.
Bain disclosed in a 2009 report that the general partner in the fund had in the past waived management fees and converted those fees into an interest in the fund called a "priority profit share."
Mitt Romney the Republican presidential candidate, invested in some Bain funds that employed the fee-conversion strategy.
Romney, who co-founded Bain in 1984, was able to put money into the funds after he left in 1999 to oversee the Salt Lake City Olympics...
Alex Stanton, a spokesman for Bain, didn't respond to an e-mail seeking comment.
http://newyork.newsday.com/business/bain-capital-among-buyout-firms-probed-in-ny-over-tax-liability-1.3945927