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Romney's $100M IRA: Gaming the System at Bain

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Romney abused the tax code and his corporate fiduciary powers when he built his $100 million IRA at Bain.


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I might have titled this piece "How to Build a $100 Million Dollar IRA, Just Like Mitt Romney" but it would have been an unfair tease. The problem is, even if you know how to do it, you need to run a firm like Bain Capital to pull it off. If you work for Bain Capital, that'll do. But you have to have a boss with a very particular mindset, a boss like Mitt Romney.

The way you do it is astonishingly arcane. You rip the fiscal guts out of a company you've acquired and refashion them just so. You split the shares into two classes, type A shares and others we'll call type B. Type A shares are riskier, but if the acquired company turns around, their value grows exponentially. The other shares, Type B, are more like standard shares that you would see on the market. They go in your regular portfolio. ...

Read the entire article at Open Salon:


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