According to the New York Times, New York State Attorney General Eric Schneiderman is investigating Bain Capital, along with several other major private equity firms, to see whether the firms used tax loopholes to avoid paying hundreds of millions in taxes. Schneiderman reportedly issued subpoenas to Bain Capital as well as Kohlberg Kravis Roberts & Company, TPG Capital, Sun Capital Partners, Apollo Global Management and Silver Lake Partners. The subpoenas seek "documents that would reveal whether they converted certain management fees collected from their investors into fund investments, which are taxed at a far lower rate than ordinary income."
Gawker has obtained and published more than 950 pages of internal financial documents for 21 cryptically named entities in which Mitt Romney had invested—at minimum—more than $10 million as of 2011. Almost all of them are affiliated with Bain Capital, the secretive private equity firm Romney co-founded in 1984 and ran until his departure in 1999; many of them are offshore funds based in the Cayman Islands. Together, they reveal the mind-numbing, maze-like, and deeply opaque complexity with which Romney has handled his $250 million fortune.
Mitt Romney's $250 million fortune is largely a black hole: Aside from the meager and vague disclosures he has filed under federal and Massachusetts laws, and the two years of partial tax returns (one filed and another provisional) he has released, there is almost no data on precisely what his vast holdings consist of, or what vehicles he has used to escape taxes on his income. Gawker has obtained a massive cache of confidential financial documents that shed a great deal of light on those finances, and on the tax-dodging tricks available to the hyper-rich that he has used to keep his effective tax rate at roughly 13% over the last decade.
Gawker has obtained a large cache of confidential internal financial documents from more than 20 secretive hedge funds and other investment vehicles in which Mitt Romney has stashed his considerable wealth. All told, the partnerships and limited liability corporations detailed below accounted for, at minimum, $10,069,000 of Romney's assets in 2011 and yielded $913,300 in income, according to his 2012 financial disclosure (those figures are derived from adding up the low end of ranges Romney disclosed; the actual numbers could be astronomically higher).