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According to the Times report, the documents allege that Bain’s success over the past decade was due in part to agreements with other private equity companies to artificially keep the prices of firms they were bidding on low.
“The case centers on the “club deals” that became popular during the leveraged buyout boom of 2003 to 2007, a period that the complaint calls the “Conspiratorial Era.” It claims there was a complex web of collusive arrangements involving 11 of the world’s largest buyout firms on 19 deals.
In the buyout of HCA, for instance, Bain, K.K.R. and Merrill Lynch bought the company in 2006 for $32.1 billion, then a record. Documents produced by the defendants and filed this week showed e-mails and meetings indicating that other equity firms had agreed to “stand down” and avoid bidding with the understanding that they would be brought into future deals.”
Unfortunately, according to Kosman’s sources, we’ll have to wait until next year for the case to make it to trial, so new details are unlikely to emerge anytime soon. This is certainly good news for the Romney campaign, which would be harmed by any lengthy public airing of allegations against his former firm. It should be stressed that all of the offenses alleged in this suit occured between 2003-2007, at least two years after Romney cut ties with Bain. That being said, if these allegations are true, it would certainly say a lot about the culture of his firm, and the industry itself, just a few years after he departed as one of its most prominent figures.
Does anyone truly believe that the vulture-like, corrupt culture of Bain changed very much since the time Romney was considered promininent with the company?
Does anyone truly believe that the vulture-like, corrupt culture of Bain changed very much since the time Romney was considered promininent with the company?
Ask Obama, he has hired a few Bain execs to run his campaign.
Does anyone truly believe that the vulture-like, corrupt culture of Bain changed very much since the time Romney was considered promininent with the company?
And Barack Obama is accused of registering for college as a foreign national, but his college records are sealed so we have no way to prove it so if it is true, we won't know before election day. That's why they're called "allegations".
Why are you so obsessed with this sort of crap? I seriously don't understand. I have a list of things I don't like about Obama and a list of things I don't like about Romney -- based on fact. Why create conspiracy theories based on as yet unproven allegations of wrongdoing that happened after Romney had stepped down as CEO of Bain Capital? It's the same mentality as birthers -- just begging for reasons to hate the guy.
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