The noose tightens.
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UPDATE 2-New York probes private equity tax strategy – source
Sun Sep 2, 2012 8:00am IST
* NY AG subpoenas at least 12 private equity firms
* AG probing conversion of fees into fund investments
* Bain, Romney’s former firm, among those subpoenaed
* KKR, Apollo, Silver Lake, TPG also get subpoenas
By Karen Freifeld and Greg Roumeliotis
Sept 1 (Reuters) – At least a dozen U.S. private equity firms have been subpoenaed by the New York state attorney general as part of a probe into whether a widely used tax strategy that saved these firms hundreds of millions of dollars is proper, a source familiar with the situation said on Saturday.
Among the firms that were subpoenaed are Bain Capital LLC, KKR & Co LP, TPG Capital LP, Apollo Global Management LLC and Silver Lake Partners LP, the source said.
Bain was once headed by Mitt Romney, the Republican candidate who hopes to unseat President Barack Obama in the Nov. 6 election.
The subpoenas, which were sent out in July, seek documents related to Read the rest of this entry »