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aint_no_life_nowhere

(21,925 posts)
Sun Oct 14, 2012, 01:09 AM Oct 2012

Anyone read this story about Bain Capital?

A class action lawsuit was filed against Bain alleging they participated in a "bidding club" where private equity firms colluded to withhold bidding on companies they sought to buy out so as to lower the price by eliminating competition. If true, this is not only a tort but a criminal conspiracy in violation of anti-trust laws. Last week the judge made the complaint public that had previously been heavily redacted by Bain lawyers. The alleged activity began in 2003, one year after Romney’s name no longer appeared on Bain documents, but discovery is ongoing. If the Justice Dept. gets involved, people might be going away for a long time. E-mails obtained through discovery from Bain and others supposedly make a strong case for collusion.

http://www.businessweek.com/news/2012-10-10/investors-claim-kkr-told-equity-firms-not-to-bid-for-hca

Blackstone, KKR, Bain Are Accused of Rigging Bids

By Don Jeffrey and Devin Banerjee on October 11, 2012

"...Top executives at buyout firms including Blackstone Group LP (BX), KKR & Co. (KKR), Bain Capital Partners LLC and Carlyle Group (CG) LP assured each other in e-mails that they wouldn’t compete on deals to avoid driving up prices and angering competitors, according to a now public court complaint.

The correspondence was cited as evidence that the firms rigged bids in 19 leveraged buyouts and eight other transactions, including the biggest deals of the leveraged buyout boom, according to the amended complaint unsealed yesterday by a federal judge in Boston. ..."

Maybe they can't tie Romney directly to this criminal activity, but if the allegations are true, it looks like most of his fortune is based on dirty money.

Here's a copy of the complaint, made public for the first time last week.

http://www.scribd.com/doc/109656055/5th-Amended-Complaint-Kirk-Dahl-v-Bain-Capital-Partners

31 replies = new reply since forum marked as read
Highlight: NoneDon't highlight anything 5 newestHighlight 5 most recent replies
Anyone read this story about Bain Capital? (Original Post) aint_no_life_nowhere Oct 2012 OP
why no, I haven't read it yet... I would have remembered it! renate Oct 2012 #1
Bookmarked. silverweb Oct 2012 #2
How didya' do dat? + old revamped joke alert~*~ Astazia Oct 2012 #11
Easy. silverweb Oct 2012 #19
gee maybe here is our "third rate burglary attempt"...n/t oldhippydude Oct 2012 #3
Bain Crapital cheating to make money? I'm shocked. tarheelsunc Oct 2012 #4
If Romney won this election, his presidency would be a boon for dmr Oct 2012 #5
The ironic thing about Adelson? Oilwellian Oct 2012 #20
Thanks for posting that. dmr Oct 2012 #27
Break out the guillotine HankyDub Oct 2012 #6
Is Bain actually just the Mafia? AllyCat Oct 2012 #7
No, don't be silly, Rincewind Oct 2012 #14
Oy. AllyCat Oct 2012 #16
these stories are reminiscent of some of G W Bush's business chicanery. But MUCH worse. SleeplessinSoCal Oct 2012 #8
Actually... Oilwellian Oct 2012 #21
I'd forgot about TCG. The demise of the 4th estate will be our complete undoing. SleeplessinSoCal Oct 2012 #30
K&R defacto7 Oct 2012 #9
Much more compelling than the Sensata flag story hootinholler Oct 2012 #10
But the Sensata story itself is very, very important jsmirman Oct 2012 #15
They are Oilwellian Oct 2012 #23
Nice. I guess then this won't go anywhere then. hootinholler Oct 2012 #26
Rich people dont go to jail for stealing from poor people. DiverDave Oct 2012 #12
Money talks, it's the LAW! reusrename Oct 2012 #25
This message was self-deleted by its author DiverDave Oct 2012 #13
leveraged buy-outs should be illegal ThomThom Oct 2012 #17
Kick for the daywalkers aint_no_life_nowhere Oct 2012 #18
K & R !!! WillyT Oct 2012 #22
More proof that the "free market" is really rigged n/t TexasBushwhacker Oct 2012 #24
HCA......where have I heard those initials before? onethatcares Oct 2012 #28
The allegation is that HCA shareholders alone were robbed of $1.6 billion aint_no_life_nowhere Oct 2012 #29
Kicking to give this story just one more round of exposure aint_no_life_nowhere Oct 2012 #31

renate

(13,776 posts)
1. why no, I haven't read it yet... I would have remembered it!
Sun Oct 14, 2012, 01:10 AM
Oct 2012

Color me intrigued. I think this is going to be an interesting month...

silverweb

(16,402 posts)
2. Bookmarked.
Sun Oct 14, 2012, 01:15 AM
Oct 2012

[font color="navy" face="Verdana"]Verrrrry interesting. Can't wait to see how this unfolds explodes.

Romney's involvement noninvolvement will, I'm sure, be as solid as Cheney's involvement noninvolvement with Halliburton.



Astazia

(262 posts)
11. How didya' do dat? + old revamped joke alert~*~
Sun Oct 14, 2012, 03:58 AM
Oct 2012

Redaction line through a word is new to this old broad...so how food you do it?

K&R on collusion post re: Rmoney & Bain. They really are pond scum including Princess Ann.

~*~*~*old joke alert*~*~*~

What's the difference between a giant grouper & Mitt Rmoney?
(a) one is a slimy scum sucking, bottom feeder & the other is a fish.

silverweb

(16,402 posts)
19. Easy.
Sun Oct 14, 2012, 03:05 PM
Oct 2012

[font color="navy" face="Verdana"]Type the word "strike" inside brackets like those used to bold or underline; then add the usual slash mark to stop the "strike" function at the end.

And thanks -- a good joke never gets old!

tarheelsunc

(2,117 posts)
4. Bain Crapital cheating to make money? I'm shocked.
Sun Oct 14, 2012, 01:19 AM
Oct 2012

Say what you want about business, but Bain doesn't create business, it destroys it. They don't care what they do, as long as they maximize their personal profits. I hope this company gets taken down.

dmr

(28,347 posts)
5. If Romney won this election, his presidency would be a boon for
Sun Oct 14, 2012, 01:58 AM
Oct 2012

all and any litigation out there for those with enough money.

Even if there were convictions, Romney's signature on a Pardon Letter is as good as gold.

No doubt all that money Sheldon Adelson has shoveled into this election is a down payment to the GOP. He's being investigated for violating the Foreign Corrupt Practices Act. How nice for him if he gets off or cleared on bribery crimes because of his bribing donating to Romney.

I bet Romney's got plenty of paybacks on the back burner.

There's a helluva lot of dark money out there, and it scares the hell out of me.



Oilwellian

(12,647 posts)
20. The ironic thing about Adelson?
Sun Oct 14, 2012, 03:40 PM
Oct 2012

During the Republican primary, he financed this video for Gingrich, to use against Romney.

dmr

(28,347 posts)
27. Thanks for posting that.
Sun Oct 14, 2012, 05:39 PM
Oct 2012

I just watched it, and it's damaging.

Adelson has spent an enormous amount of money. First to Newt and now to Mitt - crazy for anyone to support either of those guys, but it just goes to show it's all about the payback.

Dark money owns Mitt, and it's bamboozling Americans with their propaganda. We will suffer dearly for it.

Again, thanks for the link, don't know how I missed it before.

hootinholler

(26,449 posts)
10. Much more compelling than the Sensata flag story
Sun Oct 14, 2012, 03:35 AM
Oct 2012

There could be RICO charges filed as well if the DOJ wanted to push this. I wonder if the Carlyle Group was in on it.

hootinholler

(26,449 posts)
26. Nice. I guess then this won't go anywhere then.
Sun Oct 14, 2012, 05:39 PM
Oct 2012

For some reason, charges seem to evaporate when the Bushes are implicated.

DiverDave

(4,886 posts)
12. Rich people dont go to jail for stealing from poor people.
Sun Oct 14, 2012, 04:06 AM
Oct 2012

madoff stole from the rich, so thats why he went to jail.
If he would have stole from the poor, he would have been Inc.s man of the year.

Response to aint_no_life_nowhere (Original post)

ThomThom

(1,486 posts)
17. leveraged buy-outs should be illegal
Sun Oct 14, 2012, 10:39 AM
Oct 2012

forcing stock holders to sell is just wrong and making the company pay the note is nonsense

onethatcares

(16,168 posts)
28. HCA......where have I heard those initials before?
Sun Oct 14, 2012, 06:11 PM
Oct 2012

Wasn't there some guy that received a $300,000,000.00 buy out from that firm as they were

undergoing investigation for the largest Medicaid/Medicare fraud in the country? I think his name

was PrickScott, asshole governor of Florida.

I wonder what his part in that was?

aint_no_life_nowhere

(21,925 posts)
29. The allegation is that HCA shareholders alone were robbed of $1.6 billion
Sun Oct 14, 2012, 06:35 PM
Oct 2012
http://www.tennessean.com/article/20120917/BUSINESS01/309170014/2275/RSS05

"...An alleged bid-rigging conspiracy among Bain Capital and other private equity firms to divvy up targeted companies — including Nashville-based HCA — may have taken as much as $1.6 billion out of HCA shareholders’ pockets by blocking rival bidders and keeping a lid on the final price when the hospital chain was sold in 2006. ..."

“This is potentially a very big story,” said Randall Thomas, a professor at the Vanderbilt University Law School. “It’s all coming out slowly. We’ll see how it evolves. It’s lot more than just HCA.”

aint_no_life_nowhere

(21,925 posts)
31. Kicking to give this story just one more round of exposure
Mon Oct 15, 2012, 03:36 PM
Oct 2012

I can't believe this hasn't been extensively reviewed on progressive websites.

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