Italy Stewing Over Bain's Tax-Free Phone Deal
Mitt Romney's company sold phone company for $1B profit
By Neal Colgrass, Newser Staff
Posted Aug 6, 2012 3:36 PM CDT
Mitt Romney speaks in Bowling Green, Ohio.    (AP Photo/Evan Vucci, File)

(Newser) – Good thing Mitt Romney ducked Italy on his European tour; Italians aren't too thrilled with him right now. That's because Romney's Bain Capital played a key role in acquiring a phone-directory company from the Italian government and selling it for a $1 billion profit at the height of the Internet bubble in 2000, Bloomberg reports. What's more, Bain routed its profits through Luxembourg to avoid paying European taxes.

Bain argued in an email that its "common cross-border structure ensured that investors were not unfairly subjected to double taxation in multiple countries." But angry Italians say the sale left taxpayers holding the bag. What's more, Romney probably earned more than $50 million and was personally involved in the purchase and sale. “The government got ripped off,” said a shareholder of a company involved in the deal. “It was the beginning of the destruction of Italian industry.”

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Showing 3 of 110 comments
JT119
Aug 8, 2012 9:47 AM CDT
THIS GUY IS ON EVERYBODY'S BAD LIST ! Wanna make him president ?
bewilderbeast
Aug 8, 2012 2:26 AM CDT
Here's the amazing thing: He will steal from you, take your jobs, start wars, reduce education and healthcare even lower than the poor state they're already in, and yet nearly half of American voters will vote for him!! All he has to do is stir up hatred, shout "Muslim" "Abortion" "They'll take your guns" and "Socialism" and the sheep will hand over their money and their lives and their children's futures to him and his corporate minders!! Astonishing.
gomer99
Aug 7, 2012 1:00 PM CDT
Uh-huh...... Perfectly legal, ethical, and moral way business is done in the "fuck the businessman" tax climate. Check out more of Italy's stoooopidity here: http://finance.yahoo.com/news/us-olympic-medal-winners-bonuses-170523656.html;_ylt=At6GQYD7CtIvgTOfpWyCaPiiuYdG;_ylu=X3