O/T: BLOG POST OF THE DAY

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On 08/21/2012 01:40 PM, dadiOH wrote:

Um ... you need to examine how Private Equity firms work. They take the money in from very rich people that want above market return rates with hopefully somewhat lower than market risk. They pool this money from many sources - not just rich individuals, but also institutional investors and even their own money - and create syndicates to invest the money across many projects. They are WILDLY profitable when they are run properly because very few companies of the expertise to do what they do. Investors would not keep going back to people like Blackstone and Bain if they were bad at what they do.
Why can't you do it? Because you (probably) don't have the $100M ante to get into that scale of game. These guys are the F1 racing teams of finance. It's interesting to me to listen to people complain about them when they make money, but no sympathy is extended when they lose their butts on a bad bet like the Facebook IPO (which was just stupid).

IRAs do not, but 401Ks an similar instruments do. I have no idea of the particulars of Romney's financial life - it is, as I said, none of my business. But a company like Bain is certain to have people smart enough to make use of every possible legal tax deferral mechanism. This is important because HOW LONG you leave an investment to grow is often far more important than how much you put in originally.
Again, I fail to understand this visceral hatred of wealth. That is precisely what free markets create. They also create losers ... or did until Obama decided to bail out the losers with your- and my money. And THAT's what should be outraging people, not the fact that Romney made a lot of dough. Good for him.
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Tim Daneliuk wrote:

I know how they work. I just wondered if the investors % returns aproached those of Romney. ____________

I don't hare it, I'm quite fond of it.
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On 08/21/2012 03:21 PM, dadiOH wrote:

In general, they ought to be similar, at least up to a point. People that invest this way are all investing approximately the same kinds of deals. However, Romney, like any principal in a partnership, stood to do better in a couple ways in all probability:
- Bain likely got significant fees for doing the various buyout deals. 20% of the total deal value is not uncommon. As a partner, he'd have gotten a piece of that fee.
- Using various (legal) mechanisms, Romney's end from these deals would be treated as "compensation" and probably more of it would be able to be tax deferred than the other investors' for whom the money was a profit on an investment and thereby taxed immediately.
- As a partner/employee at Bain, he probably had access to deals that their smaller investors would not. That is, he could get into syndicates that others would not be able to .
None of this is remarkable or unethical so long as no fraud was involved.
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On 8/21/2012 6:49 AM, Han wrote:

Wrong. Any IRA cap is only on tax-free contributions. You can put as much over that into an IRA as you please, it's just that only the amount up to the cap is untaxed.
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Just Wondering wrote:

Be sure to let the IRS know. http://www.irs.gov/publications/p590/ch01.html#en_US_2011_publink1000230381
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What about this link? <http://www.irs.gov/retirement/participant/article/0,,id !1358,00.html> It starts out:
For 2011 and 2012, the maximum you can contribute to all of your traditional and Roth IRAs is the smaller of:
$5,000 ($6,000 if youre age 50 or older), or your taxable compensation for the year.
The IRA contribution limit does not apply to:
Rollover contributions Qualified reservist repayments
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Why not? If it is legal, it was deemed right by the lawmakers. If Romney or others want to give money away, fine, but that should be their decision, not mine and yours.
Wish I could remember the details of a 60 Minutes piece asking about some corporations with operations off shore. They would bring them back of the tax rate was lower. We accept nothing over a lower percentage of billions.
Our tax code is terrible and should be tossed out. The code should be re-written and no more than three pages long. Problem is, that would put many accountants and lawyers out of work.
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On 08/21/2012 09:46 PM, Ed Pawlowski wrote:

Republican version:
- How much do you make? - Do you make use of government services like secure borders, rule of law, ...? - Pay nothing anyhow
Democrat version:
- How much do you make? - We'll take it all and decide what you can have back for things we think you deserve.
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Yes. Let us do that. Let us firstly that a letter of intent should accompany all legislation, laying out the spirit of the proposed law. Then somehow codify that legalistic loopholes are not valid if they violate the spirit of the law. I thought that something like that may (have) exist (ed).
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On 08/23/2012 01:50 PM, Han wrote:

Yes, it's called "The Constitution Of The United States Of America" in which the Federal government is granted a very narrow, specific, and limited set of things it is allowed to do. They are called "Enumerated Powers" and the Doctrine Of Enumerated Powers was repeatedly affirmed and confirmed as intention by James Madsion, that document's author. Sadly, today's whiny and entitled public want the Feds to be their Daddy (the Republicans) and/or their Mommy (the Democrats) and no end of mischief has transpired thereby.
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I'm going to a set of continuing ed lectures on the Constitution this fall. I may adopt at times your stance to see whether I can rattle the speaker esq.
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Han
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On 08/23/2012 02:54 PM, Han wrote:

Listen to the Cronkite set on the Constitution from Knowledge Products. Then listen to the set on the Federalist Papers. At that point, you'll understand the Constitution better than 90% of lawyers, 99% of the general population, and 99.999999999999999% of politicians....
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wrote:

You can try here, too:
http://constitution.hillsdale.edu /
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Sorry, Keith, I'll pass on a "citadel of American conservatism."
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Han
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I knew you didn't really want to learn about the Constitution.
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Only conservatives know the REAL Constitution, and then only some, the anointed ...
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Han
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Don't be an idiot, Han. It is a well researched course on the history of the Constitution. If that's "conservative", so be it. OTOH, you've clearly demonstrated that you want nothing to do with the Constitution. You can't change it, so just ignore what it says.
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Then how will you _ever_ learn anything, Han. ;^)
-- I merely took the energy it takes to pout and wrote some blues. --Duke Ellington
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LOL. I know it probably is too late ... I still have that voter registration, though ...
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Han
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OK, I'll look it up!
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