He must really want to be President! To go and buy over 1100 radio stations. I'll be curious when our local dunder heads over at WSPD will start kissing up to him...
Clear Channel Communications, Inc. Enters into Merger Agreement with Private Equity Group Co-Led By Bain Capital Partners, LLC and Thomas H. Lee Partners, L.P.
San Antonio, Texas, November 16, 2006…Clear Channel Communications, Inc. (NYSE: CCU), a global leader in the out-of-home advertising industry, today announced the execution of a definitive merger agreement with a group led by Thomas H. Lee Partners, L.P. and Bain Capital Partners, LLC, pursuant to which the group will acquire Clear Channel in a transaction with a total value of approximately $26.7 billion, including the assumption or repayment of approximately $8.0 billion of net debt.
http://www.clearchannel.com/Corporate/PressRelease.aspx?PressReleaseID=1...
Bain Capital Partners
Bain Capital LLC is a Boston, Massachusetts-based private equity firm founded in 1984 by Mitt Romney, the former Governor of Massachusetts, and two other partners from the consulting firm Bain & Company: T. Coleman Andrews III and Eric Kriss. Bain Capital was originally conceived as a combined equity start-up and leveraged buyout fund, an innovative strategy at the time.
...but let's share the rest of the information from the Wikipedia reference:
"In addition to the three founding partners, the early Bain Capital team included Fraser Bullock, Robert F. White, Joshua Bekenstein, Adam Kirsch and Geoffrey S. Rehnert. Bullock joined Romney as the Chief Operating Officer for the 2002 Olympic Winter Games when Romney left Bain in 2001 to lead the Salt Lake City Winter Olympics.
As a presidential candidate, he's already put everything into a blind trust. Here's his finance report:
http://www.opensecrets.org/pfds/pfd2006/N00000286_2006_Pres.pdf
disclaimer: he is not my preferred presidential choice.
Blind trusts aren't that blind; just ask Bill Frist
Senate Majority Leader Bill Frist (R-Tenn.) was given considerable information about his stake in his family's hospital company, according to records that are at odds with his past statements that he did not know what was in his stock holdings.
Managers of the trusts that Frist once described as "totally blind," regularly informed him when they added new shares of HCA Inc. or other assets to his holdings, according to the documents.
http://www.washingtonpost.com/wp-dyn/content/article/2005/10/23/AR200510...
...as the holdings for Romney's trust are listed on his finance report...duh!
But that applies to everyone and not just to Romney.
But back to your original post...I couldn't find where Romney still owns any portion of Bain. Did you see it and I just missed it?
And if he's no longer an owner, the point is ???
1) If it is a "blind trust", then you shouldn't know what is in it...
2) From what I can find, Romney is a "Retired Partner". So basically he gets a check from them, but doesn't deal in the day to day.
I started this thread to work up Billy more then anything, but I see he isn't posting today. :)
In fairness to Romney, if he was going to use CC to influence his primary chances then he is getting into the game awfully late.
...are interesting when it comes to the presidential race. Many candidates (all?) will put their investments into a blind trust. But the trust is required to list its assets as part of the financial reports...so how does any candidate really have a blind trust?
Not sure that retired partners get compensation in such firms...and if he was getting compensation from them, wouldn't it have to be listed on the financial form? I think so...
But thanks for explaining the purpose of the post.
:)
"The purpose for the trust is to allow an
independent trustee to invest, manage, and control the President's
assets without knowledge by the President of the investments of the
trust, in order to avoid even the possibility of an appearance of any
conflict of interest in the performance of his duties. The President
will receive no information concerning the investments made by the
trustee except periodic reports concerning the value of the assets in
the trust and the income of the trust. The form of the trust and the
selection of trustee has been approved by the Office of Government
Ethics, to whom the trust agreement was submitted. "
http://www.presidency.ucsb.edu/ws/index.php?pid=44168
The definition of the blind trust is one that does not allow the person to know what the actions are with respect to transactions and yes will receive a statement of asset values but the whole idea is to keep the person from influencing the trust.
http://toledoohioneighborhoodconcerns.com/blog
Ron Paul?
yes...but I've been a fan of Ron Paul for many, many years...
And no, I don't agree with him on everything.
:)
I received an e-mail from Mitt this afternoon telling me what to say on Monday's show. All of our new bumper music is being performed by the Morman Tabernacle Choir, and both Don and Meghan will be going out for their two year mission assignments. Meghan won't have to change her name since it's Smith already but both Don and I will. We will also start a new feature on Friday mornings where we will baptize any deceased relatives of our listeners. We're all very excited and just happy that Hillary didn't buy the stations.
Well at least you still don't have to do the news...
I predict WSPD's coverage will now be conservative.