As one tax expert put it, “Private equity is a tax gimmick with an acquisition attached.” We’re going to discuss a very big tax gimmick that virtually no private equity investors seem to be aware of. The failure of private equity general partners to publicize a tax scheme that on paper should benefit their limited […]
Read more...Winning a battle in the long campaign against TPP: It was “domestic politics” that preserved our national sovereignty
Read more...The scandal over CalPERS’ failure to track “carry fees” has the industry worried enough that it is offering up ludicrous rationalizations.
Read more...Memo to CalSTRS: When you are in a hole, stop digging.
Read more...Nothing like elected officials using letter-writing to a weak agency and asking it to exceed its powers to hide the fact that they aren’t willing to do their jobs. And this shirking of duties is particularly grating since these officials, most important of all John Chiang, the State Treasurer of California, Thomas DiNapoli, the New York State Comptroller, and Scott Stringer, the New York City Comptroller, are powerfully positioned to propose legislation to solve the problem they are trying to fob off on the SEC.
Read more...The IRS has finally decided to crack down on an not-well-known but flagrant private equity tax abuse, management fee waivers. State and local tax officials enabled this practice, which lowers Federal tax receipts and thus hasthe effect of shifting the tax burden off the 0.1% of private equity kingpins to small fry like you and me.
Read more...The new fad in private equity is to hoover up primary care practices, particularly ones that focus on Medicare, despite the lack of an economic model for increasing profits.
Read more...David Silber, the chief investment officer of Milwaukee’s pension fund, lays waste to the notion that private equity data and legal agreements need to be kept under lock and key.
Read more...A carry fee reporting scandal that started at CalPERS has spread to CalSTRS as California Treasurer John Chiang says he’ll ask questions.
Read more...One of the class markers of the private equity industry is that its members routinely fly on private jets. That’s because the larger and even some of the smaller firms charge their private jet travel to private equity portfolio companies.
Read more...The top elected official on CalPERS’ board, State Treasurer John Chiang, says he wants CalPERS to get serious about providing carry fee data. That’s a good start, but board members like Chiang need to get serious about addressing how CalPERS’ staff shirks its fiduciary duties and evades board oversight.
Read more...CalPERS is in even more hot water as the influential Sacramento Bee raises its eyebrows about CalPERS’ lack of attentiveness about fees.
Read more...CalPERS takes some steps to clean its private equity house by getting carry fee information, but only by virtue of feeling serious external pressure. And the way it responded show that the rot runs deep.
Read more...The SEC has (finally) taken action against a major private equity firm, KKR, slapping it with close to $30 million in charges.
Read more...CalPERS is suffering a richly deserved hit to its reputation by virtue being too chummy with private equity general partners and thus neglecting its duties as a fiduciary.
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