Jackson Free Press

In its Sunday edition, The New York Times is reporting that New York Attorney General Eric Schneiderman is investigating several private equity firms, including Bain Capital for possibly abusing a tax strategy "in order to slice hundreds of millions of dollars from their tax bills."

The attorney general, Eric T. Schneiderman, has in recent weeks subpoenaed more than a dozen firms seeking documents that would reveal whether they converted certain management fees collected from their investors into fund investments, which are taxed at a far lower rate than ordinary income.

Among the firms to receive subpoenas are Kohlberg Kravis Roberts & Company, TPG Capital, Sun Capital Partners, Apollo Global Management, Silver Lake Partners and Bain Capital, which was founded by Mitt Romney, the Republican nominee for president. Representatives for the firms declined to comment on the inquiry.

Mr. Schneiderman’s investigation will intensify scrutiny of an industry already bruised by the campaign season, as President Obama and the Democrats have sought to depict Mr. Romney through his long career in private equity as a businessman who dismantled companies and laid off workers while amassing a personal fortune estimated at $250 million.

The subpoenas, by a Democrat, went out before a huge document leak recently that raised questions about Bain Capital's practices:

The tax strategy — which is viewed as perfectly legal by some tax experts, aggressive by others and potentially illegal by some — came to light last month when hundreds of pages of Bain’s internal financial documents were made available online. The financial statements show that at least $1 billion in accumulated fees that otherwise would have been taxed as ordinary income for Bain executives had been converted into investments producing capital gains, which are subject to a federal tax of 15 percent, versus a top rate of 35 percent for ordinary income. That means the Bain partners saved more than $200 million in federal income taxes and more than $20 million in Medicare taxes.

The subpoenas, which executives said were issued in July, predated the leak of the Bain documents by several weeks and do not appear to be connected with them. Mr. Schneiderman, who is also co-chairman of a mortgage fraud task force appointed by Mr. Obama, has made cracking down on large-scale tax evasion a priority of his first term.

As a retired partner, Mr. Romney continues to receive profits from Bain Capital and has had investments in some of the funds that documents show used the tax strategy.

Be sure to read the entire article for a succinct explanation about the fees/interest practices of many financial firms. This ends the piece:

The leaked documents show that Bain has in recent years waived management fees in at least eight private equity and other funds, including one formed as early as January 2002. The documents stated that Bain executives had the right to decide either annually or each quarter whether to waive some or all of their management fees; they also had …

While you wait for the Denver Broncos to face the Carolina Panthers, here is a little history of the NFL’s Thursday night kickoff game

It wasn’t until 2002 that the NFL started its new season with the kickoff game on Thursday night. The first two years didn’t feature the past year’s Super Bowl winner.

New York and San Francisco kicked off the season in 2002, a year after 9/11. In that game, the 49ers beat the Giants 16-13 in a rare road win.

In 2003, Washington hosted the New York Jets, and the Big Apple went 0-2 in the first two games with the Redskins 16-13 win. Overall, the two teams from New York are 1-3 in kickoff games.

The defending Super Bowl champions began kicking off the season in 2004. New England made the first of three kickoff games and won 27-24 over the Indianapolis Colts. The Patriots repeated as kickoff game participants in 2005 and are 3-0 in the games.

Things changed a bit in 2006 when the kickoff game moved to NBC, and Monday Night Football began to broadcast a double-header. In 2005, there was an unscheduled Monday Night Football double-header, but that was because of Hurricane Katrina.

The 2008 kickoff game was the first NFL game to be streamed over the Internet, and all of the Sunday Night Football games were also carried online. The Giants got the only win for the city of New York at the start of the 2008 season.

New Orleans and Minnesota met in the 2010 kickoff game, which was a rematch of the previous year’s NFC Championship Game. The Saints won 14-9 over the Vikings in what would be Brett Favre’s final season.

New Orleans took part in the kickoff game the following year against Green Bay. The game was a matchup of the past two Super Bowl champions, and the first time that has occurred. The Packers won the game 42-34 over the Saints.

New Orleans is the only team to play in back-to-back kickoff games without winning the Super Bowl in both of those seasons. New England is the first team to play in back-to-back kickoff games. The Saints are 1-2 in kickoff games, with a 2007 loss to Colts, and are one of four teams to have played the kickoff game three times, joining the Steelers, Patriots and Giants.

Due to the Democratic National Convention in 2012, the Thursday kickoff game was moved to Wednesday. In that game, the Giants hosted the Dallas Cowboys, and it was the first time the defending Super Bowl champion lost the kickoff game.

The Cowboys won 24-17 in the kickoff game in Dallas’ only appearance. The team is one of four teams with a perfect record in the kickoff game, joining New England, San Francisco and Denver.

In 2013, a scheduling conflict between the Baltimore Orioles and Ravens forced the Super Bowl champion Ravens to go on the …