Story
Officials Watching Damaged Dam
Lamar County officials are using pumps to drop water levels in an earthen dam at the southern end of the Lake Serene system that was damaged by the heavy rains …
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In Southern La., Residents Blame Levees for Floods
The Army Corps of Engineers says it will look into whether the city's fortified defenses pushed floodwaters provoked by Hurricane Isaac into outlying areas.
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Pickup Trucks Drive U.S. Auto Sales to 3-year High
Demand for full-size pickups jumped 16 percent in August, helping to make it the strongest sales month since August 2009.
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National
Better off? Dems Say Yes, Cite Obamacare, Auto Bailout
The better-off question sounds like yes or no would suffice, and Republicans insist that after three years of any presidency, it should be that simple.
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Dems Open Convention Defending Obama
Democrats open their national convention Tuesday in defense of a president who carries both the power and the burden of incumbency.
Story
FEMA Update on Isaac: As of Sunday, Sept. 2, 2012
Since Friday, when President Obama approved Individual Assistance as part of the Major Disaster declaration for Louisiana requested by the Governor, more than 35,000 Louisianans have registered for assistance, with …
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Politics
Election 2012 Offers Two Visions for U.S.: Together v. On Your Own
It's the mantra we will hear endlessly in the coming weeks: Americans face a "stark choice" come November. It is a choice, as President Barack Obama has said repeatedly, "between …
Story
Over 250,000 Still Without Power in Louisiana, Mississippi Days After Isaac
About a quarter of a million customers remained in the dark Monday in Louisiana and Mississippi, days after Isaac inundated the Gulf Coast with a deluge that still has some …
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City & County
10 Jackson Stories This Week
Isaac, a slow-moving tropical storm that became a hurricane before reverting back to tropical storm status, dominated local news this week. Here's a look at some of the week's top …
Story
Yes, He Did: Jay-Z Mimics Rocky at Philly Made In America Fest
Jay-Z's entrance said it all: He bounced up and down on top of the steps of the Philadelphia Museum of Art, mimicking Rocky before he took the stage in front …
Story
Sept. 2: Today in History Sherman Occupied Atlanta, and Much More
Today is Sunday, Sept. 2, the 246th day of 2012. There are 120 days left in the year.
Story
Voter ID, Early Voter Laws in Battleground States Face Courts Before Election
A series of court battles in several states may determine, over the next several weeks, everything from how people cast their votes, when polling locations will be open and what …
Entry
Just Out: New York Attorney General Subpoenas Bain Documents
By Donna LaddIn 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 …
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Drink
Ale to the Chief: White House Releases Beer Recipe
The White House has made public the recipe for two homemade beers that have become an object of fascination for beer drinkers everywhere.
Story
Female ICE Chief of Staff Resigns Amid Sexual Misconduct Claims
Suzanne Barr, chief of staff to ICE Director John Morton, said in her resignation letter that the allegations against her are "unfounded."
Story
As Isaac Pushes North, Gulf Coast Slowly Recovers
As the remnants of Hurricane Isaac pushed their way up the Mississippi valley on Saturday, spinning off severe thunderstorms and at least four tornadoes, some on the Gulf Coast were …
Story
Rep. Ryan Admits His Marathon Claim Wasn't True
Republican Paul Ryan now says he didn't run a marathon in less than three hours as he claimed in a nationally broadcast interview last week.
Story
FEMA Isaac Update: Saturday, Sept. 1, 2012
More than 1350 FEMA staff are on the ground in Louisiana and Mississippi, including 200 Community Relations staff who are assessing needs within the community and providing situational awareness to …
Story
FEMA Update: Life-Saving and Life-Sustaining Efforts Ongoing
FEMA Administrator Craig Fugate was on the ground in Louisiana and met with U.S. Senator Mary Landrieu and Plaquemines Parish President Billy Nungesser today to discuss FEMA's efforts to support …
Story
Ex-Marine Kills 2, Self at NJ Supermarket
Authorities say the gunman in the New Jersey supermarket shooting fired at at least six employees, including one outside the store, before killing himself.
