And just what Sankaty DID, to make him millions.
Sankaty. Nothing happening here folks, move along.
What is Sankaty? Sankaty is simply the place where ...
Where the Money Lives
by Nicholas Shaxson, vanityfair.com -- August 2012
To give but one example, there is a Bermuda-based entity called Sankaty High Yield Asset Investors Ltd., which has been described in securities filings as “a Bermuda corporation wholly owned by W. Mitt Romney.” It could be that Sankaty is an old vehicle with little importance, but Romney appears to have treated it rather carefully. He set it up in 1997, then transferred it to his wife’s newly created blind trust on January 1, 2003, the day before he was inaugurated as Massachusetts’s governor. The director and president of this entity is R. Bradford Malt, the trustee of the blind trust and Romney’s personal lawyer. Romney failed to list this entity on several financial disclosures, even though such a closely held entity would not qualify as an “excepted investment fund” that would not need to be on his disclosure forms. He finally included it on his 2010 tax return.
Oops! Dang disclosure forms!
And what did Sankaty DO to help make Mitt millions?
Well nothing much, just turn USA Lemons -- into Bermuda-based Lemon-aide ...
Bain’s Sankaty May Buy $949 Million of Junk-Loan CDOs (Update1)
by Pierre Paulden and Neil Unmack, Bloomberg - April 30, 2009
Bain Capital’s debt investment arm, Sankaty Advisors LLC, may buy as much as $949 million of collateralized loan obligations, according to two people familiar with the offer.
Sankaty, which manages $20 billion of debt, offered today to buy 51 pieces of collateralized loan obligations, according to a list obtained by Bloomberg News. CLOs are a type of collateralized debt obligation that pool high-yield, high-risk, or junk loans and slice them into securities of varying risk and return. Alex Stanton, a spokesman for Sankaty, declined to comment.
Boston-based Sankaty is seeking to take advantage of a 90 percent decline in the prices of some pieces of CLOs, even as the debt packaged in them has gained in value. [...]
CLO securities ranked AA, the third-highest level of investment-grade, are priced between 20 cents and 30 cents on the dollar, according to a Citigroup report yesterday. CLO securities ranked A and below are quoted at less than 10 cents, the report said.
Sankaty -- you know Bain Capital's Hedge Fund that played the Mortgage Securitization markets, along with the rest of Wall Street -- that Sankaty.
You know that foreign-money deposit-window, that Mitt set up and was president of, and was sole shareholder of ... that Sankaty.
Island tax havens factor into Romney's business success
by Bob Drogin Los Angeles Times, Staff Writer -- December 17, 2007
In Bermuda, Romney served as president and sole shareholder for four years of Sankaty High Yield Asset Investors Ltd. It funneled money into Bain Capital's Sankaty family of hedge funds, which invest in bonds and other debt issued by corporations, as well as bank loans.
Kind of puts Mitt's callous views on Foreclosures in a whole new light, doesn't it?
Romney rejects foreclosure relief
by Steve Benen, washingtonmonthly -- October 18, 2011
“Don’t try to stop the foreclosure process. Let it run its course and hit the bottom,” Romney said when asked what he would do to jump-start the floundering housing market.
Mitt doesn't much like the Dodd-Frank Act either -- Why in the San-katy-world might that be?
Romney is mum on how to regulate big banks
by Matt Viser and Tracy Jan, Boston Globe Staff -- May 2, 2012
Republican Mitt Romney is pledging to repeal the Dodd-Frank financial regulations, a promise that is helping him reap millions from Wall Street contributors. But the presidential candidate is silent on how, without Dodd-Frank’s new rules, he would prevent the nation’s investment houses and bankers from once again engaging in the sorts of risky, poorly regulated practices that caused the 2008 financial crisis.
Hey Mega-Millions-Distressed-Mortgage-Hawk Mitt ... What will you have in store for us in Episode 38 of ...
What is Mitt Hiding? We'll stay tuned, "Us People."