Skip to main content


Sankaty.  

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."



EMAIL TO A FRIEND X
Your Email has been sent.
You must add at least one tag to this diary before publishing it.

Add keywords that describe this diary. Separate multiple keywords with commas.
Tagging tips - Search For Tags - Browse For Tags

?

More Tagging tips:

A tag is a way to search for this diary. If someone is searching for "Barack Obama," is this a diary they'd be trying to find?

Use a person's full name, without any title. Senator Obama may become President Obama, and Michelle Obama might run for office.

If your diary covers an election or elected official, use election tags, which are generally the state abbreviation followed by the office. CA-01 is the first district House seat. CA-Sen covers both senate races. NY-GOV covers the New York governor's race.

Tags do not compound: that is, "education reform" is a completely different tag from "education". A tag like "reform" alone is probably not meaningful.

Consider if one or more of these tags fits your diary: Civil Rights, Community, Congress, Culture, Economy, Education, Elections, Energy, Environment, Health Care, International, Labor, Law, Media, Meta, National Security, Science, Transportation, or White House. If your diary is specific to a state, consider adding the state (California, Texas, etc). Keep in mind, though, that there are many wonderful and important diaries that don't fit in any of these tags. Don't worry if yours doesn't.

You can add a private note to this diary when hotlisting it:
Are you sure you want to remove this diary from your hotlist?
Are you sure you want to remove your recommendation? You can only recommend a diary once, so you will not be able to re-recommend it afterwards.
Rescue this diary, and add a note:
Are you sure you want to remove this diary from Rescue?
Choose where to republish this diary. The diary will be added to the queue for that group. Publish it from the queue to make it appear.

You must be a member of a group to use this feature.

Add a quick update to your diary without changing the diary itself:
Are you sure you want to remove this diary?
(The diary will be removed from the site and returned to your drafts for further editing.)
(The diary will be removed.)
Are you sure you want to save these changes to the published diary?

Comment Preferences

Subscribe or Donate to support Daily Kos.

Click here for the mobile view of the site