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	<title>Bill Parish -  Parish &#38; Company Investment Management</title>
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	<description>Financial, Economic, Political &#38; Media Observations. a Local Investment Management Presence with a Global Perspective (see company website at www.billparish.com)</description>
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		<title>Bill Parish -  Parish &#38; Company Investment Management</title>
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		<item>
		<title>**February 8, 2013**   Inside Dell&#8217;s Private Equity Buyout Proposal</title>
		<link>http://blog.billparish.com/2013/02/08/february-8-2012-inside-dells-private-equity-buyout-proposal/</link>
		<comments>http://blog.billparish.com/2013/02/08/february-8-2012-inside-dells-private-equity-buyout-proposal/#comments</comments>
		<pubDate>Fri, 08 Feb 2013 22:47:42 +0000</pubDate>
		<dc:creator>Bill Parish</dc:creator>
				<category><![CDATA[Uncategorized]]></category>
		<category><![CDATA[10K]]></category>
		<category><![CDATA[apple]]></category>
		<category><![CDATA[buyout]]></category>
		<category><![CDATA[Calpers]]></category>
		<category><![CDATA[dell]]></category>
		<category><![CDATA[fractions rule]]></category>
		<category><![CDATA[google]]></category>
		<category><![CDATA[henry blodget private equity]]></category>
		<category><![CDATA[limited partners]]></category>
		<category><![CDATA[michael dell]]></category>
		<category><![CDATA[New Jersey Public Pension]]></category>
		<category><![CDATA[restricted stock]]></category>
		<category><![CDATA[sec]]></category>
		<category><![CDATA[silver lake partners]]></category>
		<category><![CDATA[Stock options]]></category>
		<category><![CDATA[tax exempt]]></category>

		<guid isPermaLink="false">http://blog.billparish.com/?p=1112</guid>
		<description><![CDATA[Michael Dell Hopes SEC and IRS Are Sleeping What continually makes the United States the place to be with respect to investment is the expectation that, when all is said and done, the rule of law generally prevails.   One need only visit  China, Japan and Russia to see that markets are generally manipulated by [...]<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=blog.billparish.com&#038;blog=1706433&#038;post=1112&#038;subd=billparish&#038;ref=&#038;feed=1" width="1" height="1" />]]></description>
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		<slash:comments>0</slash:comments>
	
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		<title>**Sept 18, 2012** &#8211; Bain Capital&#8217;s Big Untold Story Buried in Gawker Documents</title>
		<link>http://blog.billparish.com/2012/09/18/sept-18-2012-bain-capitals-big-untold-story-buried-in-gawker-documents/</link>
		<comments>http://blog.billparish.com/2012/09/18/sept-18-2012-bain-capitals-big-untold-story-buried-in-gawker-documents/#comments</comments>
		<pubDate>Tue, 18 Sep 2012 23:17:19 +0000</pubDate>
		<dc:creator>Bill Parish</dc:creator>
				<category><![CDATA[Uncategorized]]></category>

		<guid isPermaLink="false">http://blog.billparish.com/?p=1096</guid>
		<description><![CDATA[Who would think that investment audit reports could be so interesting?  Reports that should be available to any investor in the various Bain Capital investment funds, including the Romney&#8217;s of course.  Most remarkable perhaps is that no one has seen the really big story of these otherwise mundane reports. Here is that story, an epic [...]<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=blog.billparish.com&#038;blog=1706433&#038;post=1096&#038;subd=billparish&#038;ref=&#038;feed=1" width="1" height="1" />]]></description>
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		<title>** September 18, 2012 ** Corporate Governance:  While Intel Excels JP Morgan Struggles</title>
		<link>http://blog.billparish.com/2012/09/18/corporate-governance-while-intel-excels-jp-morgan-struggles/</link>
		<comments>http://blog.billparish.com/2012/09/18/corporate-governance-while-intel-excels-jp-morgan-struggles/#comments</comments>
		<pubDate>Tue, 18 Sep 2012 21:00:53 +0000</pubDate>
		<dc:creator>Bill Parish</dc:creator>
				<category><![CDATA[Uncategorized]]></category>
		<category><![CDATA[Andy Bryant]]></category>
		<category><![CDATA[banking industry]]></category>
		<category><![CDATA[Banks]]></category>
		<category><![CDATA[CEO]]></category>
		<category><![CDATA[Chairman of the Board]]></category>
		<category><![CDATA[Corporate governance]]></category>
		<category><![CDATA[FBI]]></category>
		<category><![CDATA[fdic]]></category>
		<category><![CDATA[Federal Reserve Bank of New York]]></category>
		<category><![CDATA[Intel]]></category>
		<category><![CDATA[Jamie Dimon]]></category>
		<category><![CDATA[JP Morgan]]></category>
		<category><![CDATA[Paul Otellini]]></category>
		<category><![CDATA[regulatory agencies]]></category>
		<category><![CDATA[sec]]></category>
		<category><![CDATA[Washington Mutual]]></category>

		<guid isPermaLink="false">http://blog.billparish.com/?p=980</guid>
		<description><![CDATA[One of the sacred tenets of good corporate governance is separating the roles of Chairman of the Board and Chief Executive Officer.   This provides a critical oversight function with respect to the activities of the CEO.  Exhibit one supporting this concept is perhaps JP Morgan CEO Jamie Dimon&#8217;s role in the current multi billion [...]<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=blog.billparish.com&#038;blog=1706433&#038;post=980&#038;subd=billparish&#038;ref=&#038;feed=1" width="1" height="1" />]]></description>
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		<slash:comments>0</slash:comments>
	
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		<title>** August 8, 2012 **  Why Harry Reid Checkmates Mitt Romney</title>
		<link>http://blog.billparish.com/2012/08/09/august-8-2012-why-harry-reid-checkmates-mitt-romney/</link>
		<comments>http://blog.billparish.com/2012/08/09/august-8-2012-why-harry-reid-checkmates-mitt-romney/#comments</comments>
		<pubDate>Thu, 09 Aug 2012 23:03:26 +0000</pubDate>
		<dc:creator>Bill Parish</dc:creator>
				<category><![CDATA[Uncategorized]]></category>
		<category><![CDATA[5500 filings]]></category>
		<category><![CDATA[990-T]]></category>
		<category><![CDATA[Bain]]></category>
		<category><![CDATA[BCIP Trust]]></category>
		<category><![CDATA[blocker corporation]]></category>
		<category><![CDATA[Delaware Partnership]]></category>
		<category><![CDATA[ERISA filings]]></category>
		<category><![CDATA[financial engineering]]></category>
		<category><![CDATA[foreign blocker]]></category>
		<category><![CDATA[Goldman Sachs]]></category>
		<category><![CDATA[Harry Reid]]></category>
		<category><![CDATA[IRA]]></category>
		<category><![CDATA[paul volcker]]></category>
		<category><![CDATA[Romney]]></category>
		<category><![CDATA[Ropes & Gray]]></category>
		<category><![CDATA[sec]]></category>
		<category><![CDATA[SEP IRA]]></category>
		<category><![CDATA[tax avoidance]]></category>
		<category><![CDATA[taxes]]></category>
		<category><![CDATA[ubit]]></category>

		<guid isPermaLink="false">http://blog.billparish.com/?p=1077</guid>
		<description><![CDATA[In the world of chess being too aggressive at the outset, advancing too far, is perilous. For Romney, his refusal to acknowledge his aggressive financial engineering and tax avoidance strategies could indeed result in an open convention.  One in which the party is free to forward a higher quality candidate. Here is a list of [...]<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=blog.billparish.com&#038;blog=1706433&#038;post=1077&#038;subd=billparish&#038;ref=&#038;feed=1" width="1" height="1" />]]></description>
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		<slash:comments>0</slash:comments>
	
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		<title>** July 20, 2012 ** Romneys Biggest Tax Story Still Untold &#8211; Could Result in Open Republican Convention</title>
		<link>http://blog.billparish.com/2012/07/23/romneys-biggest-tax-story-still-untold-could-result-in-open-republican-convention/</link>
		<comments>http://blog.billparish.com/2012/07/23/romneys-biggest-tax-story-still-untold-could-result-in-open-republican-convention/#comments</comments>
		<pubDate>Mon, 23 Jul 2012 23:58:12 +0000</pubDate>
		<dc:creator>Bill Parish</dc:creator>
				<category><![CDATA[Uncategorized]]></category>
		<category><![CDATA[5500 filings]]></category>
		<category><![CDATA[990-T]]></category>
		<category><![CDATA[Bain Capital]]></category>
		<category><![CDATA[BCIP Trust]]></category>
		<category><![CDATA[Bill Esrey]]></category>
		<category><![CDATA[blocker corporation]]></category>
		<category><![CDATA[EDGAR online]]></category>
		<category><![CDATA[ERISA filings]]></category>
		<category><![CDATA[Erisa rules]]></category>
		<category><![CDATA[foreign blocker]]></category>
		<category><![CDATA[foundation]]></category>
		<category><![CDATA[Goldman Sachs]]></category>
		<category><![CDATA[IRA]]></category>
		<category><![CDATA[leveraged deals]]></category>
		<category><![CDATA[LEXIS Academic]]></category>
		<category><![CDATA[Mark Maremont]]></category>
		<category><![CDATA[pension plan]]></category>
		<category><![CDATA[portfolio companies]]></category>
		<category><![CDATA[Presidential candidate]]></category>
		<category><![CDATA[Private Equity]]></category>
		<category><![CDATA[Republican convention]]></category>
		<category><![CDATA[Republicans]]></category>
		<category><![CDATA[Retirement Age]]></category>
		<category><![CDATA[Romney]]></category>
		<category><![CDATA[Ropes & Gray]]></category>
		<category><![CDATA[SEC filings]]></category>
		<category><![CDATA[SEP IRA]]></category>
		<category><![CDATA[SMTC corporation]]></category>
		<category><![CDATA[Sprint]]></category>
		<category><![CDATA[tax rules]]></category>
		<category><![CDATA[taxes]]></category>
		<category><![CDATA[trusts]]></category>
		<category><![CDATA[ubit]]></category>
		<category><![CDATA[unemployment insurance]]></category>
		<category><![CDATA[unrelated business income tax]]></category>
		<category><![CDATA[WSJ]]></category>

		<guid isPermaLink="false">http://blog.billparish.com/?p=1052</guid>
		<description><![CDATA[With all the stories on Romney&#8217;s finances, many of which resulted from my observations regarding his tax returns and investment accounts, in particular his IRA, and the interaction of the trusts, foundation and Bain Company filings, the most important story is still untold. Here it is, the story that could likely open the Republican convention [...]<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=blog.billparish.com&#038;blog=1706433&#038;post=1052&#038;subd=billparish&#038;ref=&#038;feed=1" width="1" height="1" />]]></description>
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		<slash:comments>0</slash:comments>
	
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			<media:title type="html">billparish</media:title>
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		<title>** May 12, 2012 ** The Oregonian Reports on Valuation Concerns Regarding PERS Private Equity Investments</title>
		<link>http://blog.billparish.com/2012/05/21/the-oregonian-reports-on-valuation-concerns-regarding-pers-private-equity-investments/</link>
		<comments>http://blog.billparish.com/2012/05/21/the-oregonian-reports-on-valuation-concerns-regarding-pers-private-equity-investments/#comments</comments>
		<pubDate>Mon, 21 May 2012 18:06:23 +0000</pubDate>
		<dc:creator>Bill Parish</dc:creator>
				<category><![CDATA[Uncategorized]]></category>
		<category><![CDATA[blackstone]]></category>
		<category><![CDATA[carried interest]]></category>
		<category><![CDATA[carry fee]]></category>
		<category><![CDATA[fortress]]></category>
		<category><![CDATA[investments]]></category>
		<category><![CDATA[K-1]]></category>
		<category><![CDATA[kkr]]></category>
		<category><![CDATA[management fee]]></category>
		<category><![CDATA[Oregon PERS]]></category>
		<category><![CDATA[Oregon state treasury]]></category>
		<category><![CDATA[Oregonian]]></category>
		<category><![CDATA[Partnership]]></category>
		<category><![CDATA[PERS]]></category>
		<category><![CDATA[Private Equity]]></category>
		<category><![CDATA[public pensions]]></category>
		<category><![CDATA[Ted Sickinger]]></category>
		<category><![CDATA[Ted Wheeler]]></category>
		<category><![CDATA[valuation]]></category>

		<guid isPermaLink="false">http://blog.billparish.com/?p=969</guid>
		<description><![CDATA[In a front page story Sunday May 20, 2012, Ted Sickinger of the Oregonian provided a detailed review of private equity valuation concerns.  This portfolio of opaque investments has grown substantially and poses unique risks to Oregonian PERS participants.  In his article, Sickinger notes this analysis is based upon original Parish &#38; Company research. Although [...]<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=blog.billparish.com&#038;blog=1706433&#038;post=969&#038;subd=billparish&#038;ref=&#038;feed=1" width="1" height="1" />]]></description>
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		<title>** April 2, 2012 ** The Wall Street Journal Confirms Parish &amp; Company Analysis of Bain Capital Profit Sharing Plan and Romney IRA</title>
		<link>http://blog.billparish.com/2012/05/21/the-wall-street-journal-confirms-parish-company-analysis-of-bain-capital-profit-sharing-plan-and-romney-ira/</link>
		<comments>http://blog.billparish.com/2012/05/21/the-wall-street-journal-confirms-parish-company-analysis-of-bain-capital-profit-sharing-plan-and-romney-ira/#comments</comments>
		<pubDate>Mon, 21 May 2012 17:46:28 +0000</pubDate>
		<dc:creator>Bill Parish</dc:creator>
				<category><![CDATA[Uncategorized]]></category>
		<category><![CDATA[401K]]></category>
		<category><![CDATA[5500 Erisa filings]]></category>
		<category><![CDATA[Bain]]></category>
		<category><![CDATA[Bain Capital]]></category>
		<category><![CDATA[Blind trusts]]></category>
		<category><![CDATA[blocker corporation]]></category>
		<category><![CDATA[custodians]]></category>
		<category><![CDATA[ERISA]]></category>
		<category><![CDATA[Goldman Sachs]]></category>
		<category><![CDATA[IRA]]></category>
		<category><![CDATA[Mark Maremont]]></category>
		<category><![CDATA[Merrill Lynch]]></category>
		<category><![CDATA[Mitt Romney]]></category>
		<category><![CDATA[non standard assets]]></category>
		<category><![CDATA[Partnership]]></category>
		<category><![CDATA[Partnerships]]></category>
		<category><![CDATA[Presidential candidate]]></category>
		<category><![CDATA[Private Equity]]></category>
		<category><![CDATA[Profit Sharing Plan]]></category>
		<category><![CDATA[pulitzer prize]]></category>
		<category><![CDATA[Retirement Age]]></category>
		<category><![CDATA[Ropes & Gray]]></category>
		<category><![CDATA[SEP IRA]]></category>
		<category><![CDATA[Stock options]]></category>
		<category><![CDATA[tax rules]]></category>
		<category><![CDATA[Wall Street Journal]]></category>
		<category><![CDATA[WSJ]]></category>

		<guid isPermaLink="false">http://blog.billparish.com/?p=959</guid>
		<description><![CDATA[Pulitzer Prize winning reporter and senior editor Mark Maremont of the WSJ wrote the following two stories, explaining how Presidential Candidate Mitt Romney built his IRA to as much as $100 million. Both stories were based upon original Parish &#38; Company analysis.  The purpose of this analysis is not to directly disparage Romney but rather [...]<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=blog.billparish.com&#038;blog=1706433&#038;post=959&#038;subd=billparish&#038;ref=&#038;feed=1" width="1" height="1" />]]></description>
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		<slash:comments>0</slash:comments>
	
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		<title>** Feb 22, 2012 ** Mitt Romney&#8217;s Tax Return &#8211; An Inside View</title>
		<link>http://blog.billparish.com/2012/02/22/inside-mitt-romneys-tax-return/</link>
		<comments>http://blog.billparish.com/2012/02/22/inside-mitt-romneys-tax-return/#comments</comments>
		<pubDate>Thu, 23 Feb 2012 00:16:01 +0000</pubDate>
		<dc:creator>Bill Parish</dc:creator>
				<category><![CDATA[Uncategorized]]></category>
		<category><![CDATA[fractions rule]]></category>
		<category><![CDATA[net operating loss trafficking]]></category>
		<category><![CDATA[Pricewaterhouse Coopers]]></category>
		<category><![CDATA[Private Equity]]></category>
		<category><![CDATA[romney tax return]]></category>
		<category><![CDATA[son of boss tax shelter]]></category>
		<category><![CDATA[tax exempt investors]]></category>

		<guid isPermaLink="false">http://blog.billparish.com/?p=867</guid>
		<description><![CDATA[Note:  Analysis of Bain Capital Profit Sharing Plan in Separate Post

A leading reporter recently asked me to take a look at Mitt Romney's 502 page tax return.  What resulted was a fascinating journey that will hopefully initiate a common sense dialogue on needed tax reforms.   Newt Gingrich's return was also analyzed, yet revealed no substantive tax policy issues.

To be clear, I am a strong critic of large private equity and hedge fund "buyout" firms.  To me they are clearly no more than sophisticated tax deduction pyramid schemes.   Others might argue they are the very definition of crony capitalism and via "club deals" are creating abusive monopolies that are destroying open markets.

That said, it is also true that these large private equity firms pay very close attention to my work and jokingly refer to me as Sherlock's Sherlock when it comes to financial analysis.  So here we go.<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=blog.billparish.com&#038;blog=1706433&#038;post=867&#038;subd=billparish&#038;ref=&#038;feed=1" width="1" height="1" />]]></description>
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		<media:content url="http://billparish.files.wordpress.com/2012/02/romney3k-1s.png" medium="image">
			<media:title type="html">Romney3K-1s</media:title>
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		<title>** Feb 20, 2012 ** Bain Capital Profit Sharing Plan Likely Reveals How Romney Built IRA</title>
		<link>http://blog.billparish.com/2012/02/20/bain-capital-profit-sharing-plan-likely-reveals-how-romney-built-ira/</link>
		<comments>http://blog.billparish.com/2012/02/20/bain-capital-profit-sharing-plan-likely-reveals-how-romney-built-ira/#comments</comments>
		<pubDate>Mon, 20 Feb 2012 22:10:27 +0000</pubDate>
		<dc:creator>Bill Parish</dc:creator>
				<category><![CDATA[Uncategorized]]></category>
		<category><![CDATA[Bain Capital]]></category>
		<category><![CDATA[bill parish]]></category>
		<category><![CDATA[carried interest]]></category>
		<category><![CDATA[Direct Rollovers]]></category>
		<category><![CDATA[free5500.com]]></category>
		<category><![CDATA[IRA]]></category>
		<category><![CDATA[Merrill Lynch]]></category>
		<category><![CDATA[Mitt Romney]]></category>
		<category><![CDATA[Mitt Romney IRA]]></category>
		<category><![CDATA[Partnership]]></category>
		<category><![CDATA[Pricewaterhouse Coopers]]></category>
		<category><![CDATA[Private Equity]]></category>
		<category><![CDATA[Profit Sharing Plan]]></category>
		<category><![CDATA[Rollover]]></category>

		<guid isPermaLink="false">http://blog.billparish.com/?p=897</guid>
		<description><![CDATA[Note:  Mitt Romney Tax Return Analyzed in Separate Post As an investment advisor I have found reviewing a company&#8217;s pension plan to be a good indicator of the sponsoring company&#8217;s quality of management.  These pension plans are all available for viewing at http://www.free5500.com via required  annual 5500 ERISA filings.  The filings show not only show [...]<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=blog.billparish.com&#038;blog=1706433&#038;post=897&#038;subd=billparish&#038;ref=&#038;feed=1" width="1" height="1" />]]></description>
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		<title>** June 7, 2011 **  Letter to SEC Chair and IRS Commissioner &#8211; Tax Deduction Pyramid Scheme</title>
		<link>http://blog.billparish.com/2011/06/07/sec-letter/</link>
		<comments>http://blog.billparish.com/2011/06/07/sec-letter/#comments</comments>
		<pubDate>Tue, 07 Jun 2011 20:16:04 +0000</pubDate>
		<dc:creator>Bill Parish</dc:creator>
				<category><![CDATA[Uncategorized]]></category>
		<category><![CDATA[ABA tax section]]></category>
		<category><![CDATA[carried interest]]></category>
		<category><![CDATA[Curt Wilson]]></category>
		<category><![CDATA[doug shulman mark zehner]]></category>
		<category><![CDATA[fractions rule]]></category>
		<category><![CDATA[ge]]></category>
		<category><![CDATA[George Roberts]]></category>
		<category><![CDATA[hedge funds]]></category>
		<category><![CDATA[Henry Kravitz]]></category>
		<category><![CDATA[irs]]></category>
		<category><![CDATA[kkr]]></category>
		<category><![CDATA[mary schapiro]]></category>
		<category><![CDATA[net operating losses]]></category>
		<category><![CDATA[paul volcker]]></category>
		<category><![CDATA[Private Equity]]></category>
		<category><![CDATA[public pensions]]></category>
		<category><![CDATA[repeal of fractions rule]]></category>
		<category><![CDATA[Sanford Presant]]></category>
		<category><![CDATA[sec]]></category>
		<category><![CDATA[Tax Equity]]></category>
		<category><![CDATA[tax exempt]]></category>
		<category><![CDATA[treasury 2012 revenue guidelines]]></category>
		<category><![CDATA[Wayne Pressgrove]]></category>

		<guid isPermaLink="false">http://billparish.wordpress.com/?p=816</guid>
		<description><![CDATA[The following letter was sent to SEC Chair Mary Schapiro and IRS Commissioner Doug Shulman on &#8220;tax day&#8221; with the hope they will jointly work at restoring the integrity of cash flow statements, without question the most important analytical tool for investment advisors like myself.  It is simply astonishing, given their material nature, that listed [...]<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=blog.billparish.com&#038;blog=1706433&#038;post=816&#038;subd=billparish&#038;ref=&#038;feed=1" width="1" height="1" />]]></description>
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