Dem. Keynote Speaker a Beneficiary of Bain Capital, Refuses to Release Tax Returns
6:18 PM, Sep 4, 2012 • By DANIEL HALPER
Maryland governor Martin O’Malley, who is giving a keynote address tonight at the Democratic convention in Charlotte, is a beneficiary of Bain Capital, the private equity firm Republican presidential candidate Mitt Romney helped create.
The irony is that Democrats have tried to argue, throughout this campaign, that Bain is bad—that the company has put other, smaller companies out business, and helped ship American jobs overseas.
But, when O’Malley retires, he’ll receive $135,000 annually from the Maryland state retirement and pension system. He’ll be “collecting a $75,000 pension for serving as governor on top of the $60,000 annual pension he already receives for his terms as Baltimore City mayor and council member,” the Baltimore Sun reported last month.
And at least part of that money will have come from Bain investments. Maryland’s state retirement and pension system has money in: theBain Capital Fund IX, the Bain Capital IX Co-Investment Fund, the Bain Capital Fund X, and the Bain Capital X Co-Investment Fund, according to retirement fund’s annual report.
Additionally, O’Malley has not released his tax returns—another issue Democrats have tried to hold over the head of Romney, who so far has released only one year’s worth of tax returns.
“The irony is that Mr. O'Malley only released his tax returns after his challenger in the 2010 gubernatorial race, Robert L. Ehrlich Jr., agreed to make his public. In August 2010, Mr. Ehrlich released five years of returns. Governor O'Malley released three years but only allowed reporters to review them briefly in person. Mr. Ehrlich allowed the same access. No copies were made available for in-depth review, and no photographs were allowed; this from a man who pioneered CitiStat and pledged to make the state a leader in transparency. Those records paint the portrait of a wealthy man who made more than 98 percent of Marylanders for the three years he released. Reports show that virtually all of the $300,000 he and his wife Catherine made per year in 2007, 2008 and 2009 came from taxpayers, and he will soon make even more when he starts collecting a $75,000 pension for serving as governor on top of the $60,000 annual pension he already receives for his terms as Baltimore City mayor and council member. I requested his most recent returns from the Democratic Governors Association, but spokeswoman Kate Hansen declined to provide them.”
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