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CEO Fran Horowitz took over the company in 2007, really brought a merchandising focus to the business, have been able to be more responsive to trends and get those products to customers when they're interested in them. They may do this by any number of value added taxes, property taxes. What disaster would that be?
I remember reading this study that said most Americans would rather have their taxes audited by the IRS than go a dealership [laughs]. That was the genesis of finding company to run. It was one of the few privatecompanies we were invested in, and that company was a service provider to the old Clear.
So, until the financial crisis of 2007 and 2009 or however you go — you actually time it, I was in this finance bubble. ADMATI: We’re at the mercy of these privatecompanies. RITHOLTZ: Because they’re privatecompanies. But the Sacklers took away a whole bunch of money to privatecompany.
No pension fund wants to invest in privatecompanies that abuse immigrant children. I still don't and when I see these flagrant abuses at privatecompanies, I'd be even tougher on them, lawyering up and using private investigators extensively. In 2007, Taylor won the $1.5M How can this happen?
I could do my own taxes. If you’re a privatecompany, you don’t have any of those pressures. JOHNSON: Exactly, the tax… RITHOLTZ: The negative on a mutual fund is phantom taxes. I find it’s just like, you know what, and it’s funny, this is like a later in life realization. JOHNSON: Exactly.
Just really a fascinating history from, from a privatecompany to a public company back to a, a partnership. He is uniquely situated because he has run both public mutual funds as well as privates, including late stage venture private equity credit down the list. Really interesting. In terms of being that specific.
While the consortium that has owned Thames since 2017 has yet to take a dividend out of it, its predecessor – the Australian bank Macquarie – has been widely criticised for its stewardship of the water company between 2006 and 2017. It has faced accusations of “asset stripping” and “ripping off the taxpayer” by not paying corporation tax.
I published what’s called a comment, so like a very short one about this great tax law case with this guy who like won the lottery and then wanted to get his lottery winnings treated as capital gains. You know, it was all this like structuring and like tax and legal and accounting stuff. Matt Levine : 00:03:44 You know, I did.
So I had started a third company called Room 77 that we had end up selling to Google. I had just gotten married in the fall of 2007. Or are you looking at startups or privatecompanies that have been for around for a while that are potential disruptors? You take it out tax free as well. Completely.
MORGENSON: Could be banks, could be Wall Street, could be private debt folks, but it’s — RITHOLTZ: This is very often securitized and sold off into the market as well? MORGENSON: It can be collateralized loan obligations, now it’s big private debt. Let’s talk about tax loopholes. RITHOLTZ: Wow.
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