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He noted that some partners were even taking a portion of their management fees in the form of carried interest, to increase the tax advantage.
The bulk of private equity executives' compensation comes in the form of carried interest, which is the 20 percent cut of a fund's profits they keep for themselves.
Certain hedge fund managers, real estate investors and venture capitalists also earn much of their pay in the form of carried interest.
At the fund level, fees are mostly paid in the form of carried interest, which allows managers to pay tax at low capital gains rates.
Mr. Bloomberg, who accepts only a $1 salary from the city, said that "virtually none" of his own income was in the form of carried interest.
In 2010, $7.5 million of Romney's income, about a third of the total, came in the form of carried interest from Bain Capital; in 2011, he earned $5.5 million in carried interest, about a quarter of his total income.
Similar(42)
This form of carrying debt is not really any different than banks holding notes on charities for financing their buildings and vans.
Nevertheless, lawyers and brokers who have seen the drama play out describe qualified buyers who walk away frustrated, families who become permanently estranged over asking prices, and delays that siphon money in the form of carrying costs, legal fees and slashed sales prices.
Adding two single-digit binary numbers is relatively simple, using a form of carrying: :0 + 0 → 0 :0 + 1 → 1 :1 + 0 → 1 :1 + 1 → 0, carry 1 (since 1 + 1 = 2 = 0 + (1 × 21) ) Adding two "1" digits produces a digit "0", while 1 must be added to the next column.
Neural adaptation, which has been the basis of many recent fMRI studies, is shown to be a specific form of carry-over effect.
This very limited form of regulation carried no dangers to press freedom: it works on the basis that the cure for abuses of free speech is more speech.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com