BAINGATE Explained: People, this is no joke and SEC should press the tax issue

[Igel]

34. People get reimbursed for things?

Who knew? For Bain, though, as a tax write-off it's a bit of a strange idea. 15% income tax on the income makes the reimbursement less useful.

But since he was in UT--hence the hearings in Mass. when he ran for governor--you'd expect that to be mostly airfare for board meetings unless they just bought his ticket(s). And, in any event, you're still left with the struggle to define a reimbursement as indicating operational control versus just perks for being CEO. I don' even think of board meetings as showing much operational control.

Offhand, I don't see reimbursements for a lot of things as mattering.

The smoking gun you're after involves internal documents that he'd have signed, day to day kind of stuff--or, more impressively, showing that he was added to the management committee for a firm taken over after 2/99.