Discuss as:

Romney: Bain under investigation for tax avoidance

“New York’s attorney general is investigating whether executives at Bain Capital, the private equity firm founded by Republican presidential nominee Mitt Romney, improperly avoided paying $200 million in federal income taxes, according to a report by The New York Times,” per the Boston Globe. “More than a dozen firms are under investigation by the attorney general, Eric T. Schneiderman, who has subpoenaed documents that would show whether some fund management fees were converted to fund investments. Profits on investments are taxed at a much lower rate than management fees, which count as earned income.”

The Wall Street Journal editorial page, via Political Wire: "The immediate media consensus, especially on the political right, seems to be that Mitt Romney 'did what he had to do' in his GOP convention speech Thursday. He repaired an image battered by Obama attack ads, showed he appreciates women, defended Bain Capital and criticized President Obama more in sorrow than in anger. On to the White House! Well, maybe. Mr. Romney's speech did hit all of those essential points, but the one thing it didn't do constitutes a major political gamble. Neither he nor the entire GOP convention made a case for his economic policy agenda. He and Paul Ryan promised to help the middle class, but they never explained other than in passing how they would do it.”

About 30 million tuned into Romney’s speech, down from 39 million who watched McCain’s four years ago, per Nielsen (via Political Wire).

The Romney campaign put out a 2:34 wrap video of its convention.

Paul Ryan’s in trouble with the fact again – this time over claiming that he ran a sub-three-hour marathon. “Under three, high twos. I had a two hour and fifty-something,” he told conservative radio host Hugh Hewitt. That drew skepticism from the running community and Ryan had to admit that was false. He said in a statement, per the New York Times: “The race was more than 20 years ago, but my brother Tobin — who ran Boston last year — reminds me that he is the owner of the fastest marathon in the family and has never himself ran a sub-three. If I were to do any rounding, it would certainly be to four hours, not three. He gave me a good ribbing over this at dinner tonight.”