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Source: NY probing equity firms, including Bain

The official spoke on the condition of anonymity because of the sensitivity of the probe. It is examining whether the firms used a tax strategy to avoid paying hundreds of millions of dollars in taxes. The practice involved converting some fees collected for managing accounts into fund investments, resulting in a lower tax rate.

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Cuomo Will Recuse Himself From Paterson Investigations

Facing growing political pressure, Attorney General Andrew M. Cuomo announced on Thursday that he would appoint an independent counsel to take over his office’s investigation into the Paterson administration’s response to a domestic violence case.

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