The Myth of Mitt Romney: Bain Capital Saved by Federal Bailout.

[elder999]

Seen in Rolling Stone:

According to the candidate's mythology, Romney took leave of his duties at the private equity firm Bain Capital in 1990 and rode in on a white horse to lead a swift restructuring of Bain & Company, preventing the collapse of the consulting firm where his career began. When The Boston Globe reported on the rescue at the time of his Senate run against Ted Kennedy, campaign aides spun Romney as the wizard behind a "long-shot miracle," bragging that he had "saved bank depositors all over the country $30 million when he saved Bain & Company."
In fact, government documents on the bailout obtained by Rolling Stone show that the legend crafted by Romney is basically a lie. The federal records, obtained under the Freedom of Information Act, reveal that Romney's initial rescue attempt at Bain & Company was actually a disaster – leaving the firm so financially strapped that it had "no value as a going concern." Even worse, the federal bailout ultimately engineered by Romney screwed the FDIC – the bank insurance system backed by taxpayers – out of at least $10 million. And in an added insult, Romney rewarded top executives at Bain with hefty bonuses at the very moment that he was demanding his handout from the feds.


Read more: http://www.rollingstone.com/politic...that-saved-mitt-romney-20120829#ixzz25Fc5rC1u

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And further:

Federal records obtained by Rolling Stone through a Freedom of Information Act request reveal that Bain & Company lost money in both 1991 and 1992 — with Romney at the helm.
This December 22, 1992 analysis for the FDIC lays out the truth about Bain & Company's mounting losses (both "operating" and "net") in a section called "Historical Operating Performance." (FDIC was owed more than $30 million by Bain & Company after the 1991 failure of the Bank of New England.):


Read more: http://www.rollingstone.com/politic...-romney-is-lying-again-20120830#ixzz25FcQc0QZ​

Further:

The Romney campaign refused to respond to questions for this article; a spokeswoman said only that "Mitt Romney turned around Bain & Company by getting all parties to come to the table and make difficult decisions." But while taxpayers did not finance the bailout, the debt forgiven by the government was booked as a loss to the FDIC – and then recouped through higher insurance premiums from banks. And banks, of course, are notorious for finding ways to pass their costs along to customers, usually in the form of higher fees. Thanks to the nature of the market, in other words, the bailout negotiated by Romney ultimately wound up being paid by the American people.


Read more: http://www.rollingstone.com/politic...that-saved-mitt-romney-20120829#ixzz25FcpkTj4​

For...:lfao:....emphasis:

Thanks to the nature of the market, in other words, the bailout negotiated by Romney ultimately wound up being paid by the American people.

Read more: http://www.rollingstone.com/politic...that-saved-mitt-romney-20120829#ixzz25Fd1GQiy​

:lfao:​

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[WC_lun]

So you are saying that Bain Capitol took at least $10 million in handouts from the government, kind of like welfare.