The Federal Bailout That Saved Mitt Romney

So many lies, so little time. So, the federal bailout that Romney slams Obama for, is the bailout that saved Romney’s ass.

The Federal Bailout That Saved Mitt Romney | Politics News | Rolling Stone

By Tim Dickinson

August 29, 2012 7:00 AM ET

Mitt Romney likes to say he won’t “apologize” for his success in business. But what he never says is “thank you” – to the American people – for the federal bailout of Bain & Company that made so much of his outsize wealth possible.

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.

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2 Responses to The Federal Bailout That Saved Mitt Romney

  1. knight4444 says:

    The republican party once again showing how incredibly inept they are! they had Phil Archuletta as one of their small business owners on stage at the RNC telling his heart felt story about gobment! while this stooge went on and on and on about how gobment crushes his small business and buries him so unjustly!! turns out beyond the fantasy world of the RNC Mr. Archuletta received over 850,000 dollars in gobment loans and actually worked for the gobment as an employee before he went into business for himself. LMAO Only the republican party! enough said

    Sage Reply:

    I know – Republicans hate government until their state or business needs money from the government. If I remember correctly, Rick Perry said Texas could secede from the union and then turned around and asked for federal funds to fight wildfires.
    http://www.huffingtonpost.com/2011/09/21/rick-perry-interview-secession_n_974969.html
    http://abcnews.go.com/blogs/politics/2011/09/perry-asks-for-federal-funds-to-fight-wildfires-after-slashing-state-fire-budget/

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