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.
Thursday, August 30, 2012
Say It Ain't So, Mittens!
Back in 1990, Mitt Romney rode into Bain & Company to save the day. It's part of the story he tells about himself and how he is the most awesome capitalist ever. Unfortunately, like much of his life, it's a big freakin' lie.