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.

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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