The Federal Bailout That Saved Mitt Romney

Discussion in 'Politics' started by Synthaholic, Oct 23, 2012.

  1. Synthaholic
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    Synthaholic Platinum Member

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    The Federal Bailout That Saved Mitt Romney

    Government documents prove the candidate's mythology is just that


    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.

    With his selection of Paul Ryan as his running mate, Romney has made fiscal stewardship the centerpiece of his campaign. A banner at MittRomney.com declared, "We have a moral responsibility not to spend more than we take in." Romney also opposed the federal bailout for Detroit automakers, famously arguing that the industry should be forced into bankruptcy. Government bailouts, he insists, are "the wrong way to go."



    More: Romney Is Lying. Again.

    But the FDIC documents on the Bain deal – which were heavily redacted by the firm prior to release – show that as a wealthy businessman, Romney was willing to go to extremes to secure a federal bailout to serve his own interests. He had a lot at stake, both financially and politically. Had Bain & Company collapsed, insiders say, it would have dealt a grave setback to Bain Capital, where Romney went on to build a personal fortune valued at as much as $250 million. It would also have short-circuited his political career before it began, tagging Romney as a failed businessman unable to rescue his own firm.

    "None of us wanted to see Bain be the laughingstock of the business world," recalls a longtime Romney lieutenant who asked not to be identified. "But Mitt's reputation was on the line."

    *snip*

    More at the link.
     
    Last edited: Oct 23, 2012
  2. CrusaderFrank
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    CrusaderFrank Diamond Member

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    Poor Obama Fluffers.

    Poor, poor little Fluffers.

    They have nothing positive to say about their Messiah so they have to paint Romney as someone to fear.

    Cheer up, when Obama loses I'm sure he'll want you to worship him in whatever country he decided to move to and rule
     
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  3. Meister
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    Meister VIP Member Supporting Member

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    At least you used Rollingstone as a source. They don't have a dog in the fight...:rolleyes:
     
  4. Meister
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    Meister VIP Member Supporting Member

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    Yup, my sig line is words from Obama's own lips 4 years ago.
     
  5. asterism
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    asterism Congress != Progress

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    The FDIC doesn't receive any government funds, it is funded by member banks.

    FDIC: Who is the FDIC?
     
  6. Synthaholic
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    Synthaholic Platinum Member

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    "Freedom of Information has a Liberal bias" must be your only response. :lol:
     
  7. Synthaholic
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    Synthaholic Platinum Member

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    Are you claiming the article is a lie?
     
  8. Synthaholic
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    Synthaholic Platinum Member

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    Of course, conservatives could care less, because they were always full of shit about being against bailouts.
     
  9. auditor0007
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    auditor0007 Gold Member

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    It's how he saved the Olympics too, with federal funds. It's amazing how so many cons just close their eyes to all of it.
     
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  10. Synthaholic
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    Synthaholic Platinum Member

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    It's because they have no core values other than winning elections.
     

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