The Federal Bailout That Saved Mitt Romney (Really?)Submitted by richybear on Tue, 09/04/2012 - 20:28
Can't believe this guy says he's such a great business man. On top of that, him believing that this somehow wouldn't get out, is mind boggling.
"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."
Mitt Romney's Federal Bailout: The Documents
Highlights from the records of the FDIC's rescue of Bain & Company