Rolling Stone: Mitt Romney Helped Secure a Federal Bailout to Keep Bain from Collapsing

5432732270 0062408601 Rolling Stone:  Mitt Romney Helped Secure a Federal Bailout to Keep Bain from Collapsing

Rolling Stone:  Mitt Romney Helped Secure a Federal Bailout to Keep Bain from Collapsing (Photo credit: DonkeyHotey)

Well, what do you know, GOP presidential nominee Mitt Romney helped secure a federal bailout to keep Bain & Company from collapsing, according to government documents obtained by Rolling Stone.

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.

[…]

“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.”

 Rolling Stone:  Mitt Romney Helped Secure a Federal Bailout to Keep Bain from Collapsing
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 Rolling Stone:  Mitt Romney Helped Secure a Federal Bailout to Keep Bain from Collapsing
Janet Shan is a freelance journalist and managing editor of the Hinterland Gazette, who is working on her first novel, a mystery based in the hills on Montego Bay.
  • http://functionalculture.blogspot.com Constructive_Feedback

    YOU SURE CONVINCED ME ON THAT ONE JANET!!!

    $10 Million for a firm worth

    FROM WIKIPEDIA – Bain Capital Page:
    Total assets US$ 66 billion (2012)

    Janet – I like you. I really do.
    HOWEVER as a JOURNALIST you are really, really, really crossing the line.

    You are more motivated to spread DOG WHISTLE propaganda against your ideological/political enemies, the consequence being that YOUR CREDIBILITY gets tarnished along with the Fraudulent Sources that you bring forth.

    How is it that a firm that is worth $66 BILLION is allowed to stay afloat by $10 MILLION?

    Come on Janet. Only “The Man” – the poster talking junk on me – is foolish enough to go along with you on this one.