Bain Capital under Romney was handed a federal bailout

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. WhenThe Boston Globereported 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 byRolling Stoneshow 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.

source and proof here

LOL amazing.

big government is bad!...now help me plz smh

Successful businessman indeed. I'd like to hear what his backers and apologists say about this.

Successful businessman indeed. I'd like to hear what his backers and apologists say about this.

jimkabrhel

Successful businessman indeed. I'd like to hear what his backers and apologists say about this.

jimkabrhel

Does our good friend Oven Mitt have any real supports anyway? I mean, not people voting him. Not people just defending him. I mean people who actually like him. Not people who, like most of his voters, received the Earth shattering news that Mr Romney is "not Obama". MrPraline

There are a few, I'm sure, but he doesn't have a great personality, he's business background seems suspect, and his running mate wants to turn Medicare into Vouchercare.

[QUOTE="MrPraline"]Does our good friend Oven Mitt have any real supports anyway? I mean, not people voting him. Not people just defending him. I mean people who actually like him. Not people who, like most of his voters, received the Earth shattering news that Mr Romney is "not Obama". jimkabrhel

There are a few, I'm sure, but he doesn't have a great personality, he's business background seems suspect, and his running mate wants to turn Medicare into Vouchercare.

[QUOTE="jimkabrhel"]

[QUOTE="MrPraline"]Does our good friend Oven Mitt have any real supports anyway? I mean, not people voting him. Not people just defending him. I mean people who actually like him. Not people who, like most of his voters, received the Earth shattering news that Mr Romney is "not Obama". MrPraline

There are a few, I'm sure, but he doesn't have a great personality, he's business background seems suspect, and his running mate wants to turn Medicare into Vouchercare.

I wonder if any Congressional or Presidential candidate won simply on the platform of "I'm not that guy."

Does our good friend Oven Mitt have any real supports anyway? I mean, not people voting him. Not people just defending him. I mean people who actually like him. Not people who, like most of his voters, received the Earth shattering news that Mr Romney is "not Obama". MrPraline

[QUOTE="MrPraline"]Does our good friend Oven Mitt have any real supports anyway? I mean, not people voting him. Not people just defending him. I mean people who actually like him. Not people who, like most of his voters, received the Earth shattering news that Mr Romney is "not Obama". VanHelsingBoA64

I wonder if any Congressional or Presidential candidate won simply on the platform of "I'm not that guy."

jimkabrhel

Something something he had to make the right decision for my employees something he felt a bailout was the right decision something free market something freedom something something Obama is a socialist.

I'm surprised the Dems haven't jumped all over this news.

I'm surprised the Dems haven't jumped all over this news.

Aljosa23

The commercials will come, I'm sure. Though if this was a matter of record, why didn't the GOP pound him on it?

[QUOTE="jimkabrhel"]

I wonder if any Congressional or Presidential candidate won simply on the platform of "I'm not that guy."

Aljosa23

[QUOTE="Aljosa23"]

[QUOTE="jimkabrhel"]

I wonder if any Congressional or Presidential candidate won simply on the platform of "I'm not that guy."

DevilMightCry

Romney is a typical lying and cheating politician/businessman? Well whaddya know.

OT conservatives thinking he will be an excellent president b/c of his business experience. brb writing up a list of ways we can achieve a 20 trillion dollar bailout under RomneyDroidPhysX

[QUOTE="DevilMightCry"][QUOTE="Aljosa23"]Kerry got close lol.

MrPraline

To be fair he went into more detail and offered more information on his policies than McCain did.

[QUOTE="Aljosa23"]

[QUOTE="jimkabrhel"]

I wonder if any Congressional or Presidential candidate won simply on the platform of "I'm not that guy."

DevilMightCry

[QUOTE="jimkabrhel"]

Successful businessman indeed. I'd like to hear what his backers and apologists say about this.

DroidPhysX

[QUOTE="DroidPhysX"][QUOTE="jimkabrhel"]

Successful businessman indeed. I'd like to hear what his backers and apologists say about this.

chessmaster1989

[QUOTE="DroidPhysX"][QUOTE="jimkabrhel"]

Successful businessman indeed. I'd like to hear what his backers and apologists say about this.

chessmaster1989

So the money went right into his pocket and then he threw 10s of thousands of workers under the bus?

Sounds like a good leader to me.

Good leaders think of themselves first right? At least China will be happy if he gets elected.

So the money went right into his pocket and then he threw 10s of thousands of workers under the bus?

Sounds like a good leader to me.

Good leaders think of themselves first right? At least China will be happy if he gets elected.

TopTierHustler

This post gave me cancer.

Liberals trying to sweep the failure of Obama under the rug. What a surprise.The_Witness

How has Romney been more successful as a business man and governor than President Obama has been as President?

[QUOTE="The_Witness"]Liberals trying to sweep the failure of Obama under the rug. What a surprise.jimkabrhel

How has Romney been more successful as a business man and governor than President Obama has been as President?

[QUOTE="jimkabrhel"]

[QUOTE="The_Witness"]Liberals trying to sweep the failure of Obama under the rug. What a surprise.The_Witness

How has Romney been more successful as a business man and governor than President Obama has been as President?

[QUOTE="jimkabrhel"]

[QUOTE="The_Witness"]Liberals trying to sweep the failure of Obama under the rug. What a surprise.The_Witness

How has Romney been more successful as a business man and governor than President Obama has been as President?

Passed legislation very similr to that which Romney passed as Governor. Killed Osama Bin Laden and made sure the war in Iraq ended. Psuhed the US towards ending the war in Afghanistan.

He's managed to keep the government growing and the private sector creating jobs after the worst recession since the Great Depression.

He handled the Libya civil war without getting ground forces involved. He's dealt with the crying children in Congress. I won't bother going into the minor things.

[QUOTE="The_Witness"][QUOTE="jimkabrhel"]

How has Romney been more successful as a business man and governor than President Obama has been as President?

MrPraline

Cokeheads have sh!tty teeth bro.

:hurr:

dunno if its even the coke but w/e

[QUOTE="The_Witness"][QUOTE="jimkabrhel"]

How has Romney been more successful as a business man and governor than President Obama has been as President?

jimkabrhel

Passed legislation very similr to that which Romney passed as Governor. Killed Osama Bin Laden and made sure the war in Iraq ended. Psuhed the US towards ending the war in Afghanistan.

He's managed to keep the government growing and the private sector creating jobs after the worst recession since the Great Depression.

He handled the Libya civil war without getting ground forces involved. He's dealt with the crying children in Congress. I won't bother going into the minor things.

[QUOTE="MrPraline"][QUOTE="The_Witness"] Romney balanced the budget in Massachusetts and gave the people what they wanted. He also did this under a Democratic super majority. What has Obama done besides exploding the national debt, and expanding government? coolbeans90

Cokeheads have sh!tty teeth bro.

:hurr:

dunno if its even the coke but w/e

Liberals trying to sweep the failure of Obama under the rug. What a surprise.The_Witness

Here's an idea: instead of trying to deflect the subject why not comment on what the subject actually is?

worlock77

I have a question. I have noticed your sig and am wondering why you support Stein instead of Obama. Why?

[QUOTE="The_Witness"]Liberals trying to sweep the failure of Obama under the rug. What a surprise.worlock77

Here's an idea: instead of trying to deflect the subject why not comment on what the subject actually is?

[QUOTE="jimkabrhel"]

[QUOTE="The_Witness"] Romney balanced the budget in Massachusetts and gave the people what they wanted. He also did this under a Democratic super majority. What has Obama done besides exploding the national debt, and expanding government? The_Witness

Passed legislation very similr to that which Romney passed as Governor. Killed Osama Bin Laden and made sure the war in Iraq ended. Psuhed the US towards ending the war in Afghanistan.

He's managed to keep the government growing and the private sector creating jobs after the worst recession since the Great Depression.

He handled the Libya civil war without getting ground forces involved. He's dealt with the crying children in Congress. I won't bother going into the minor things.

How many did the Republican support? Can get bills passed when one of the parties controls a house of congress and has steadfastly refused to support the President. When I said dealing, I mean dealing like a parent with a recalcitrant child.

Anemic growth doesn't need applause, but it is better than no growth or a double-dip recession.

And while Bush did get a lot of intelligence, he wavered from actually going to get Bin Laden.

http://www.youtube.com/watch?v=4PGmnz5Ow-o

worlock77

I have a question. I have noticed your sig and am wondering why you support Stein instead of Obama. Why?

coolbeans90

Because I agree with her platform. Because I'm not content to simply vote on "lesser evilism" any longer. And because I want to help build support for the Green Party.

[QUOTE="coolbeans90"]

worlock77

I have a question. I have noticed your sig and am wondering why you support Stein instead of Obama. Why?

worlock77

Because I agree with her platform. Because I'm not content to simply vote on "lesser evilism" any longer. And because I want to help build support for the Green Party.

More to the point: What serious issues do you have with Obama that made you switch to the Green party. Not to pry, but a rarely run into you folks.

"In March 1992, according to the FDIC documents, Romney approached the banks and played the bonus card. Allow Bain to pay off its debt at a deep discount, he demanded just 35 cents on the dollar. Otherwise, the "majority" of the firm's "excess cash" would "be available for the bonus pool to its officers at a vice president level and above.""

Wow, flat out blackmail, what a great guy.

[QUOTE="The_Witness"][QUOTE="jimkabrhel"]

Passed legislation very similr to that which Romney passed as Governor. Killed Osama Bin Laden and made sure the war in Iraq ended. Psuhed the US towards ending the war in Afghanistan.

He's managed to keep the government growing and the private sector creating jobs after the worst recession since the Great Depression.

He handled the Libya civil war without getting ground forces involved. He's dealt with the crying children in Congress. I won't bother going into the minor things.

jimkabrhel

How many did the Republican support? Can get bills passed when one of the parties controls a house of congress and has steadfastly refused to support the President. When I said dealing, I mean dealing like a parent with a recalcitrant child.

Anemic growth doesn't need applause, but it is better than no growth or a double-dip recession.

And while Bush did get a lot of intelligence, he wavered from actually going to get Bin Laden.

http://www.youtube.com/watch?v=4PGmnz5Ow-o