Thursday, August 30, 2012

The Federal Bailout That Saved Mitt Romney

At Rolling Stone:

...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.
My favorite part is where Romney and Bain pay their executives huge bonuses instead of paying off their loans, thus leaving the FDIC with the tab.

Mittens is basically a criminal who got rich by taking out loans and then abandoning them for other people to pay off.

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