The Federal Bailout That Saved Mitt Romney

Rolling Stone magazine has the article The Federal Bailout That Saved Mitt Romney. Thanks to ToddS for recommending this article.

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.

Sort of calls to mind the book by Bill Black – The Best Way To Rob a Bank is to Own One.  Mitt seems to have come up with a way to rob a bank that Bill Black didn’t even think about.

The Rolling Stone article concludes with

Even as consumers took a loss, however, a small group of investors wound up getting a good deal in the bailout. Bain Capital – the very firm that had triggered the crisis in the first place – walked away with $4 million. That was the fee it charged Bain & Company for loaning the consulting firm the services of its chief executive – one Willard Mitt Romney.

I guess the title of another book could be, “The Best Way To Get Rich Is To Steal Money.”  Maybe “Mitt, you didn’t build it, you stole it” would be a better title.


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