Team Romney has consistently told a tale of rugged, independent capitalist dynamism when describing the GOP nominee's record at Bain.
He is credited with nearly singlehandedly saving it from collapse.
This a a huge part of their argument for a corporate presidency.
Is it true?
Not by a long shot writes Tom Dickinson:
"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."He didn't build this.
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