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Wednesday, August 29, 2012

Mitt Watch - Puncturing The Myth Of Bain

Aug 29th, 2012

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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