Romney Benefited From a $10 Million Federal Bailout
It wasn’t really a TARP style bailout — worse — Romney‘s Bain placed a $10 million dollar liability with the taxpayers. All this while he benefited $4 million dollars directly.
The way the company was rescued was with a federal bailout of $10 million. “The rest of us had to absorb the loss … Romney? He and others made $4 million in this deal. … Mitt Romney: Maybe he’s just against government when it helps working men and women. But this flip flopping moderate who also claimed to be progressive was for and against Obama’s wall street bailouts. Make up your mind, jeese!
The facts of the Bain & Co. turnaround are a little more complicated, but a Boston Globe report from 1994 confirms that Bain saw several million dollars in loans forgiven by the FDIC.
Fact remains an FDIC bailout only occurs when the Fed and politicians agree, not too mention the bailout comes from funds paid by every bank customer who eat higher costs as a result of funds going to Vulture Capitalists who have a lot of questions to answer when they want to be POTUS.
No exceptions Mitt and no its not anti-capitalist to scrutinize someone who opened the door to attacks when Romney went after Speaker Newt Gingrich for consulting slash lobbyist work…….which is also a form or capitalism. In fact, those with integrity shall remember Newt backed President Bush’s banking reform in 2002 and 2005. Dems at the same time claimed the GOP were racist, hated the poor and reform would kill the housing market……in fact dems killed the market fighting reform.
Pro-Moderate RomenyBots should heed my words because its all fair game considering months of Romney PAC games while Romney touted many messages his PAC’s ran as if most were true even though fact checkers said the ads were mostly false. Heck its bad enough Ron Paul is using the Dem playbook so its fair game if you think Newt in anti-anything and clearly the 75% could care less till its down to number 2 dropping out, god forbid Romney lasts that long.
Think about this, the majority shall judge Romney the same as they judge other bosses and some don’t care for their bosses and too many voters were hoodwinked in 2008, so expect more of the same only worse. Better we pure Romney and focus on Gingrich, Huntsman and Perry.
“The way the company was rescued was with a federal bailout of $10 million,” the ad says. “The rest of us had to absorb the loss … Romney? He and others made $4 million in this deal. … Mitt Romney: Maybe he’s just against government when it helps working men and women.”
The facts of the Bain & Co. turnaround are a little more complicated, but a Boston Globe report from 1994 confirms that Bain saw several million dollars in loans forgiven by the FDIC, which had taken over Bain’s failed creditor, the Bank of New England.
Romney aides pushed back strongly on the Democratic charge that Bain & Co. received anything like a TARP-style “bailout.” While the FDIC is a government agency, it is funded by deposit insurance payments rather than taxes. The agency agreed to reduce Bain & Co.’s liability to the Bank of New England, but didn’t pump new funds into the flagging firm. Other Bain creditors also took a haircut in order to avert the company’s collapse.
Please pass this on. Thank you. Fyi, real conservatives file for bankruptcy, or seek investors, the fed is not the way!