What If Romney’s Bain was Saved by a Federal Bailout? [Greg Laden's Blog]

(Before It's News)

That would be funny.

Tim Dickinson has some pretty amazing investigative reporting in which he notes that the origin story for Romney is that he …

… took leave of his duties at the private equity firm Bain Capital in 1990 and rode in on a white horse to lead a swift restructuring of Bain & Company, preventing the collapse of the consulting firm where his career began … campaign aides spun Romney as the wizard behind a “long-shot miracle,” bragging that he had “saved bank depositors all over the country $30 million when he saved Bain & Company.”

What really happened was somewhat different.

… 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 … out of at least $10 million. And … Romney rewarded top executives at Bain with hefty bonuses at the very moment that he was demanding his handout from the feds.

There is more to it than this, including what may be a bit of inside dealing and some whitewashing. Go have a look.

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