I've never seen Mitt Romney attacked for receiving a $10 million FDIC Bailout when he was head of Bain consulting in the early 90s. The story is a little complicated, but basically Bain Consulting got overextended and could not pay $38 million in loans back to a New England Bank. The bank was in trouble and taken over by the FDIC. Mitt was brought in and struck a deal with FDIC. If Bain paid back $28 Million, would the FDIC sort of forget the other $10 mil in debt and interest? Slick Mitt was able to get the deal done. So it seems a bit rich for him to take such a harsh stance against Detroit's bailout. Here is the first (rough, rough) draft of a TV ad on the subject. Please give us feedback and suggestions. We will begin production on Monday and air the ads on Michigan media for our Super PAC AmericanLP.
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“Bailout Binging Bainster”
:60
Voiceover: “Ronald Reagan warned us about a welfare queen who drove a Cadillac and who bilked the system using 80 social security names to steal $150,000 from taxpayers
(In small print. Reagan didn’t really have his facts straight, but that never let him get in the way of a good story)
Image (Photo of the back of a woman in a big pink Cadillac wearing an Afro hairstyle)
Voiceover “And over time, the welfare cheat has gotten craftier and more craven. No longer content with ripping off taxpayers of a few hundred thousand dollars, these parasites now set their sights higher.
This new welfare cheat bilked the government out of $10 million!!!
Image (turn to front image of woman in Cadillac and reveal that it is actually Mitt Romney—big photo of Romney under an afro driving a pink Cadillac)
As CEO of Bain & Company, Mitt Romney was in charge of a $38 million loan to a bank controlled by the FDIC. Romney and his multi-millionaire cronies didn’t want to repay their loan and instead decided to stick it to taxpayers. Romney talked the Federal government into bailing out out Bain for $10 million of the loan. That’s right, a $10 million gift to RomneyBain from a bunch of suckers otherwise known as U.S Taxpayers.
So how does Mitt Romney feel about others who need a helping hand from the government? When Detroit needed a temporary loan in 2008 from the U.S. government, how did Mitt Romney respond? Romney wrote a New York Times article “Let Detroit Go Bankrupt” and argued that “Detroit needs a turnaround, not a check.”
By 2011, Chrysler paid back the U.S. Treasury the full $5.1 billion received.
Did Mitt Romney ever pay back the $10 million Federal bailout he received? No. Not one penny. But in fairness to Romney, if he had paid back the $10 million that would have reduced his net worth from $250 million to a mere $240 million.
Isn’t it time Mitt Romney paid back the $10 million he swindled from US. Taxpayers? Here’s one of Mitt Romney’s vacation homes, a palatial estate on the lake in New Hampshire. Appraised value $10 million.
(photo of romney’s NH vacation home)
Wouldn’t you like a $10 million vacation home paid for by Uncle Sam? But you can’t have one because the system is rigged for Romney and his friends; not for you. Had enough? Demand that Mitt Romney give back the $10 million. Or demand that the US government foreclose on one of Romney’s $10 million vacation home.
Paid for by AmericanLP, not associated with any candidate or canidate's comittee.