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At Rolling Stone, Tim Dickinson writes The Federal Bailout That Saved Mitt Romney:
According to the candidate's mythology, Romney 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. When The Boston Globe reported on the rescue at the time of his Senate run against Ted Kennedy, 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."
Tim Dickinson of Rolling Stone
Tim Dickinson
In fact, government documents on the bailout obtained by Rolling Stone show that the legend crafted by Romney is basically a lie. 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. [...]

 the FDIC documents on the Bain deal—which were heavily redacted by the firm prior to release – show that as a wealthy businessman, Romney was willing to go to extremes to secure a federal bailout to serve his own interests. He had a lot at stake, both financially and politically. Had Bain & Company collapsed, insiders say, it would have dealt a grave setback to Bain Capital, where Romney went on to build a personal fortune valued at as much as $250 million. It would also have short-circuited his political career before it began, tagging Romney as a failed businessman unable to rescue his own firm.

"None of us wanted to see Bain be the laughingstock of the business world," recalls a longtime Romney lieutenant who asked not to be identified. "But Mitt's reputation was on the line."


Blast from the Past. At Daily Kos on this date in 2004:

This has got to stop.

A group calling itself Swift Boat Veterans for Truth, made up of men who served on the same vessels as Kerry in Vietnam, has been running harshly critical ads questioning the Massachusetts senator's leadership qualities and claiming he embellished his record to receive military awards.

So how many of the Swift Boat Liars actually served on the same vessel as Kerry?



Tweet of the Day:
In 24 hours, we got through nat'l TV speeches by Condi Rice and a Bush Brother without ending up in a bogus war. #progress
@jamisonfoser via Echofon



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