And one person who has gotten quite a lot of government help with his business over the years has been Mitt Romney.
The latest example comes from Rolling Stone, which in its Sept. 13 issue tells how the Federal Deposit Insurance Corp. ended up footing a bill of at least $10 million in bailing out Bain & Co., the consulting firm that spawned the private-equity firm Bain Capital. The story is based partly on documents the magazine received under the Freedom of Information Act. It will probably get a lot less attention than Matt Taibbi's cover opus on Romney in the same issue, but is no less interesting.
Bain & Co. got into deep financial trouble in the late 1980s, partly because the founding partners of Bain Capital had stripped it of cash and saddled it with debt. But since the personal reputation of Romney was so tied to the fate of the Bain & Co, he jumped back into the company in 1990, after six years as CEO of Bain Capital.
Full Story: http://www.huffingtonpost.com/2012/08/30/mitt-romney-bain-bailout_n_1843601.html
No comments:
Post a Comment