Romney Got $10 Million Federal Bailout At Bain

Mitt Romney received a $10 million bailout from the Federal Deposit Insurance Corp. in 1991, an event that runs contrary to the multimillionaire’s current anti-bailout position.

Documents obtained by the Boston Globe show that the FDIC negotiated a $10 million forgiveness with Bain & Co. while Romney was chairman and CEO in 1993.

The negotiations were part of a deal designed to reduce the debt load at the company, which was near bankruptcy. The FDIC had been forced to seize Bank of New England, who was a creditor of Bain’s.

In 2008, in a New York Times op-ed titled “Let Detroit Go Bankrupt,” Romney argued that “Detroit needs a turnaround, not a check.”

In May of 2011, Chrysler succesfully paid the U.S. Treasury back $5.1 billion from its federal bailout, while a study found that 1.14 million jobs were saved by the bailout of the auto industry. [Daily Kos]