Romney Got $10 Million Federal Bailout At Bain
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]
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