Free Republic
Browse · Search
News/Activism
Topics · Post Article

Skip to comments.

Romney Benefited From a $10 Million Federal Bailout?
Politico ^ | 7/14/11 | Alexander Burns

Posted on 12/28/2011 8:01:56 AM PST by wrrock

It wasn't really a TARP style bailout -- worse -- Romney's Bain placed a $10 million dollar liability with the taxpayers. All this while he benefited $4 million dollars directly.

“The way the company was rescued was with a federal bailout of $10 million,” the ad says. “The rest of us had to absorb the loss … Romney? He and others made $4 million in this deal. … Mitt Romney: Maybe he’s just against government when it helps working men and women.”

The facts of the Bain & Co. turnaround are a little more complicated, but a Boston Globe report from 1994 confirms that Bain saw several million dollars in loans forgiven by the FDIC...

Read more: http://www.politico.com/news/stories/0711/58952.html#ixzz1hqSHP532

(Excerpt) Read more at politico.com ...


TOPICS: Business/Economy; Political Humor/Cartoons; Politics/Elections
KEYWORDS: abo; bailout; bailouts; romney

1 posted on 12/28/2011 8:02:00 AM PST by wrrock
[ Post Reply | Private Reply | View Replies]

To: wrrock

Bogus. The FDIC was doing what it was designed to do.


2 posted on 12/28/2011 8:06:26 AM PST by DManA
[ Post Reply | Private Reply | To 1 | View Replies]

To: wrrock

So it begins. Obummer is sure Mittens is in so he’s given Politico the ok for hit jobs. Here it comes baby!


3 posted on 12/28/2011 8:12:31 AM PST by Doc Savage ("I've shot people I like a lot more,...for a lot less!" Raylan Givins)
[ Post Reply | Private Reply | To 1 | View Replies]

To: wrrock
Anyone who believes that the Democrats won't absolutely kill Romney on the Bain Capital/job lay-offs business is smoking Ron Paul dust.

If you read the article, they say they decided not to bother running this ad because they had already destroyed Romney on the jobs issue with interviews of those who had been laid off.

Romney cannot defeat Obama in a general election. He is too closely tied to Obamacare and has too horrible a record on destroying companies. It won't matter if the stories aren't precisely accurate, they will be amplified by the press and believed by voters.

We've proven over and over again, you can't beat a Democrat with Democrat-lite candidates.
4 posted on 12/28/2011 8:23:47 AM PST by Sudetenland (Anybody but Obama!!!!)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Doc Savage

And if the Bain hits don’t do it the Mormon hits will.


5 posted on 12/28/2011 8:36:25 AM PST by dogcaller
[ Post Reply | Private Reply | To 3 | View Replies]

To: wrrock

Stop the distractions. It’s still “his turn”, as out little Republican primary voters, many uninformed, will indicate.


6 posted on 12/28/2011 8:36:25 AM PST by Theodore R. (I'll still vote for Santorum if he is on the April 3 ballot.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Doc Savage

And if the Bain hits don’t do it the Mormon hits will.


7 posted on 12/28/2011 8:36:38 AM PST by dogcaller
[ Post Reply | Private Reply | To 3 | View Replies]

To: DManA
Yes, FDIC was just doing its job. BUT there is no way that technical point will stand up against a 24/7 propaganda barrage.

Mitt is the perfect opponent for a party geared to wage a class warfare campaign.

8 posted on 12/28/2011 8:38:31 AM PST by NativeNewYorker (Freepin' Jew Boy)
[ Post Reply | Private Reply | To 2 | View Replies]

To: DManA

The FDIC is set up to guarantee a profit to some, while shouldering the cost on taxpayers? Really?


9 posted on 12/28/2011 8:52:29 AM PST by TheBattman (Isn't the lesser evil... still evil?)
[ Post Reply | Private Reply | To 2 | View Replies]

To: TheBattman

Yup. That’s the theory of operation for the Federal Government. What is bogus is criticizing a private citizen for playing by the rules as they are written.

I criticize him for not trying to change the rules as a public citizen and office holder.


10 posted on 12/28/2011 8:57:55 AM PST by DManA
[ Post Reply | Private Reply | To 9 | View Replies]

To: wrrock

I saw Ed Gillespie (I think it was) on FNC a week or so ago when he said, “I’ve seen the opposition research on Romney and it’s this high”, as he lifted his hand high over his head.


11 posted on 12/28/2011 9:25:51 AM PST by Matchett-PI ("One party will generally represent the envied, the other the envious. Guess which ones." ~GagdadBob)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Doc Savage

I hope Mittens knows how to play dirty. McCain played it like a dumb gentleman fighting team guttersnipe. Look where it got him


12 posted on 12/28/2011 9:54:51 AM PST by CaptainK (...please make it stop. Shake a can of pennies at it.)
[ Post Reply | Private Reply | To 3 | View Replies]

To: DManA; xzins; wmfights
Bogus. The FDIC was doing what it was designed to do.

I can find nothing in the FDIC Charter which allows them to "forgive loans". Indeed I see nothing in the charter which allows the FDIC to loan money. They are there to pay the depositors of insured institutions for their insured deposits. At the time of this transaction the insurance limit was $100,000 per account. How did Bain manage to get $10,000,000 from the FDIC if the FDIC was just "doing what it was designed to do"?

13 posted on 12/28/2011 10:00:47 AM PST by P-Marlowe (Stop Romney!)
[ Post Reply | Private Reply | To 2 | View Replies]

To: CaptainK
I hope Mittens knows how to play dirty.
Willard always fights dirty against conservatives. It's no enemy to the left for our Willard.
14 posted on 12/28/2011 10:09:16 AM PST by Timaeus (I will vote for any GOP nominee but Willard Mitt Romney)
[ Post Reply | Private Reply | To 12 | View Replies]

To: CaptainK
I hope Mittens knows how to play dirty.
Willard always fights dirty against conservatives. It's no enemy to the left for our Willard.
15 posted on 12/28/2011 10:09:23 AM PST by Timaeus (I will vote for any GOP nominee but Willard Mitt Romney)
[ Post Reply | Private Reply | To 12 | View Replies]

To: P-Marlowe; DManA; xzins
At the time of this transaction the insurance limit was $100,000 per account. How did Bain manage to get $10,000,000 from the FDIC if the FDIC was just "doing what it was designed to do"?

This article is so lacking in detail it's hard to figure out what the heck went on. Apparently Bain Capital had an ownership interest in a bank that failed. I have no idea how Bain got anything based on this article. I really don't want to guess what went on with this deal.

The good thing is Romney hasn't gotten the nomination yet. If he does end up with the nomination we probably end up with 4 more years of obama.

16 posted on 12/28/2011 10:33:21 AM PST by wmfights (PERRY 2012)
[ Post Reply | Private Reply | To 13 | View Replies]

To: wmfights

Incredibly the geniuses that run the republican party think Romney is the safest candidate. Their track record shows they haven’t a clue.

I don’t need to watch democrat propaganda to be hyper skeptical of Romney and his chances of success.


17 posted on 12/28/2011 10:46:47 AM PST by DManA
[ Post Reply | Private Reply | To 16 | View Replies]

To: DManA
Incredibly the geniuses that run the republican party think Romney is the safest candidate. Their track record shows they haven’t a clue.

I agree.

I was at a Christmas party and in talking with a bunch of fiscal conservatives about the election I thought their heads would explode when I said Romney and Paul are the most beatable candidates. They all thought Romney is a sure bet to beat obama. I don't see how he can win with 15-25% of the base unwilling to vote for him.

I don’t need to watch democrat propaganda to be hyper skeptical of Romney and his chances of success.

Romney strikes me as the typical corporate gadfly who says what ever the group he is in front of wants to hear. A smooth talker with no core values. I don't like the guy and will not vote for him even if it means obama wins.

18 posted on 12/28/2011 11:11:12 AM PST by wmfights (PERRY 2012)
[ Post Reply | Private Reply | To 17 | View Replies]

To: wmfights

I woiuld like to say the best way to deal with Paul is simply pretend he doesn’t exist. But I think at least some of his support comes from people using him to send a message to the elites. Don’t think you can take our support for granted. Not this year.


19 posted on 12/28/2011 11:27:35 AM PST by DManA
[ Post Reply | Private Reply | To 18 | View Replies]

To: DManA
Don’t think you can take our support for granted. Not this year.

I think the establishment Pubs are pushing back with Romney. They are stunned that there is a part of the base that won't eat that crap sandwich.

20 posted on 12/28/2011 11:55:35 AM PST by wmfights (PERRY 2012)
[ Post Reply | Private Reply | To 19 | View Replies]

To: wmfights

I don’t think so. I think they are smugly confident that we will come around by election day as always. And they are probably right. But a ususal they are reading the moderates wrong.


21 posted on 12/28/2011 12:02:13 PM PST by DManA
[ Post Reply | Private Reply | To 20 | View Replies]

To: wmfights; DManA; xzins
Apparently Bain Capital had an ownership interest in a bank that failed. I have no idea how Bain got anything based on this article.

For the life of me I cannot understand how or why the FDIC would bail out a bank or an investor in the bank. The FDIC exists solely for the purpose of protecting DEPOSITORS (not investors) to these institutions.

22 posted on 12/28/2011 12:16:00 PM PST by P-Marlowe (Stop Romney!)
[ Post Reply | Private Reply | To 16 | View Replies]

To: P-Marlowe

God knows what powers to spend money any of the bureauracries have. Their books are so bad it is impossible to audit most of them.


23 posted on 12/28/2011 12:22:57 PM PST by DManA
[ Post Reply | Private Reply | To 22 | View Replies]

To: P-Marlowe; DManA; xzins
For the life of me I cannot understand how or why the FDIC would bail out a bank or an investor in the bank. The FDIC exists solely for the purpose of protecting DEPOSITORS (not investors) to these institutions.

I read the entire article trying to figure that out and didn't see an explanation. My only guess is they deposited funds up to the maximum allowable using friends and family as beneficiaries. You are right the FDIC is the Federal Deposit Insurance Corporation. They take a premium from member banks and pay out on insured deposits.

I don't see how an investor with an ownership interest in a bank has that investment insured.

24 posted on 12/28/2011 12:48:06 PM PST by wmfights (PERRY 2012)
[ Post Reply | Private Reply | To 22 | View Replies]

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
News/Activism
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson