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 ...
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.
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.
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.
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.
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