Mitt, You Didn't Build That

Meteor Blades for Daily Kos

At Rolling Stone, Tim Dickinson writes The Federal Bailout That Saved Mitt Romney:

According to the candidate's mythology, Romney took leave of his duties at the private equity firm Bain Capital in 1990 and rode in on a white horse to lead a swift restructuring of Bain & Company, preventing the collapse of the consulting firm where his career began. When The Boston Globe reported on the rescue at the time of his Senate run against Ted Kennedy, campaign aides spun Romney as the wizard behind a "long-shot miracle," bragging that he had "saved bank depositors all over the country $30 million when he saved Bain & Company."

In fact, government documents on the bailout obtained by Rolling Stone show that the legend crafted by Romney is basically a lie. The federal records, obtained under the Freedom of Information Act, reveal that Romney's initial rescue attempt at Bain & Company was actually a disaster—leaving the firm so financially strapped that it had "no value as a going concern." Even worse, the federal bailout ultimately engineered by Romney screwed the FDIC—the bank insurance system backed by taxpayers—out of at least $10 million. And in an added insult, Romney rewarded top executives at Bain with hefty bonuses at the very moment that he was demanding his handout from the feds. [...]

the FDIC documents on the Bain deal—which were heavily redacted by the firm prior to release – show that as a wealthy businessman, Romney was willing to go to extremes to secure a federal bailout to serve his own interests. He had a lot at stake, both financially and politically. Had Bain & Company collapsed, insiders say, it would have dealt a grave setback to Bain Capital, where Romney went on to build a personal fortune valued at as much as $250 million. It would also have short-circuited his political career before it began, tagging Romney as a failed businessman unable to rescue his own firm.

"None of us wanted to see Bain be the laughingstock of the business world," recalls a longtime Romney lieutenant who asked not to be identified. "But Mitt's reputation was on the line."

Technorati Tags: Tim Dickinson,Mitt Romney,Bain Capital,Bailout,Rolling Stone,2012 Elections,Current Events

Friday Funnies: The Republican Convention

  Being in Tampa and keeping up on the convention, I can honestly say that it was a sad and sorry affair.  I think that the father of lies is no longer Satan, but Paul Ryan because he was full of them. He even managed to surpass Mitt Romney, no easy feat.

Jay Leno: "Donald Trump was bumped from speaking at the Republican convention because of Hurricane Isaac. See, nobody ever talks about the good things hurricanes do."

"Some of the Republicans, I think, are over-reacting to Hurricane Isaac — like today Rick Santorum was seen gathering up two of every animal."

"According to a new poll, Mitt Romney is at zero percent among African Americans. Here’s the sad part: That’s up 5 percent from last week."

"According to a poll released last week, Mitt Romney has zero percent of the black vote. In fact, if it weren't for John Boehner, Romney wouldn't have any support from people of color at all."

"President Obama is seeking to make his case with first-time voters. Well, you can understand why. Second-time voters have graduated and can't find a job."

"Actually, Mitt Romney and Hurricane Isaac have something in common. They can both change directions at any moment."

Conan O'Brien: A group of coal miners in Ohio said that their bosses forced them to attend a Mitt Romney campaign event. You know you're boring when people would rather dig coal than listen to you speak."

David Letterman : "This year the theme of the Republican convention is '50 Shades of White.'"

"Tampa could be hit by Hurricane Isaac, and they might have to cancel or postpone the Republican National Convention. A hurricane headed directly for the Republicans – and more proof that God is a woman."

Bill Maher: "They’re all going down to Tampa where an Evangelical party is going to nominate a Mormon and a Catholic and then get wiped out by a hurricane…leaving Florida to the Jews as God intended."

"Mitt Romney went birther today. He was in Michigan, hwere he was born, and he said, 'No one has ever asked to see my birth certificate.' Right, because you weren't born. You have a warranty card."

Technorati Tags: RNC,Mitt Romney,Paul Ryan,Tampa,Barack Obama,Late Night Talk,Jay Leno,Conan O'Brian,Political Humor,Current Events