Greenspan's Body Count

The story of Mitt Romney is a story of two Americans - one that got bailed out and can aspire to the highest levels of power - and the other that got sold out and forced into bankruptcy, desperation, and suicide. Since he can't talk about his job as Governor of Massachusetts passing his own version of Obamacare - Mitt Romney has to talk about his private sector experience at Bain Capital. In fact - he devoted a portion of his speech at the RNC to Bain: But what Romney is leaving out - is a tumultuous time in the last 1980's and early 1990's when Romney's company nearly went bankrupt - and in fact would have - had it not been bailed out by the government. In other words, he didn't built it. As Tim Dickinson at Rolling Stone uncovered - Bain Capital's parent company - Bain and Company - ran into serious financial problems in the late 1980's - and Mitt Romney was tapped to try to save the company. The company owed more than $30 million bucks to a bank that had been taken over by the FDIC. After failing again and again to get the company back on track - Romney decided to play hardball with Bain's creditors - basically forcing them to write down Bain's debt. Romney gave everyone a take it or leave it deal: take 30-cents on every dollar Bain owes - or else he will loot the company, divert whatever remaining assets there were toward paying executive big bonuses - declare bankruptcy - and then Bain's creditors - including the FDIC - would get nothing. The hardball worked - the ...

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