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Obama Was Right! Mitt (Robinhood-In-Reverse) Romney Didn't Build That! However a Government Bailout Did!
Mitt Romney likes to say he won't "apologize" for his success in business. But what he never says is "thank you" – to the American people – for the federal bailout of Bain & Company that made so much of his outsize wealth possible.
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.
With his selection of Paul Ryan as his running mate, Romney has made fiscal stewardship the centerpiece of his campaign. A banner at MittRomney.com declared, "We have a moral responsibility not to spend more than we take in." Romney also opposed the federal bailout for Detroit automakers, famously arguing that the industry should be forced into bankruptcy. Government bailouts, he insists, are "the wrong way to go."
More: Romney Is Lying. Again.
On the eve of his speech at the Republican convention, Romney and his campaign have launched a new site touting Mitt's private-sector experience: SterlingBusinessCareer.com.
Under a section called "Fixing Businesses," the campaign lays out the legend of Romney's 1990 return to the consulting firm Bain & Company, describing his turnaround effort there as an "incredible success" that returned the firm to profitability "in just a year."
Here's the hard truth: Romney's turnaround effort at the consulting firm was a fiasco. In fact, Bain & Company was only rescued from the brink of collapse by the federal government. In 1993, the FDIC agreed to wipe away more than $10 million it was owed by Romney's firm because it believed that "the company will fail if the debt is not modified."
For more on the true story behind the government bailout that saved Romney's career, read this piece from the magazine.
View other highlights from the FDIC documents obtained by Rolling Stone here.
But 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."
Mitt Romney's Federal Bailout: The Documents
The trouble began in 1984, when Bain & Company spun off Bain Capital to engage in leveraged buyouts and put Romney in charge of the new operation. To free up money to invest in the new business, founder Bill Bain and his partners cashed out much of their stock in the consulting firm – leaving it saddled with about $200 million in debt. (Romney, though not a founder, reportedly profited from the deal.) "People will tell you that Bill raped the place clean, was greedy, didn't know when to stop," a former Bain consultant later conceded. "Did they take too much out of the firm? You bet."
The FDIC documents make clear what happened next: "Soon after the founders sold their equity," analysts reported, "business began to drop off." First came scandal: In the late 1980s, a Bain consultant became a key figure in an illegal stock manipulation scheme in London. The firm's reputation took a hit, and it fired 10 percent of its consulting force. By the time the 1989 recession began, Bain & Company found itself going broke fast. Cash flows weren't enough to service the debt imposed by the founders, and the firm could barely make payroll. In a panic, Bill Bain tapped Romney, his longtime protégé, to take the reins.
Next-Generation Bug / Microwave / ELF / Spy Phone / GSM And Camera Detectors (Buy, Rent, Layaway) tinyurl.com/2eo8mlz Open...
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• Video is Recorded Locally To An Installed SD Card (2GB SD Card included)
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• Live Monitoring, Recording And Event Playback Via Internet
• Back-up SD Storage Up To 32GB (SD Not Included)
• SD Card Lock Box With Key So SD Card Can't Be Removed
• Digital Wireless Transmission (No Camera Interference)
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* Nanny Cameras w/ Remote View
* Wireless IP Receiver
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* Key ( For SD Card Lock Box)
* 2GB SD Card
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FACT SHEET: HIDDEN NANNY-SPY (VIEW VIA THE INTERNET) CAMERAS
* Transmission Range of 500 ft Line Of Sight
* Uses 53 Channels Resulting In No Interference
* 12V Power Consumption
* RCA Output
* RJ45/Ethernet Port
* Supports up to 32gig SD
* Key Lock Mechanism To Protect Video Data
* 640x480 / 320x240 up to 30fps
* Image Sensor: 1/4" Micron Sensor
* Resolution: 720x480 Pixels
* S/N Ratio: >45 db
* Sensitivity: >11.5V/lux-s @ 550nm
* Video System: NTSC
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Our New Layaway Plan Adds Convenience For Online Shoppers
DPL-Surveillance-Equipment's layaway plan makes it easy for you to buy the products and services that you want by paying for them through manageable monthly payments that you set. Our intuitive calculator allows you to break down your order's purchase price into smaller payment amounts. Payments can be automatically deducted from your bank account or made in cash using MoneyGram® ExpressPayment® Services and you will receive your order once it's paid in full. Use it to plan and budget for holiday purchases, anniversaries, birthdays, vacations and more!
DPL-Surveillance-Equipment's Customers can now use the convenience of layaway online to help them get through these tough economic times.
We all shop now and then just to face a hard reality -- big credit card bills. However, our latest financing innovation can help you avoid that. Find out why more and more shoppers are checking out DPL-Surveillance-Equipment's e-layaway plan.
If you're drooling over a new nanny camera, longing for a GPS tracker, or wishing for that spy watch, but you're strapped for cash and can't afford to do credit, do what Jennie Kheen did. She bought her iPod docking station (hidden camera w/motion-activated DVR) online using our convenient lay-away plan.
Our online layaway plan works like the old-fashioned service stores used to offer. But, in Kheen's case, she went to DPL-Surveillance-Equipment.com, found the iPod docking station (hidden camera w/motion-activated DVR), then set up a payment plan.
"It's automatically drawn from my account," she said. "I have a budget, $208.00 a month.
In three months, Kheen had paid off the $650.00 iPod docking station. She paid another 3.9 percent service fee, which amounted to about $25.35 (plus $12.00 for shipping) for a total of $687.35.
"You pay a little bit each month," Kheen said. "It's paid off when you get it and you don't have it lingering over your head. It's great."
Flexible payment terms and automated payments make our layaway plan an affordable and fiscally responsible alternative to credit cards.
It's quick, easy and FREE! No credit check required!
Select the items or service you want and choose "e-layaway" as your payment option. Our payment calculator makes it easy for you to set up your payment terms.
3. Make Payments:
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Receive the product shortly after your last payment. The best part, it's paid in full... NO DEBT.
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* If you are near or beyond your credit limit or simply want to avoid high interest credit card fees, our e-layaway is the smart choice for you.
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DPL-Surveillance-Equipment has partnered with trusted experts like McAfee and IDology to ensure the security and integrity of every transaction. Identity verification measures are integrated into our e-layaway system to prevent fraudulent purchases.
Note: Simply Choose e-Lay-Away as a "Payment Option" in The Shopping Cart
DPL-Surveillance-Equipment.com is a world leader in providing surveillance and security products and services to Government, Law Enforcement, Private Investigators, small and large companies worldwide. We have one of the largest varieties of state-of-the-art surveillance and counter-surveillance equipment including Personal Protection and Bug Detection Products.
Buy, rent or lease the same state-of-the-art surveillance and security equipment Detectives, PI's, the CIA and FBI use. Take back control!
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