Romney Took Almost-Bankrupt Bain Money For Executive Bonuses While Owing The Government Millions

By vegasman with comments August 30, 2012 17:48

Submitted by Vegasman

Bain was practically dying in 1992, according to an expose in Rolling Stone by Tim Dickenson. As John Cook at Gawker writes:

Romney has always taken credit for rescuing Bain & Co., the consulting firm where he got his start (as distinct from Bain Capital, the private equity operation he later co-founded) from the clutches of bankruptcy by dint of fearless resolve, hard work, and common sense. The truth: He raided its coffers for executive bonuses even as it owed millions to the federal government, and used the resulting lack of cash as leverage to screw over the company’s creditors.