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FOIA Feds Bailed Out Bain & Co. David L. Ryan, Boston Globe / Getty Images

Feds Bailed Out Bain & Co.

Mitt Romney helped secure a federal bailout to keep Bain & Company from collapsing, according to government documents obtained by Rolling Stone – then had the company pay Bain Capital a cool $4 million consulting fee for his services. According to the documents, the bailout Romney cobbled together cost the FDIC $10 million, and came at a time when the company had “no value as a going concern.” The documents from the FDIC indicate that Bain & Company, where Romney began his hugely profitable business career, got into trouble around the same time it spun off Bain Capital. Romney has taken credit for saving Bain & Company, saying that he did it out of a “sense of obligation and duty” to the company where he cut his teeth.

August 29, 2012 2:06 PM