GOP presidential hopeful Mitt Romney is under fire after news reports surfaced showing that his company, Bain Capital, benefited from multiple federal bailouts amounting to well over $50 million. The top-tier Republican candidate has flip-flopped on the issue of whether or not taxpayers should be forced to bail out private firms, but critics have seized on his controversial work at Bain to attack his candidacy from all angles.
The scandal over Romney’s federal bailouts first surged to prominence after a former strategist for the late Sen. Ted Kennedy publicly released an unaired campaign ad — made nearly a decade ago when Romney was running for the Massachusetts Senate seat — exposing a $10-million federal bailout of Bain & Co. while Romney was at the helm. The attack ad, citing a 1994 report in the Boston Globe, noted that Romney worked with the Federal Deposit Insurance Corp. (FDIC) to bamboozle the American people out of money under the guise of “debt forgiveness.”
“Mitt Romney says he saved Bain & Company, but he didn’t tell you that on the day he took over, he had his predecessor fire hundreds of employees, or that the way the company was rescued was with a federal bailout of $10 million,” notes the narrator in Sen. Kennedy’s unreleased ad as pictures of newspaper articles fill the screen. “He and others made $4 million in this deal which cost ordinary people $10 million.”
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