Mitt Romney has taken up Michelle Bachmann’s mantra of referring to President Obama as a “crony capitalist”. He has also spoken forcefully against the autoindustry bailout. This despite the fact that he profited greatly from government action to forgive a $10 million dollar loan to Bain Capital during his early years as CEO of that company.
I’m against bailouts, says Mitt – Yes siree,
We should let them go bankrupt, says he
But back in the ‘90s, when Bain needed aid
He went to the FDIC to persuade
The folks that were there to forgive a small loan,
10 million or so, 'cause the company’d be thrown
Into bankruptcy soon if it got no relief,
Said the company’s dynamic new chief.
Well, the FDIC came through in the end
And Romney’s prestige began to ascend
To great heights as a company fixer.
But it’s now little known that his secret elixir
Included a bailout for Bain, without which
His company would have been pitched in the ditch.