WHAT did Romney know about federal program that insured pension funds and WHEN did he know it? [View all]

[blm]

Last edited Mon Jul 16, 2012, 02:50 PM - Edit history (1)

The corpmedia and many in the left media are missing one of the major points of the story - INSURANCE FRAUD.

When Romney underfunded GS Industries pension fund by $44 million and taxpayers ended up being billed for it through the federal program that insured these pension funds, he likely knew he could plunder the assets that should have been used for pensions and no one would dare call him out for insurance fraud.

So...we need to keep pressuring for this answer.

WHAT did Mitt Romney know about the federal program that insured pension funds of bankrupted companies and WHEN did he know it?

No doubt in my mind that Romney and others have committed INSURANCE FRAUD..... paid for by American workers' taxes.

http://www.bloomberg.com/news/2012-07-15/romney-s-bain-yielded-private-gains-socialized-losses.html

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There are many other examples of this debt-fueled strategy. In the two years following the acquisition in 1993 of GS Industries, a steel mill, for $8 million, Bain Capital increased the company’s debt to $378 million on operating income of less than a 10th of that amount. Some of this was used to pay Bain Capital a $36 million dividend in 1994. That degree of leverage was excessive in light of the cyclicality and capital-intensive nature of the steel industry.

By the time the company went bankrupt in 2001, it owed $554 million in debt against assets valued at $395 million. Many creditors lost money, and 750 workers lost their jobs. The U.S. Pension Benefit Guaranty Corp., which insures company retirement plans, determined in 2002 that GS had underfunded its pension by $44 million and had to step in to cover the shortfall.
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It's the INSURANCE FRAUD, stupid!