THE BLOG
01/13/2012 05:44 pm ET Updated Mar 14, 2012

Hey Mitt, Who's the Socialist Now?

Romney now says big government is anti-American but he wasn't shy about feeding on the federal trough when he got the chance.

As a self-described "capitalist" he successfully lobbied the Federal Deposit Insurance Corp. to forgive his company's debts.

Romney's rescue of a business consulting firm was achieved in part by convincing the Federal Deposit Insurance Corp. to forgive roughly $10 million of the company's debt. -- The Boston Globe (10/25/1994).

When a steel mill Romney had bought failed, thanks to massive debt he had saddled it with, his firm -- Bain Capital -- got the feds to bail out the mill's pension plan, while he walked away with huge profits.

A federal government insurance agency had to pony up $44 million to bail out the company's underfunded pension plan. Nevertheless, Bain profited on the deal, receiving $12 million on its $8 million initial investment and at least $4.5 million in consulting fees. -- Reuters

Romney now equates any attacks on his business dealings as an assault on free enterprise. But his version of capitalism was all about relying on government to cover his losses. Sounds more like socialism to me.

Craig blogs daily on craigcrawford.com.

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