Mitt Romney was not only born with a silver spoon in his mouth, he had the most glittering of golden parachutes from Bain & Co, guaranteeing him a job whether he failed or succeeded and with Bain agreeing in advance to lie about any failure.
Credit Lawrence O'Donnell for exposing Romney's sweetheart deal with Bain Capital that had been described in "The Real Romney."
Bain & Company established a subsidiary called Bain Capital that was seeded with millions of dollars.
But, Romney was afraid, (yes, afraid!) he might fail, so he got Bain & Company to agree in advance to take him back if he failed, and with all the salary increases he might have received had he remained at the parent company.
That is, Romney took no risks, he could not lose, and he would not take the job unless Bain agreed to his terms.
When Romney says he knows how the system works, I guess he means TARP, bailing out his buddies just as he was guaranteed a bail out.
But, that is not all. Romney was concerned that, if he failed, it would damage his reputation. (One is tempted to ask, "what reputation?", but that is another story). So, Bain agreed that if Romney failed at Bain Capital, it would announce that Romney was returning to the parent because the parent company "needed him."
This is the man who wrote "Let Detroit Go Bankrupt."
But, when it comes to himself -- no risk, no consequences for failure, all reward, happy to have prearranged a lie to preserve his "reputation."
Is this Romney's model of capitalism?
Romney is now running for President. We are entitled to know: Does Romney think everyone should have guaranteed "no-cut" contracts with their employers?
Or just himself?
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