When Mitt Romney and Bain Capital profited from Medicare fraud
This comes from blue aardvark at Daily Kos, who summarizes:
“Bain invests in a company. Mitt gets personally involved with managing said company. Company profits are significantly based upon Medicare Fraud. Bain & Romney never uncover the fraud in 4 years, Corning uncovers it immediately upon buying Damon. Despite the fraud, Bain triples its investment, and Romney’s share of that profit is a cool half a million.
“Damon laid off workers despite Mitt Romney serving on the board and the strategic planning committee. Despite the failure of the business model to generate new jobs, Bain Capital tripled its investment, and Romney himself made nearly half a million dollars. Rampant fraud was supporting earnings, yet Romney was not able to notice.”
Where did the information come from? “From the delightful gift that is John McCain’s opposition research on Mitt (courtesy of namelessgenxer).”
Why is this important? For several reasons, primarily that which is the “business experience” Mitt Romney would like to say he has in “creating jobs” and successfully running businesses. Except that when we scratch the surface, his actual hands-on experience with businesses, via Bain Capital, usually results in stories of laid-off workers, companies shuttered, and Mitt and his buddies at Bain walking away from the flaming wreckage with millions of dollars for themselves.
ABLC reminds us that it’s also important for this very reason:
Mitt Romney keeps saying that President Obama “robbed” Medicare of $716 billion in order to pay for Obamacare.
He also keeps saying that the $716 billion are cuts to Medicare services and benefits.
Both statements are flat-out lies.
As I’ve explained over and over and over, the “cuts” to Medicare come from savings, reductions in waste and fraud, and ending taxpayer subsidies to insurance companies.
So who actually “robbed” Medicare here?