Mitt Romney Is Lying. Again.

Federal documents refute Romney's latest turnaround claims

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Mitt Romney
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Mitt Romney is lying again.

On the eve of his speech at the Republican convention, Romney and his campaign have launched a new site touting Mitt's private-sector experience: SterlingBusinessCareer.com.

Under a section called "Fixing Businesses," the campaign lays out the legend of Romney's 1990 return to the consulting firm Bain & Company, describing his turnaround effort there as an "incredible success" that returned the firm to profitability "in just a year."

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That is a lie.

Federal records obtained by Rolling Stone through a Freedom of Information Act request reveal that Bain & Company lost money in both 1991 and 1992 — with Romney at the helm.

This December 22, 1992 analysis for the FDIC lays out the truth about Bain & Company's mounting losses (both "operating" and "net") in a section called "Historical Operating Performance." (FDIC was owed more than $30 million by Bain & Company after the 1991 failure of the Bank of New England.):

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Here's the hard truth: Romney's turnaround effort at the consulting firm was a fiasco. In fact, Bain & Company was only rescued from the brink of collapse by the federal government. In 1993, the FDIC agreed to wipe away more than $10 million it was owed by Romney's firm because it believed that "the company will fail if the debt is not modified.

For more on the true story behind the government bailout that saved Romney's career, read this piece from the magazine.

View other highlights from the FDIC documents obtained by Rolling Stone here.