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In reply to the discussion: EXPLOSION on LIVE TV As Melissa Harris-Perry DEFENDS America's True Risktakers -- THE POOR. [View all]truedelphi
(32,324 posts)For a whole lot more, visit Rolling Stone this week and read how Mitt Romney was the first person to position a financial firm with the Federal reserve in such a way that they could borrow gob and gobs of money, then insist on paying their chief offices first, on account of the wording of their contract with the Fed, and refuse to pay the Fed Reserve back unless those conditions remained. They borrowed fifteen millions - only paid back some five million. And they paid their officers with the difference. The Fed "felt there was no alternative - otherwise Bain would have paid back only 3.36 mil."
Imagine you or I trying to do that with our student loan... Or our tax bill? Even if the Feds offered us wiggle room, they'd still hand us penalties.