http://www.reuters.com/article/2012/01/06/us-campaign-romney-bailout-idUSTRE8050LL20120106
Reuters reports in “Special report: Romney’s steel skeleton in the Bain closet” that Romney’s Bain Capital took a $44 million government bailout in 2002 from the federal U.S. Pension Benefit Guaranty Corp after they determined that Bain had underfunded its steel mill’s pension by $44 million. Workers were denied the severance pay and health insurance they’d been promised, and their pension benefits were cut by as much as $400 a month. 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 reports in “Special report: Romney’s steel skeleton in the Bain closet” that Romney’s Bain Capital took a $44 million government bailout in 2002 from the federal U.S. Pension Benefit Guaranty Corp after they determined that Bain had underfunded its steel mill’s pension by $44 million.”
That’s not exactly what Reuters said. Here’ an exact quote: “What’s more, a federal government insurance agency had to pony up $44 million to bail out the company’s underfunded pension plan.”
Here’s the link:
http://news.yahoo.com/special-report-romneys-steel-skeleton-bain-closet-000653287.html
You’ll note that Reuters only says the fund was underfunded and does not even imply that Bain caused this due to it’s failure to put money in the account. Based upon what Reuters actually said, it is impossible to say whether this was Bain’s fault or was the a condition that existed prior to Bain’s involvement.