Mittens is not only a pathological liar he's a hypocrite.
Investment skeletons hiding inside Mitt’s closets By Dave Wedge
http://www.bostonherald.com GOP presidential hopeful Mitt Romney has hammered President Obama for his administration’s tax-funded investment blunders — but when Romney was governor, the state handed out $4.5 million in loans to two firms run by his campaign donors that have since defaulted, leaving taxpayers holding the bag.
The two companies — Acusphere and Spherics Inc. — stiffed the state on nearly $2.1 million in loans provided through the state’s Emerging Technology Fund, a $25 million investment program created while Romney was governor in 2003 that benefitted 13 local firms.
Acusphere, a biotechnology firm headed by a Romney campaign donor, got $2 million in 2004 that it was supposed to put toward a $20 million manufacturing facility in Tewksbury, which never became fully operational. Calls to Acusphere’s headquarters in Lexington were not returned.
According to MassDevelopment, the quasi-public state agency that oversees the technology fund, Acusphere defaulted on the loan after a “nearly complete shutdown†in 2008. A confidential settlement was reached in which a portion of the loan was repaid, MassDevelopment spokeswoman Kelsey Abbruzzese said.
She said the company defaulted on the remainder of the loan after the Food and Drug Administration rejected approval of the firm’s top product, a heart medication.
Spherics Inc., meanwhile, was lured from Rhode Island to Mans–field with much fanfare from the Romney administration, partly through a $2 million loan in 2005. By 2008, the company laid off all employees and completely shut down. The state received about $300,000 when the company liquidated its assets, but the firm defaulted on more than $1.5 million of the state loan, Abbruzzese said.
Together, the two companies’ investors and executives donated more than $7,000 to Romney’s past campaigns.
The Romney presidential campaign responded that although his appointees administered the program, he had initially opposed it.
“This specific funding was part of a stimulus package that Gov. Romney opposed on the grounds that government should not play venture capitalist,†Romney campaign spokeswoman Andrea Saul said.
“Because of his concerns, he vetoed half the funding, but the veto was overridden by the Legislature.â€
The loans were approved by a seven-person advisory board that included two Romney appointees and three Romney campaign contributors, a Herald review found.
News of the Bay State companies’ failures come as Romney has slammed Obama for backing $500 million in government loans to now-bankrupt Solyndra.
“These guys were living high because it was government money. That’s the difference between the private sector and the governmental sector,†Romney said last week, slamming Solyndra.