August 18, 2012
Mitt Romney and Paul Ryan’s brother provide an object lesson on how crony capitalism is done,
Romney may have breached state ethics laws as Governor of Massachusetts by holding a stake in a company that did lucrative work for his administration and was linked to the family of Paul Ryan,according to the Daily Telegraph.
Imagitas, a marketing company, was contracted by the state of Massachusetts after receiving $5 million investment from Bain Capital, Romney’s investment firm.
DT has learned that one of Paul Ryan’s brothers, Tobin Ryan, is a former Bain consultant. Both Romney and Tobin Ryan apparently stood to benefit from the $230 million sale of the company in 2005, while Romney remained governor of Massachusetts.
Massachusetts law requires that all state employees divest themselves of financial interests in private sector contracts with state agencies. At the time, failure to do so could have resulted in a $2,000 fine or a 2.5-year prison sentence.
DT goes on: