Video: Newt Gingrich Slams Mitt Romney for "Bankrupting Companies"

| by Michael Allen

Mitt Romney recently said that 2012 GOP presidential frontrunner Newt Gingrich should return the  $1.6 million that he made (as a "historian") from Freddie Mac. “He was on a debate saying that politicians who took money from Freddie and Fannie should go to jail,” Romney told Fox News.

Gingrich was asked about Romney's remark today in New Hampshire and said: “if Governor Romney would like to give back all the money he’s earned from bankrupting companies and laying off employees over his years at Bain, then I would be glad to listen to him” (video below).

According to the Los Angeles Times, Bain Capital, the private equity firm that earned Romney his millions, would buy up companies, maximize profits by firing workers, seek government subsidies and flip companies quickly for large profits.

"I never thought of what I do for a living as job creation," Marc B. Walpow, a former managing partner at Bain who worked closely with Romney for nine years told the Los Angeles Times. "The primary goal of private equity is to create wealth for your investors."