Karl`s PC Help Forums

Auto Bailout Romney was against...
Redwolf5150 - 1-11-2012 at 13:04

Seems to have made the Mittster a tidy PROFIT!

Quote:
The Nation recently reported that the Romney family personally profited by at least $15.3 million from the auto loans of 2009 through his investment in the Delphi Corp. auto parts company. Yet Romney's June 1, 2012, Public Financial Disclosure Report to the Office of Government Ethics did not reveal this windfall because he did not disclose the underlying holdings of his private equity and limited partnership funds.


But, HEY, don't take the United Auto Workers' word on the subject.

Quote:
Mitt Romney’s opposition to the auto bailout has haunted him on the campaign trail, especially in Rust Belt states like Ohio. There, in September, the Obama campaign launched television ads blasting Romney’s November 2008 New York Times op-ed, “Let Detroit Go Bankrupt.” But Romney has done a good job of concealing, until now, the fact that he and his wife, Ann, personally gained at least $15.3 million from the bailout—and a few of Romney’s most important Wall Street donors made more than $4 billion. Their gains, and the Romneys’, were astronomical—more than 3,000 percent on their investment.


And one more interesting read on the subject:

Quote:
In 2009, Ann Romney partnered with her husband's key donor, billionaire Paul Singer, who secretly bought a controlling interest in Delphi Auto, the former GM auto parts division. Singer's hedge fund, Elliott Management, threatened to cut off GM's supply of steering columns unless GM and the government's TARP auto bail-out fund provided Delphi with huge payments. While the US treasury complained this was "extortion," the hedge funds received, ultimately, $12.9 billion in taxpayer subsidies.

As a result, the shares Singer and Romney bought for just 67 cents are today worth over $30, a 4,000% gain. Singer's hedge fund made a profit of $1.27 billion and the Romney's tens of millions.

The UAW complaint calls for Romney to reveal exactly how much he made off Delphi -- and continues to make. The Singer syndicate, once in control of Delphi, eliminated every single UAW job --25,000-- and moved almost all auto parts production to Mexico and China where Delphi now employs 25,000 auto parts workers.
(emphasis mine)

More proof that Mitt Romney is only interested in his bank account, not the workers affected by the jobs he ships overseas.

How is he going to "get tough on China" when he has amassed a FORTUNE sending American jobs there?


marymary100 - 1-11-2012 at 18:07

Ohio


giron - 1-11-2012 at 18:31

[bad img]http://i46.tinypic.com/33y6q0m.jpg[/bad img]



waggyfinger


Redwolf5150 - 1-11-2012 at 18:36

[bad img]https://sphotos-a.xx.fbcdn.net/hphotos-ash3/550214_4481020555024_1368850110_n.jpg[/bad img]


marymary100 - 1-11-2012 at 18:41

Entirely so. Divide and conquer...


scholar - 2-11-2012 at 00:11

So, Romney thinks the better path over-all was for GM and Chrysler to continue their businesses under the bankruptcy/reorganization laws, like every other business must do, instead of getting preferential treatment from the government (which, incidentally, gave them an unfair advantage over their competition, the ones which were not so badly managed). AND, he holds this position unselfishly, even though it would mean he would not have gotten some financial benefits.

That sounds like a good man to me.

The kind of person who decides to support a bad plan because it profitted him, personally, is NOT the kind of person whom I want to lead the country.;)


Redwolf5150 - 2-11-2012 at 00:15

Quote:
Originally posted by scholar
So, Romney thinks the better path over-all was for GM and Chrysler to continue their businesses under the bankruptcy/reorganization laws, like every other business must do, instead of getting preferential treatment from the government (which, incidentally, gave them an unfair advantage over their competition, the ones which were not so badly managed). AND, he holds this position unselfishly, even though it would mean he would not have gotten some financial benefits.

That sounds like a good man to me.

The kind of person who decides to support a bad plan because it profitted him, personally, is NOT the kind of person whom I want to lead the country.;)


Only ONE tiny little problem with Romney's plan to let the auto companies go through a "managed bankruptcy" and get banks to lend them the money needed to get back on their feet.

The BANKS didn't have the money!

So Bush and Obama were CORRECT in the two bailouts to Detroit (Hey, was BUSH right but Obama WRONG?) that saved millions of Automaker and support industry jobs.

You are just incapable of seeing past your dislike for President Obama to see his was the ONLY course of action to take.


Redwolf5150 - 2-11-2012 at 00:24

And, excuse me did you NOT read the stories on the links (or even the excerpts I quoted?

say THIS one:

Quote:
In 2009, Ann Romney partnered with her husband's key donor, billionaire Paul Singer, who secretly bought a controlling interest in Delphi Auto, the former GM auto parts division. Singer's hedge fund, Elliott Management, threatened to cut off GM's supply of steering columns unless GM and the government's TARP auto bail-out fund provided Delphi with huge payments. While the US treasury complained this was "extortion," the hedge funds received, ultimately, $12.9 billion in taxpayer subsidies.

As a result, the shares Singer and Romney bought for just 67 cents are today worth over $30, a 4,000% gain. Singer's hedge fund made a profit of $1.27 billion and the Romney's tens of millions.

The UAW complaint calls for Romney to reveal exactly how much he made off Delphi -- and continues to make. The Singer syndicate, once in control of Delphi, eliminated every single UAW job --25,000-- and moved almost all auto parts production to Mexico and China where Delphi now employs 25,000 auto parts workers.


That showed the Romneys profited from Singer's EXTORTION of GM for payments?

Or that they profited from AMERICAN jobs being sent to CHINA?

I can't, for the life of me, see how you can STILL claim Romney is the best man to lead this country's economic recovery. He is ONLY in the game for his own PROFIT!