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Author: Subject: Auto Bailout Romney was against...
Redwolf5150
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[*] Post 466264 posted on 1-11-2012 at 13:04 Reply With Quote
Auto Bailout Romney was against...



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?
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marymary100
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[*] Post 466273 posted on 1-11-2012 at 18:07 Reply With Quote


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[*] Post 466274 posted on 1-11-2012 at 18:31 Reply With Quote


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