Is Romney Hiding Windfall Related to GM bailout?
As many as half of America’s voters are seriously considering, hell they’re committed to voting for the guy who more than any other American can be considered the poster-boy for vulture capitalism.
Mitt Romney is travelling the country touting his business experience as proof that he is the best hope we have of righting our wayward economy.
So how exactly has the Mitt done in the past when it comes to ‘creating jobs’, and what sort of behavior can we expect from him should he be elected?
I’m one of those people who believe that the best way to judge a person is not by listening to their promises so much as examining past behavior.
With that in mind, this morning’s news is very interesting;
CREW and UAW have file a lawsuit alleging Mitt committed ethics violations related to hiding a massive investment windfall from the GM auto bailout.
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.
I am so looking forward to the Mittster’s answer to this one.
The Romney’s windfall was originally exposed in Nation Magazine, Mitt Romney’s Bail-out Bonanza after a worldwide investigation by our crew at The Guardian, the Nation Institute and the Palast Investigative Fund. [Ed. – The full story of Romney and his “vulture fund” partners is in Palast’s New York Times bestseller, Billionaires & Ballot Bandits.]
Will Obama use the internet kill-switch to save Mitt and preserve ‘election integrity’?
H/T to Naked Capitalism