Business
See other Business Articles
Title: UAW Files Charges Against Romney on his Auto Bail-out Profiteering
Source:
Greg Palast
URL Source: http://www.gregpalast.com/uaw-files ... is-auto-bail-out-profiteering/
Published: Nov 1, 2012
Author: Greg Palast
Post Date: 2012-11-01 11:28:08 by Brian S
Keywords: None
Views: 3513
Comments: 6
For Mitt Romney, it's one scary Halloween. The Presidential candidate has just learned that tomorrow afternoon he will charged with violating the federal Ethics in Government law by improperly concealing his multi-million dollar windfall from the auto industry bail-out. At a press conference in Toledo, Bob King, President of the United Automobile Workers, will announce that his union and Citizens for Responsibility and Ethics in Washington (CREW) have filed a formal complaint with the US Office of Government Ethics in Washington stating that Gov. Romney improperly hid a profit of $15.3 million to $115.0 million in Ann Romney's so-called "blind" trust. The union chief says, "The American people have a right to know about Gov. Romney’s potential conflicts of interest, such as the profits his family made from the auto rescue,” “It’s time for Gov. Romney to disclose or divest.” “While Romney was opposing the rescue of one of the nation’s most important manufacturing sectors, he was building his fortunes with his Delphi investor group, making his fortunes off the misfortunes of others,” King added. The Romneys' gigantic windfall was hidden inside an offshore corporation inside a Limited Partnership inside a trust which both concealed the gain and reduces taxes on it. The Romneys' 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.] According to ethics law expert Dan Curry who drafted the ethics complaint, Ann Romney does not have a federally-approved blind trust. An approved "blind" trust may not be used to hide a major investment which could be affected by Romney if he were to be elected President. Other groups joining the UAW and CREW include Public Citizen, the Service Employees International Union, Public Campaign, People for the American Way and The Social Equity Group. President Obama's approved trust, for example, contains only highly-diversified mutual funds on which Presidential action can have little effect. By contrast, the auto bail-out provided a windfall of over 4,000% on one single Romney investment. 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.
Post Comment Private Reply Ignore Thread
Top • Page Up • Full Thread • Page Down • Bottom/Latest
#1. To: Brian S (#0)
i love the smell of liberal desperation in the morning
You better vote for Mittens, or your steering wheel might just fall off!
Obama's watch stopped on 24 May 2008, but he's been too busy smoking crack to notice.
Post some articles, will you! I have so much more stuff to put up but the place needs just a bit of 'balance'. ;)
It is not easy reconstructing 'molded minds'... Post some articles, will you! I have so much more stuff to put up but the place needs just a bit of 'balance'. Brian, do you have anything about Mittens being fined over 100 million for Medicare fraud?
Almost every country in the Middle East is awash in oil, and we have to side with the one that has nothing but joos. Goddamn, that was good thinkin'. Esso posted on 2012-01-13 7:37:56 ET
you're on a roll today, i can't keep up also i'm frustrated that the big sex scandal was such a dude,
Maybe Gerraldo Rivera will do an interview with Larry Sinclair a few days before the election, or has he sold out to the hoodies? Obama's watch stopped on 24 May 2008, but he's been too busy smoking crack to notice.
#2. To: Brian S (#0)
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.
"We (government) need to do a lot less, a lot sooner" ~Ron Paul
#3. To: calcon (#1)
#4. To: Brian S (#3)
(Edited)
#5. To: Brian S (#3)
(Edited)
#6. To: calcon (#5)
the big sex scandal was such a dud
"We (government) need to do a lot less, a lot sooner" ~Ron Paul
Top • Page Up • Full Thread • Page Down • Bottom/Latest
[Home] [Headlines] [Latest Articles] [Latest Comments] [Post] [Mail] [Sign-in] [Setup] [Help] [Register]