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While Obama’s Bailout Saved Auto Industry, Romney Made Millions

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One of my biggest disappointments about the Obama campaign, is that they never shifted focus to Mitt Romney’s record as governor. Let’s be honest, there was a good reason for Obama had a significant lead in Massachusetts. Hopefully by the time the election is decided, the fact that they didn’t doesn’t become such a big deal. Aside from that, there are a couple other issues that slipped under the radar. One, the fact that Romney paid zero taxes between 1996 and 2009 as exposed by Bloomberg News. And two, the fact that Romney made millions of dollars off of the very auto industry bailout that he criticized. The latter I think would have been a very effective talking point around the time he made his false claim that Chrysler’s Jeep division was moving jobs from America to China. And why? Well, let’s just say that Romney is full of character flaws.

This from Greg Palast:

For Mitt Romney, it’s one scary Halloween. The Presidential candidate has just learned that tomorrow afternoon (November 1) he will be charged by the United Automobile Workers (UAW) and other public interest groups with violating the federal ethics in government law by improperly concealing his multi-million dollar windfall from the auto industry bailout.

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 (and reposted on Truthout,) Mitt Romney’s Bail-out Bonanza after a worldwide investigation by our crew at The Guardian, the Nation Institute and the Palast Investigative Fund.

The full story of Romney and his “vulture fund” partners is in the New York Times bestseller, “Billionaires & Ballot Bandits,” available from Truthout with a contribution by clicking here.

According to ethics law expert Dr. Craig Holman of Public Citizen — who serves as an advisor on the charge — 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 (SEIU), 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. (read more)

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Published on: November 6, 2012

Filled Under: Politics

Views: 773

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  • Black_Diaspora2

    If Mitt Romney is the quintessential American (and I’m beginning to think that he is), following–to the degree that he could–in the footsteps of John D. Rockerfeller, J.P. Morgan, and William Vanderbilt, then God help us all: This nation can’t recognize a huckster from a heaven-sent.