UAW Charges Romney with Profiteering from Auto Bailout

[snappyturtle]

Last edited Thu Nov 1, 2012, 10:33 AM - Edit history (1)

http://www.truth-out.org/buzzflash/commentary/

EXCLUSIVE: GREG PALAST FOR BUZZFLASH AT TRUTHOUT


Toledo, Ohio - Wednesday Evening October 31, 2012

For Mitt Romney, it's one scary Halloween. The Presidential candidate has just learned that tomorrow afternoon 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.”


More at link

Edit: I think the press conference is scheduled for 2:00 PM Eastern today...11/01

[freshwest]

1. Why they hate Unions... Calling them out on their crimes... United, educated and organized.

[snappyturtle]

5. When I found this I couldn't help but take pleasure in the possibility

of a union being the final nail in Rmoney's political coffin. Let's just hope this story gets some press.

[freshwest]

11. I hope so, and that people will recall history. Unions can be the primary resistance to fascism.

[kentuck]

14. I found this in the link:

<snip>
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.

[freshwest]

17. Oh, and Romney said he would protect jobs. Like Sensata. Yes, jobs in China. Good find.

[Cha]

22. Like President Jimmy Carter's grandson was instramental as

an earlier big ol nail in mittLies' political coffin.

[Lucinda]

2. Thank you. Can't wait to see what happens with this...

[snappyturtle]

10. Just HAD to share this tidbit!! nt

[kentuck]

3. OMG !

Is the truth finally going to come out??!!

[nc4bo]

4. It pleases me very much to Rec this thread!

[upi402]

6. GREG PALAST FOR

PRESIDENT

rec

[ananda]

8. Hear hear!

..

[Go Vols]

7. Fuckin A

[Segami]

9. Tick, tick, tick.....2 minute warning and time's running out for Mitt. This bit of news will pound

him back onto defense and nibble more time off the clock. In a couple of days, we'll be in the RED zone.


Eagerly awaiting tomorrow's press conference.

[kentuck]

12. Keep kickin'!!

Need to keep this alive.

[upi402]

15. What this thread needs to stay alive is

A cute kitty picture

[kentuck]

13. More from the link:

<snip>
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 (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.

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 bailout 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.

.....more

[lindysalsagal]

30. I think I prefer this over video of Mitt with a prostitute.

[flamingdem]

16. Whoa, wonder if this is the November surprise!

And who knew, when.

[SaveAmerica]

18. Do you think this is why they made the crazy commercial about Jeep?

Saying that under Obama they're doing so poorly they're sending production to China? Maybe they were trying to strike preemptively and their timing was really off.

[Cha]

23. I don't know but it was a Huge Mistake!

http://theobamadiary.com/

[lexw]

19. Romney "auto" be ashamed :P

This is GREAT news!!!

[mecherosegarden]

20. Kick N/T

[ProudProgressiveNow]

21. K&R

[SomethingFishy]

24. Hoo Boy, that's gonna leave a mark...

I'd love to be a fly on the wall in the spin room for this one..

[Michigan-Arizona]

25. K&R n/t

[Window]

26. YES!!!!

k/r

[snappyturtle]

27. Kick! nt

[lindysalsagal]

28. All I can say is

[snappyturtle]

29. Isn't this just the icing on the cake? Hope the press conference is

covered. Surely.......

[mecherosegarden]

31. K&R N/T

[EnviroBat]

32. I hope there is enough time to expose and burn this fucker.

I pray this get the media traction it needs to be Romney's Waterloo...

[Delphinus]

33. Wow!

Oh my goodness - what a treat!

[FourScore]

34. 4,000% PROFIT???!!!!!!

That's gotta be illegal

[Mc Mike]

35. Hang 'em high. nt.

[kentuck]

36. Is there more on this story?

Has anyone heard?

[kentuck]

37. I found this update:

http://www.truth-out.org/buzzflash/commentary/item/17617-romney-made-a-fortune-off-of-extorted-delphi-government-ransom-payment-tell-paul-ryan

[ThomThom]

38. I thought he was against the bailout... but he made money off of it?

either he doesn't know what he is invested in or what?

[kentuck]

39. He knows.

What is in his or her blind trust.

[WilliamPitt]

40. Incomplete link

Complete link: http://truth-out.org/buzzflash/commentary/item/17613-uaw-charges-romney-with-profiteering-from-auto-bailout

[kentuck]

41. Thanks WillPitt...

This seems like a much larger story than the coverage it is getting?

[snappyturtle]

42. Will's getting a little excited here.....the "read more" leads to embedded link mentioned above. I

always try to give complete information....and did. Maybe this election fracas is making us a bit testy!