Despite Willard Romney’s duplicitous attempts to take credit for the auto industry recovery, he opposed Obama’s bailout that saved it. He wanted to put them into a managed bankruptcy to be bailed out with private investment. But at that point in the Republican Recession, there was no private capital available, so they would not have made it out of bankruptcy. He even said that Obama’s plan would put Detroit out of business permanently. However much he opposed it, he was not above inserting himself in the path of the bailout money.
It seems Republican nominee Mitt Romney still cannot shake the demons of the auto industry bailout he supposedly opposed, and a new one looks like it may well haunt him just days before the Presidential election.
The biggest auto workers’ union and several government and public interest groups say that they have filed an ethics complaint against Romney, alleging “serious conflicts of interest” and calling for the presidential nominee to release information about what they say are millions he made from the industry bailout. At issue are alleged investments the Romneys made in a hedge fund that owned a controlling interest in Delphi Auto, the former GM auto parts division.
Through the money that the federal government provided to prop up the automakers and their suppliers, Delphi received huge payments — ultimately $12.9 billion in taxpayer subsidies — and the hedge fund that the Romneys had invested in received a significant return, according to published reports.
“(The hedge funds’) gains, and the Romneys’, were astronomical — more than 3,000 percent on their investment,” The Nation Magazine said in an investigative article last month.
The United Automobile Workers, or UAW, announced that it is calling upon the Office of Government Ethics to investigate Romney for alleged noncompliance with the Ethics in Government Act. They also want that authority to force the nominee to either “disclose his investments or divest them.”… [emphasis added]
Inserted from <IB Times>
Photo credit: IPA
Ed Schultz covered the ethics complaint with UAW President Bob King.
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In effect Romney and his hedge fund pals blackmailed GM to steer rescue funds into their pockets. No wonder he’s afraid for us to know what’s in his tax returns.
6 Responses to “Romney Sued Over Milking Auto Bailout”
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You just have to love their timing! … although it would have be better in my opinion, if it had come a bit earlier.
Ed — "… This is about conflict of interest. …" — How can a person who is incapable of ethical dealings, be entrusted with the running of a nation. How can someone who's brain is always in 'scamming' mode be trusted with the welfare of the American people, with the welfare of the nation? Well if you listen to Norquist, you don't have to wonder if the Republican/Teabaggers need ethics in their presidential candidate.
In another segment of The Ed Show (top row, 6th tile), Grover Norquist is shown saying that what is needed is not a thinking president, they want an president that will just sign legislation. The Congress will get the legislation through, Romney just has to sign it. And is that a ringing endorsement for Romney's abilities? To the Republican/Teabaggers, it appears that Romney has been elevated to the position of 'pen'. That really must hurt his ego! I wonder if he is aware of what Norquist said?
Ain't life just so grand with the thoughts of Corruption Inc aka Republican/Teabaggers at the helm of the nation?
That is the best description of Romney I have ever heard. His brain is always in scamming mode. Always.
That's exactly what we would have. Economic policy by Paul Ryan, social policy by Michele Bachmann, and foreign policy by Dick Cheney.
We are not auditioning for fearless leader. We don't need the president to tell us what direction to go. We know what direction we want to go. We want the Paul Ryan budget which cuts spending $6 trillion, … Republicans in the House have passed twenty-four plus bills that create jobs and opportunity and strip out regulations. We just need a president to sign this stuff. We don't need someone to think it up or design it. We have a House and a Senate. The leadership for the modern conservative movement for the next 20 years will be coming out of the House and the Senate. …"
Ain't life just so grand with the thoughts of Corruption Inc aka Republican/Teabaggers at the helm of the nation?;
Seems to me there is nothing more to be said– God help us all!
Amen!
Now we really know why he won't release the tax returns.
What a fecking scumbag!
Ethics? What ethics?