Share on Google Plus Share on Twitter Share on Facebook 8 Share on LinkedIn Share on PInterest Share on Fark! Share on Reddit Share on StumbleUpon Tell A Friend 78 (86 Shares)  
Printer Friendly Page Save As Favorite View Favorites View Stats   9 comments

OpEdNews Op Eds

UAW Files Charges Against Romney for Auto Bail-Out Profiteering

By (about the author)     Permalink       (Page 1 of 1 pages)
Related Topic(s): ; ; ; ; ; , Add Tags Add to My Group(s)

Must Read 7   Well Said 3   Supported 3  
View Ratings | Rate It

opednews.com Headlined to H2 11/2/12

Become a Fan
  (54 fans)
Cross-posted from Reader Supported News

Broke ethics law hiding millions, say good government groups


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."

King added, "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."

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 Dr. Craig Holman of Public Citizen, who advised on the 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.

 

http://www.gregpalast.com

Author of the New York Times and international bestsellers, The Best Democracy Money Can Buy and Armed Madhouse, Palast is Patron of the Trinity College Philosophical Society, an honor previously held by Jonathan Swift and Oscar Wilde. Palast (more...)
 

Share on Google Plus Submit to Twitter Add this Page to Facebook! Share on LinkedIn Pin It! Add this Page to Fark! Submit to Reddit Submit to Stumble Upon

Go To Commenting
The views expressed in this article are the sole responsibility of the author and do not necessarily reflect those of this website or its editors.

Follow Me on Twitter

Contact Author Contact Editor View Authors' Articles

Most Popular Articles by this Author:     (View All Most Popular Articles by this Author)

UAW Files Charges Against Romney for Auto Bail-Out Profiteering

Aaron Swartz Died For Piers Morgan's Sins

The Confidential Memo at the Heart of the Global Financial Crisis

The Right Testicle of Hell: History of a Haitian Holocaust

Obama is a two-faced liar. Aw-RIGHT!

TIME TO CHANGE BERNANKE'S MEDICATION? Secret White House letter to G-20

Comments

The time limit for entering new comments on this article has expired.

This limit can be removed. Our paid membership program is designed to give you many benefits, such as removing this time limit. To learn more, please click here.

Comments: Expand   Shrink   Hide  
7 people are discussing this page, with 9 comments
To view all comments:
Expand Comments
(Or you can set your preferences to show all comments, always)

It's an article that exposes Romney's hidden agend... by E. J. N. on Friday, Nov 2, 2012 at 2:27:43 PM
Why hasn't this story been picked up by the main s... by ellenandron on Saturday, Nov 3, 2012 at 2:19:52 PM
But why do I never see anyone from around here or ... by Gary Williams on Tuesday, Nov 6, 2012 at 11:03:57 AM
what happened to the press conference that would a... by Gretchen Olsen-Jacobsen on Saturday, Nov 3, 2012 at 7:31:39 PM
The author wrote in his first paragraph.... "... by Jack Swint on Sunday, Nov 4, 2012 at 3:08:22 PM
And I note the word "improperly":,,,concealing, r... by Gary Williams on Tuesday, Nov 6, 2012 at 11:15:57 AM
Here is one article I found in the Toledo Ohio ... by Jack Swint on Sunday, Nov 4, 2012 at 6:08:36 PM
He's a crook...thats something you can believe in.... by Jeanette Fleming on Sunday, Nov 4, 2012 at 2:26:59 PM
Just checking old articles.  Whatever became ... by Scott Baker on Friday, Sep 20, 2013 at 2:16:56 AM