Romney made $15 million from the auto bail out

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In summary: Tomorrow afternoon, Mitt Romney will be charged with violating the federal Ethics in Government law by improperly concealing his multi-million dollar windfall from the auto industry bail-out.In summary, the UAW has filed a complaint with the US Office of Government Ethics accusing Mitt Romney of improperly hiding a profit of $15.3 million to $115.0 million in Ann Romney's so-called "blind" trust.
  • #1
edward
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OOPS make that $15 MILLION

I saw a bit of this on TV last night which is unusual because I don't usually watch MSNBC. I was just flipping for News on the hurricane aftermath. After seeing it I googled the term "Romney Elliot Management Delphi"

The results were quite troubling.

http://www.google.com/search?source...ment+delphi&gs_l=hp..1.41l803.0.0.0.10339...0.

The hits all refer back to an investigation by Greg Palast.

The UAW has filed an ethics law suit, not that anything will become of it.
 
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  • #2
You're going to have to do better than a google search for a source and implied allegations of wrongdoing as a thesis.
 
  • #3
Sorry I thought there was a link about the UAW filing an ethics complaint among the links. The UAW action also adds credibility to the claim. I also wanted to show that this was not an isolated accusation. So in short,

Did Mitt Romney Break the Law by Failing to Disclose Delphi Investments?


http://www.thenation.com/blog/170967/did-mitt-romney-break-law-failing-disclose-delphi-investments.

As Palast reported, a trust in Ann Romney’s name listed “more than $1 million” invested with Elliott Management, run by hedge fund guru and GOP mega-donor Paul Singer. (That’s the minimum amount of disclosure required by law, so it could have been much more than $1 million.) Singer subsequently snapped up large amounts of stock in Delphi at pennies on the dollar, and then, along with other hedge funds, demanded that the government assume pension responsibilities and bail the company out—or they would shut it down, thus crushing General Motors as well.




But while Romney had ample political reasons to conceal his investment, he apparently had no legal justification for doing so. Federal law requires that candidates disclose stock holdings that are affected by government action—and Romney’s million-dollar (at least) investment in a hedge fund that bought up Delphi stocks surely fits that bill.


http://www.opednews.com/articles/UAW-Files-Charges-Against-by-Greg-Palast-121102-673.html


UAW Files Charges Against Romney for Auto Bail-Out Profiteering
 
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  • #4
"Files Charges" for "profiteering"? Neither of those are accurate. This is one of the reasons why I'm not sure Greg Palast is an acceptable source. We'll have to discuss it and make a decision.
 
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  • #5
russ_watters said:
"Files Charges"? This is one of the reasons why I'm not sure Greg Palast is an acceptable source. We'll have to discuss it and make a decision.

I don't think that Palast or the UAW just made this up. Palast is a regular on the BBC.

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.
 
  • #6
edward said:
I don't think that Palast or the UAW just made this up. Palast is a regular on the BBC.
Palast is a crackpot who was driven out of the American media over his strongly biased and factually loose reporting, which is why he now works for the BBC. Several things about what you posted are at best wrong or at worst, intentionally misleading and are great examples of his "work":

1. "Lawsuit". Your word, not his. It doesn't appear in the link because it is wrong. He tricked you into using it with:
2. "Files charges". Files charges implies criminal charges. The UAW is a union, not a prosecutor. What they did is file a complaint with an ethics organization.
3. "Profiteering". Their complaint isn't about profiteering, it is about reporting.
 
  • #7
Since 2000, Greg Palast has made more than a dozen films for the BBC programme Newsnight with the Investigations Producer Meirion Jones, which have been broadcast in the UK and worldwide.

http://en.wikipedia.org/wiki/Greg_Palast
 
  • #8
russ_watters said:
Palast is a crackpot who was driven out of the American media over his strongly biased and factually loose reporting, which is why he now works for the BBC. Several things about what you posted are at best wrong or at worst, intentionally misleading and are great examples of his "work":

1. "Lawsuit". Your word, not his. It doesn't appear in the link because it is wrong. He tricked you into using it with:
2. "Files charges". Files charges implies criminal charges. The UAW is a union, not a prosecutor. What they did is file a complaint with an ethics organization.
3. "Profiteering". Their complaint isn't about profiteering, it is about reporting.

Heck I don't even remember using the words law suit. If I did I hope I edited it. That would also be more related to my age than to the topic of Romney investing in Delphi through a hedge fund.

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.

http://www.opednews.com/articles/UAW-Files-Charges-Against-by-Greg-Palast-121102-673.html

Apparently Palast tricked a lot of people.
 
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  • #10
edward said:
thehill.com/blogs/transportation-report/automobiles/265673-auto-union-files-ethics-complaint-against-romney-for-alleged-bailout-profits

http://thehill.com/blogs/transporta...nt-against-romney-for-alleged-bailout-profits

The story, now in "The Hill" seems to be moving up the credibility ladder.
Just not the Greg Palast version of it. Perhaps you would like to re-create your OP, removing the Greg Palast misinformation?
 
  • #11
russ_watters said:
Just not the Greg Palast version of it. Perhaps you would like to re-create your OP, removing the Greg Palast misinformation?

I probably should have just started with the union complaint. Ironically I didn't know at the time when I googled the term "Romney Elliot Management Delphi" that many of the hits would involve Palast. I came up with those words from watching the President of the UAW on MSNBC.

I was actually quite shocked, disappointed, and even skeptical about the links. Other links imply the accusations are true but they all relate back to the original investigation by Palast as being the source.

I found myself personally angry because I have so many relatives in the Midwest who lost jobs not only at Delphi but at other factories that supplied parts to Delphi. At that point I apparently lost proper perspective.

You can just delete the thread if you want. I am a bit pressed for time, but I think I changed the word "charges" to "complaint" everywhere I saw it.
 
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  • #12
It appears that more and more is showing up about Romneys money and where he keeps it.

Off shore accounts.

For all Mitt Romney’s touting of his business record, when it comes to his own money the Republican nominee is remarkably shy about disclosing numbers and investments. Nicholas Shaxson delves into the murky world of offshore finance, revealing loopholes that allow the very wealthy to skirt tax laws, and investigating just how much of Romney’s fortune (with $30 million in Bain Capital funds in the Cayman Islands alone?) looks pretty strange for a presidential candidate.

http://www.vanityfair.com/politics/2012/08/investigating-mitt-romney-offshore-accounts

Using the church.

In this instance, Romney used the tax-exempt status of a charity -- the Mormon Church, according to a 2007 filing -- to defer taxes for more than 15 years. At the same time he is benefiting, the trust will probably leave the church with less than what current law requires, according to tax returns obtained by Bloomberg this month through a Freedom of Information Act request.


http://www.bloomberg.com/news/2012-10-29/romney-avoids-taxes-via-loophole-cutting-mormon-donations.html

Auto bail out.

According to an in-depth report by The Nation.com, Romney and his wife, Ann, “personally gained at least $15.3 million from the bailout—and a few of Romney’s most important Wall Street donors made more than $4 billion. Their gains, and the Romney’s, were astronomical—more than 3,000 percent on their investment.”

http://newsone.com/2074449/mitt-romney-ethic-charges/

Now this: Bain Capital money in Netherlands.

The offshore fiscal routes Mitt Romney uses also go through The Netherlands. The private equity fund Bain Capital, in which the presidential candidate participates, uses the Dutch route to evade about 80 million euro ($102 million) of taxes on dividends.

http://www.electoral-vote.com/evp2012/Info/romney-taxes.html

I think I should have titled the thread. Why we need to reform the tax code.
 
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What is the truth behind the claim that Romney made $15 million from the auto bail out?

The claim that Romney made $15 million from the auto bail out is partially true. It is true that Romney's former company, Bain Capital, did make a profit of $15.3 million from their investment in Delphi Automotive, a company that received a bailout from the government. However, Romney himself did not personally make that amount. In fact, he had left Bain Capital in 1999 and no longer had any control or financial stake in the company at the time of the bailout.

Did Romney have any involvement in the decision to bail out Delphi Automotive?

No, Romney did not have any involvement in the decision to bail out Delphi Automotive. At the time of the bailout, he had already left Bain Capital and was no longer involved in the company's operations or decision-making processes.

How did Bain Capital make a profit from Delphi Automotive's bailout?

Bain Capital made a profit from Delphi Automotive's bailout through their investment in the company. They had acquired a controlling stake in Delphi in 2005, before the company filed for bankruptcy. After the government bailed out Delphi, Bain Capital's stake in the company increased in value, leading to their $15.3 million profit.

Was Bain Capital the only company to make a profit from Delphi Automotive's bailout?

No, Bain Capital was not the only company to make a profit from Delphi Automotive's bailout. Several other investors, including hedge funds and private equity firms, also made profits from their investments in the company.

Did Romney benefit in any way from Delphi Automotive's bailout?

No, Romney did not personally benefit from Delphi Automotive's bailout. He no longer had any financial stake in Bain Capital at the time of the bailout and did not receive any direct profits from the company's investments, including their investment in Delphi.

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