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United Auto Workers To File Federal Ethics Complaint Against Romney

November 01, 2012 at 1:56 am by: nancy a heitzeg Category: 2012 Election, Civil Rights, Economic Terrorism, Voting Rights, Workers' Rights

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UAW Charges Romney With Profiteering From Auto Bailout

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 (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…..

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.

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.

See Truthout for the back story

4 comments
rosesansthorns
rosesansthorns

@KaleJPhoto @bimbobriscoe WOW! Hope so! But #GOP wld def'ly have their binders in a bunch. They pray 4 bad news. Sick.

KaleJPhoto
KaleJPhoto

@BimboBriscoe People sat in the filth of the superdome for days with no Fed response & no food/H2O- how does this remotely? Clueless indeed!