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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsUAW Charges Romney with Profiteering from Auto Bailout
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. Romneys potential conflicts of interest, such as the profits his family made from the auto rescue. Its 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
(53,661 posts)snappyturtle
(14,656 posts)of a union being the final nail in Rmoney's political coffin. Let's just hope this story gets some press.
freshwest
(53,661 posts)kentuck
(111,110 posts)<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
(53,661 posts)Cha
(297,655 posts)Lucinda
(31,170 posts)snappyturtle
(14,656 posts)kentuck
(111,110 posts)Is the truth finally going to come out??!!
nc4bo
(17,651 posts)upi402
(16,854 posts)PRESIDENT
rec
..
Go Vols
(5,902 posts)Segami
(14,923 posts)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
(111,110 posts)Need to keep this alive.
upi402
(16,854 posts)A cute kitty picture
kentuck
(111,110 posts)<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
(20,730 posts)flamingdem
(39,321 posts)And who knew, when.
SaveAmerica
(5,342 posts)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
(297,655 posts)lexw
(804 posts)This is GREAT news!!!
mecherosegarden
(745 posts)ProudProgressiveNow
(6,129 posts)SomethingFishy
(4,876 posts)I'd love to be a fly on the wall in the spin room for this one..
Michigan-Arizona
(762 posts)Window
(7,265 posts)k/r
snappyturtle
(14,656 posts)lindysalsagal
(20,730 posts)snappyturtle
(14,656 posts)covered. Surely.......
mecherosegarden
(745 posts)EnviroBat
(5,290 posts)I pray this get the media traction it needs to be Romney's Waterloo...
Delphinus
(11,840 posts)Oh my goodness - what a treat!
FourScore
(9,704 posts)That's gotta be illegal
Mc Mike
(9,115 posts)kentuck
(111,110 posts)Has anyone heard?
kentuck
(111,110 posts)ThomThom
(1,486 posts)either he doesn't know what he is invested in or what?
kentuck
(111,110 posts)What is in his or her blind trust.
WilliamPitt
(58,179 posts)kentuck
(111,110 posts)This seems like a much larger story than the coverage it is getting?
snappyturtle
(14,656 posts)always try to give complete information....and did. Maybe this election fracas is making us a bit testy!