Romney Profited From Auto Bailout

By: Thursday October 18, 2012 9:00 am

The way in which the hedge fund syndicate secured these taxpayers dollars for Delphi sounds pretty much like blackmail. For example, according to Steven Rattner, the auto czar, Delphi demanded an immediate cash infusion of $350 million or they would stop supplying to GM. Oh, and Delphi promptly fired all the unionized workers at Delphi, cut health care for all their nonunion pensioners, and took the production jobs to China. Delphi employs less then 5,000 US workers, from a high of 25,000.

How do the Romneys figure into this? They have at least $1 million invested in Paul Singer’s Elliott Management, per their 2011 and 2012 financial disclosure. Based on that investment, they made at least $15.3 million on the deal, which involved ripping off the US taxpayer, shedding US jobs in favor of China, and using leverage created by the auto bailout to do it. Most of these profits have been kept offshore to avoid US taxes, of course. The Romneys protest that these investments are all held in a blind trust, but the executor of their blind trust is Romney’s personal lawyer.

Just another day in the life of a vulture capitalist, I guess.

FDL Book Salon Welcomes Greg Palast and Ted Rall, Billionaires & Ballot Bandits: How to Steal an Election in 9 Easy Steps

By: Sunday September 9, 2012 1:59 pm

Because Americans aren’t anxious enough forced to digest anemic monthly jobs numbers, an economy teetering on the precipice, the steady stream of illegal home foreclosures, a Democratic President poised to shiv Social Security and Medicare, and the country’s insidious metamorphosis into a security state, they also have to worry about something so basic as the right to vote. That’s because über-bully Karl Rove, not content to have put the Dauphin of Dumbfuckistan in the White House, decided that controlling the Executive Branch wasn’t enough. Like his Machiavellian comrade and patron, Charles Koch, he “want[ed] his fair share–and that’s all of it.” Hey, if that means depriving American citizens of their civil rights, well, so be it. There are always going to be winners and losers, amirite? Whaddya gonna do about it?

Enter Greg Palast and Ted Rall.

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