By Greg Palast for The National Memo
At the same time, taxpayer-subsidized Delphi expanded its workforce in China to 25,000. Today, Delphi supplies GM and Chrysler parts from Mexico and China.
This week, Republican vice-presidential nominee Rep. Paul Ryan arrived in Ohio to accuse the Obama administration of cutting the pensions of the Delphi non-union pensioners. In fact, says the UAW’s King, it was the Singer-Romney group that simply refused to pay any pensions whatsoever to union and non-union workers alike. The company’s $6.2 billion pension obligation, says King, “was dumped on the US government Pension Benefit Guarantee Corporation (PBGC) which is limited by law — not by President Obama — in the sums it can pay retirees.”
None of this surprises observers of Paul Singer’s hedge fund, Elliott Management, which partnered with Ann Romney. (Show me more...)
Broke ethics law hiding millions, say good government groups
by Greg Palast
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.
Unions, Good Government Groups to File Ethics Complaint Against Romney For Failing To Disclose His Big Auto Rescue Profit
Groups Urge Office of Government Ethics to Make Romney Disclose or Divest
WASHINGTON – A coalition of community, labor and good-government organizations is calling on the U.S. Office of Government Ethics to investigate GOP presidential candidate Mitt Romney for noncompliance with the Ethics in Government Act and compel him to either disclose his investments or divest them.
“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,” said UAW President Bob King. “It’s time for Gov. Romney to disclose or divest.”
In a Nation magazine cover story, investigative reporter Greg Palast reported that the Romney family personally profited at least $15.3 million from the auto loans of 2009 through his investment in the Delphi Corp. auto parts company. Yet Romney’s June 1, 2012, Public Financial Disclosure Report to the Office of Government Ethics (Show me more...)
by Robert F. Kennedy Jr., for EcoWatch
from the foreword to Billionaires & Ballot Bandits
American democracy is under assault.
In one super-PAC alone, Karl Rove and the Enron grifter Ed Gillespie, have assembled $200 million from big polluters and Wall Street moguls to buy the 2012 election.
Two of the Koch Brothers, Charles and David, pledged $130 million to elect candidates who favor unrestrained corporate profiteering.
The senators and congressmen they fund and elect are not representing the United States—they are representing Koch and its oil industry cronies, Big Pharma, and the Wall Street banksters currently mounting a hostile takeover of our government.
I have no problem characterizing these corporate-centric super-PACs as treasonous. We are now in a free fall toward old-fashioned oligarchy; noxious, thieving and tyrannical.
Cenk Uygur breaks down the numbers from investigative journalist Greg Palast’s report detailing how Ann Romney’s blind trust profited from the government bailing out General Motors. Exactly how much money did the Romneys make? Between $15 million and $115 million. “What happened, Romney? I thought you were against bailouts,” Cenk says. “Apparently you’re not as against it when it goes into your pocket.”
by Greg Palast | Truthout
He's kidding, right? Did I just hear Mitt Romney say, "I would do nothing to hurt the US auto industry"
Here's the facts, ma'am:
As I reported in this week's Nation magazine cover story "Mitt Romney's Bail-out Bonanza", the Romneys are in a special partnership with the vulture fund that bought Delphi, the former GM auto parts division.
[Watch our Democracy Now! report on the Romney group's auto plant closures.]
The Romney vulture fund investment syndicate shipped every single UAW production job – EVERY job – to China.
Just after Nation broke the story, Washington newsletter The Hill received the Romneys admission of profiteering:
"Romney's campaign did not deny that he profited from the auto bailout in an email to The Hill, but it said the the report showed the Detroit intervention was 'misguided.'"
The truth? On June 1, 2009, the Obama Administration announced (Show me more...)
How Mitt and Ann made millions–and Mitt's hedge fund donors made billions–from the auto-industry rescue that he condemned.
By Greg Palast for The Nation Magazine
Mitt Romney’s opposition to the auto bailout has haunted him on the campaign trail, especially in Rust Belt states like Ohio. There, in September, the Obama campaign launched television ads blasting Romney’s November 2008 New York Times op-ed,“Let Detroit Go Bankrupt.”
Elements of this article appear in Palast’s brand new NYT bestseller:
Billionaires & Ballot Bandits: How to Steal an Election in 9 Easy Steps
Watch Palast talk about this exposé on Democracy Now!
But Romney has done a good job of concealing, until now, the fact that he 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 Romneys’, were astronomical—more than 3,000 percent on their investment. (Show me more...)