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 UAWâ€™s King, it was the Singer-Romney group that simply refused to pay any pensions whatsoever to union and non-union workers alike.Â The companyâ€™s $6.2 billion pension obligation, says King, â€œwas dumped on the US government Pension Benefit Guarantee Corporation (PBGC) which is limited by law â€” not by President Obama â€” in the sums it can pay retirees.â€
None of this surprises observers of Paul Singerâ€™s hedge fund, Elliott Management, which partnered with Ann Romney. …more
He’s kidding, right? Did I just hear Mitt Romney say,Â “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,Â 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 jobÂ â€“Â EVERY jobÂ â€“Â to China.
Just after Nation broke the story, Washington newsletterÂ The HillÂ 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 …more