[Peace-discuss] Fwd: UAW FILES CHARGES AGAINST ROMNEY ON HIS AUTO BAIL-OUT PROFITEERING

[John W.]

I thought a few of you might be interested in this....




http://us4.campaign-archive1.com/?u=33e4ec877eed6a43863a4a92e&id=8c84e1739c&e=27df5d5fb3
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*UAW FILES CHARGES AGAINST ROMNEY ON HIS AUTO BAIL-OUT PROFITEERING*****

Broke ethics law hiding millions, say good government groups****

by **Greg** Palast****

****Toledo**, **Ohio**** - Wednesday October 31, 2**0**12****

 ****

For Mitt Romney, it's one scary Halloween.  The Presidential candidate has
just learned that tomorrow
afternoon<http://www.gregpalast.com/advisory-uaw-files-ethics-charge-on-romney-auto-bail-out-profiteering/>
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.****

 ****

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.
****

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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.  ****

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The Romneys' windfall was originally exposed in Nation Magazine, Mitt
Romney's Bail-out
Bonanza<http://www.gregpalast.com/mitt-romneys-bailout-bonanza/> after
a worldwide investigation by our crew at The Guardian, the Nation Institute
and the Palast Investigative Fund.   [Ed. - The full story of Romney and
his "vulture fund" partners is in Palast's *New York Times*
bestseller, Billionaires
& Ballot Bandits <http://www.ballotbandits.org/>.]****

 ****

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, 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,****0****0******0**% on one single Romney investment.****

 ****

In 2****0****0****9, 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 bail-out 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 $3**0**, a 4,****0****0******0**% 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,****0****0******0**--
and moved almost all auto parts production to Mexico and China where Delphi
now employs 25,****0****0******0** auto parts workers.****

 ****

*Forensic Economist* ***Greg**** Palast's investigative reports can be seen
on BBC Television.*  His latest bestseller, *Billionaires & Ballot Bandits:
How to Steal an Election in 9 Easy Steps* contains a comic book by Ted Rall
and chapters by Robert F. Kennedy Jr.  www.BallotBandits.org
<http://www.ballotbandits.org/>
 ****
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