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

[Jenifer Cartwright]

It's Nov 3rd. Nothing has hit the fan as yet...

--- On Fri, 11/2/12, John W. <jbw292002 at gmail.com> wrote:

From: John W. <jbw292002 at gmail.com>
Subject: [Peace-discuss] Fwd: UAW FILES CHARGES AGAINST ROMNEY ON HIS AUTO BAIL-OUT PROFITEERING
To: "Peace-discuss" <peace-discuss at anti-war.net>
Date: Friday, November 2, 2012, 12:49 AM

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

 








http://us4.campaign-archive1.com/?u=33e4ec877eed6a43863a4a92e&id=8c84e1739c&e=27df5d5fb3






 





 





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, 2012




 



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.



 



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. 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.  



 



The Romneys' windfall
was originally exposed in Nation Magazine, Mitt Romney's Bail-out 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.]




 



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 4,000% 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 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 $30, a
4,000%
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 --25,000-- and moved almost all auto parts production to
Mexico and China where Delphi now employs 25,000 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  
 













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