Greg Palast: UAW Charges Romney With Profiteering From Auto Bailout

[blackhawk]

The United Auto Workers going after Romney less than a week before election could I be less surprised? FYI my question rhetorical.

 

[buckeye45_73]

Wow a real objective source....but wait
Democrats say Romney didnt want a bailout, but profitted from one.....which is it? Do you guys even try to put together a coherent story....God you people are retarded....Ann Coulter hit the nail on the head!

still waiting on that answer libtards

 

[Chris]

Romney did a lot of illegal things with his finances.

Proof?

What did he do that was illegal, Chris? Have more than you?

Bain Capital being investigated for tax evasion

ALBANY, N.Y. — New York’s attorney general is investigating tax strategies of some of the nation’s largest private equity firms, including Bain Capital, founded by Republican presidential nominee Mitt Romney, an official familiar with the probe said Sunday.

Attorney General Eric Schneiderman is examining whether the firms have abused a tax strategy to avoid paying hundreds of millions of dollars in taxes, said the official, who spoke on the condition of anonymity because of the sensitivity of the probe. The practice involves converting some fees collected for managing accounts into fund investments, resulting in a lower tax rate.

Romney's Son of Boss fraud

In his key role as chairman of the Marriott board's audit committee, Romney approved the firm's reporting of fictional tax losses exceeding $70 million generated by its Son of Boss transaction.

Romney's AMPAD fraud

American Pad and Paper. Romney and Bain Capital bought it from Mead Company, when it had total debts of $11 million. By the time they sold it, the company had $400 million in debt -- and Bain had earned $100 million off the deals, between fees it charged the company for managing it and for buying other companies, and profits from selling the company's stock after they took it public (for yet another fee). Bain was later sued by stockholders for fraud in overstating the value of the company.

Romney's KB Toys fraud

Bain Capital 'purchased' KB for the respectable price of $ 305 million dollars on December 8, 2000.

Bain Capital only offered $ 18 million in cash, the rest was leaveraged debt put on the company.

Sixteen months after the buyout, Bain Capital paid itself $85 million in dividends in early 2002.

January 14, 2004, K·B Toys filed for Chapter 11 bankruptcy protection and closed 365 stores.

Three years later the rest of the 156 stores were closed down.

Romney's Medicare Fraud....

In 1989, Romney led Bain Capital's purchase of Damon Corp., a medical testing company, and took a seat on the Board of Directors to better manage it. During Romney's four years, Bain tripled its investment, and Romney personally made $473,000 -- while Damon plumped its profits with Medicare fraud (running thousands of medical tests doctors didn't want, and billing Medicare for them). The company pled guilty to crimes committed during his tenure and paid a record fine of $119 million. Company President Joseph Isola pleaded no contest to fraud, and a vice president was also convicted.

Bain Capital Under Investigation For Tax Avoidance-Romney Denies Any Benefit - Forbes

Mitt Romney's Skeleton Closet -- political scandals, quotes and character

 

[Stephanie]

the SMELL of DEPERATION sure does stink..

VOTE Obama out so we don't have to deal with this idiocy for awhile any way

 

[Freemason9]

Do you find yourself wondering whatever happened to the issue of Willard Romney's tax returns? Why has the media dropped this issue? While we constantly hear of Benghazi and other things, Romney's hidden tax returns have disappeared as an issue.

Maybe he's hiding them because of this:

Did Mitt Romney Break the Law By Failing to Disclose Delphi Investments? (The Nation)

The American people have a right to know about Governor Romney's potential conflicts of interest, such as the profits his family made from the auto rescue,” said King. “It’s time for Governor Romney to disclose or divest.”

As Palast reported, a trust in Ann Romney’s name listed “more than $1 million” invested with Elliott Management, run by hedge fund guru and GOP mega-donor Paul Singer. (That’s the minimum amount of disclosure required by law, so it could have been much more than $1 million.) Singer subsequently snapped up large amounts of stock in Delphi at pennies on the dollar, and then, along with other hedge funds, demanded that the government assume pension responsibilities and bail the company out—or they would shut it down, thus crushing General Motors as well.

The government acceded, Delphi became lucrative again and then went public, and Elliott Management and its investors—including Romney—reaped enormous rewards.

Under any rational interpretation of the Ethics in Government Act of 1978, these are holdings that a presidential candidate would need to disclose, because they can be affected by government action. The Romney campaign doesn’t argue that they are not, but rather that, since Ann Romney’s trust is “blind,” there is no disclosure requirement.

Today’s letter points out, however, that Ann Romney’s trust is blind in name only. Romney himself has said that “the blind trust is an age-old ruse, if you will. Which is to say you can always tell a blind trust what it can and cannot do.” Moreover, this is not a federally recognized blind trust of the sort Romney would be forced to create if he won the White House. If it was, he would have never been able to reap his windfall from Delphi, the letter points out.

Whether or not Romney broke the law will come down to this question of how blind this trust really is, and Romney at least has some plausible deniability there. But no doubt this is a story his campaign doesn’t want to see playing out in Ohio five days before the election.

 

[Lovebears65]

Yeah I really believe a liberal union guy on this MORON

Greg Palast: UAW Charges Romney With Profiteering From Auto Bailout

Exclusive: Greg Palast for BuzzFlash at Truthout

Toledo, Ohio - Wednesday Evening October 31, 2012

For Mitt Romney, it's one scary Halloween. The Presidential candidate has just learned that tomorrow afternoon (November 1) he will be charged by the United Automobile Workers (UAW) and other public interest groups with violating the federal ethics in government law by improperly concealing his multi-million dollar windfall from the auto industry bailout.

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.

 

[Liability]

Palast.

 

[Lovebears65]

Wow a real objective source....but wait
Democrats say Romney didnt want a bailout, but profitted from one.....which is it? Do you guys even try to put together a coherent story....God you people are retarded....Ann Coulter hit the nail on the head!

still waiting on that answer libtards

They wont answer you , because you are right

 

[Freemason9]

Wow a real objective source....but wait
Democrats say Romney didnt want a bailout, but profitted from one.....which is it? Do you guys even try to put together a coherent story....God you people are retarded....Ann Coulter hit the nail on the head!

still waiting on that answer libtards

They wont answer you , because you are right

Here is your answer. It's very simple; Romney says he opposed the bailout because he wants to energize his "base." He profitted from the bailout because he will do absolutely anything to make money.

This is why he would make a horrible president.

If you want a boss, elect Romney.

If you want a leader, re-elect Obama.

 

[Liability]

still waiting on that answer libtards

They wont answer you , because you are right

Here is your answer. It's very simple; Romney says he opposed the bailout because he wants to energize his "base." He profitted from the bailout because he will do absolutely anything to make money.

This is why he would make a horrible president.

If you want a boss, elect Romney.

If you want a leader, re-elect Obama.

^

Freecheese thinks his one liners are somehow persuasive despite the history of nearly unremitting FAIL from The ONE.

In REAL terms, almost one in five Americans is unemployed.

The ONE has failed long enough. Liberalism has fucked us more than long enough.

Let's do something revolutionary. Let's give Constitutional Government a chance.

 

[Katzndogz]

Ohhhh the UNION is making a charge!

It's starting to sound like Gloria Allred's blockbuster gag order.

 

[Katzndogz]

The left is gearing up to Palinize Romney with frivolous lawsuit after friviolous lawsuit. The must not be counting on Romney being unable to fight them as Sarah Palin was unable to do.

 

[LogikAndReazon]

Wow...............if only democracynow!!! can verify this for the little neo-communist darlings.........

 

[Freemason9]

The left is gearing up to Palinize Romney with frivolous lawsuit after friviolous lawsuit. The must not be counting on Romney being unable to fight them as Sarah Palin was unable to do.

Why do you regard this as a "frivolous" matter, Katz? Do you believe the facts as presented are not true? Or do you simply prefer to ignore them because it is "your team" that violated the rules?

 

[bripat9643]

I don't see a single actual offense in the swill you posted. Since when is making a profit a crime? It appears his accusers can't even prove he made a profit off of any Delphi investment.

You wouldn't know it from the way Paul Ryan has been championing retired non-union workers of Delphi Auto, but his potential boss – Mitt Romney – made a mint off of a hedge fund investment that sent most of Delphi's job overseas and hedge fund principals who blackmailed the government into a huge payoff.

Greg Palast has detailed the ugly story on Truthout (reposted from the Nation). It is also the topic of a United Automobile Workers' (UAW) news conference in Toledo, Ohio, today, as exclusively revealed in a BuzzFlash at Truthout piece by Palast, "UAW Charges Romney With Profiteering From Auto Bailout."

Ryan is claiming to be upset that former non-union Delphi workers are not getting full pensions, which is grotesquely ironic considering Romney made a career of pension destruction that was part of his vulture capitalism formula. Remember also that -- which is Palast's point about Delphi -- the Romneys are still earning more than some 20 million a year in their "retirement" based in large part on investments in firms that cannibalize industry and workers.

Romney's likely multi-million dollar profit is hidden in Ann Romney's so-called "blind trust." In 1994, when Romney ran unsuccessfully against Ted Kennedy for the Senate, Mitt declared: “The blind trust is an age-old ruse.”

LINK

 

[GoneBezerk]

The UAW stole taxpayer money via the bailout and the GM bond holders lost millions in the UAW's shady deal with the goon Obamination.....so UAW scum should shut the fuck up.

 

[bripat9643]

Did Mitt Romney Break the Law by Failing to Disclose Delphi Investments? | The Nation
But while Romney had ample political reasons to conceal his investment, he apparently had no legal justification for doing so. Federal law requires that candidates disclose stock holdings that are affected by government action—and Romney’s million-dollar (at least) investment in a hedge fund that bought up Delphi stocks surely fits that bill.

There are no stock investments that aren't affected by government action. Federal law requires that elected officials reveal such investments. I don't recall there being any such election law.

 

[Katzndogz]

The left is gearing up to Palinize Romney with frivolous lawsuit after friviolous lawsuit. The must not be counting on Romney being unable to fight them as Sarah Palin was unable to do.

Why do you regard this as a "frivolous" matter, Katz? Do you believe the facts as presented are not true? Or do you simply prefer to ignore them because it is "your team" that violated the rules?

It's as true as Gloria Allred's claim of perjury.

 

[bripat9643]

Here is your answer. It's very simple; Romney says he opposed the bailout because he wants to energize his "base." He profitted from the bailout because he will do absolutely anything to make money.

This is why he would make a horrible president.

If you want a boss, elect Romney.

If you want a leader, re-elect Obama.

There's nothing illegal about profiting from the bailout, moron. Ever member of the UAW profited from the bailout.

 

[Freemason9]

The left is gearing up to Palinize Romney with frivolous lawsuit after friviolous lawsuit. The must not be counting on Romney being unable to fight them as Sarah Palin was unable to do.

Why do you regard this as a "frivolous" matter, Katz? Do you believe the facts as presented are not true? Or do you simply prefer to ignore them because it is "your team" that violated the rules?

It's as true as Gloria Allred's claim of perjury.

You're evading the question.