What's new

Mitt Romney benefitted from the auto bailout

Joined
Aug 7, 2012
Messages
1,230
Reaction score
179
Points
0
Mitt Romney Benefitted from the auto bailout...

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.” 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.

It all starts with Delphi Automotive, a former General Motors subsidiary whose auto parts remain essential to GM’s production lines. No bailout of GM—or Chrysler, for that matter—could have been successful without saving Delphi. So, in addition to making massive loans to automakers in 2009, the federal government sent, directly or indirectly, more than $12.9 billion to Delphi—and to the hedge funds that had gained control over it. One of the hedge funds profiting from that bailout—
$1.28 billion so far—is Elliott Management, directed by 
Paul Singer. According to The Wall Street Journal, Singer has given more to support GOP candidates—$2.3 million—than anyone else on Wall Street this election season. His personal giving is matched by that of his colleagues at Elliott; collectively, they have donated $3.4 million to help elect Republicans this season, while giving only $1,650 to Democrats. And Singer is influential with the GOP presidential candidate; he’s not only an informal adviser but, according to the Journal, his support was critical in helping push Representative Paul Ryan onto the ticket.

Singer, whom Fortune magazine calls a “passionate defender of the 1%,” has carved out a specialty investing in distressed firms and distressed nations, which he does by buying up their debt for pennies on the dollar and then demanding payment in full. This so-called “vulture investor” received $58 million on Peruvian debt that he snapped up for $11.4 million, and $90 million on Congolese debt that he bought for a mere $20 million. In the process, he’s built one of the largest private equity firms in the nation, and over decades he’s racked up an unusually high average return on investments of 14 percent.
 

OKTexas

Diamond Member
Gold Supporting Member
Supporting Member
Joined
Sep 13, 2012
Messages
47,351
Reaction score
7,158
Points
1,870
Location
Near Magnolia, TX
Yep those bad ole smart business men. Even though they keep the country running.

Can you say.............................THREAD FAIL?
 

Grandma

Geezer Chick
Supporting Member
Joined
Dec 30, 2011
Messages
9,069
Reaction score
2,829
Points
360
Location
Under The Sky
How is it a thread fail? The auto bailout did in fact benefit Romney.
 

Lovebears65

Gold Member
Joined
Apr 17, 2011
Messages
6,471
Reaction score
1,546
Points
255
Location
Georgia
How is it a thread fail? The auto bailout did in fact benefit Romney.
I did not read what OP wrote but even if Romney benefited how is that his fault. He did not vote for it.. He held no office
 

Active Topics

Most reactions - Past 7 days

Top