exotix
10-29-2012, 07:23 AM
It looks like this is the main reason Romney will not release tax returns ...
Mitt and Ann Romney 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.
http://truth-out.org/news/item/12210-greg-palast-mitt-romneys-bailout-bonanza
http://www.thenation.com/article/170644/mitt-romneys-bailout-bonanza
http://www.huffingtonpost.com/2012/10/18/mitt-romney-auto-bailout-profit_n_1976651.html
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.
Mitt Romney's Bailout Bonanza: How He Made Millions From the Rescue of Detroit http://truth-out.org/news/item/12211-mitt-romneys-bailout-bonanza-how-he-made-millions-from-the-rescue-of-detroit
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.
The Treasury allowed GM to give Delphi at least $2.8 billion of funds from the Troubled Asset Relief Program (TARP) to keep Delphi in business.
GM also forgave $2.5 billion in debt owed to it by Delphi, and $2 billion due from Singer and company upon Delphi’s exit from Chapter 11 bankruptcy.
The money GM forgave was effectively owed to the Treasury, which had by then become the majority owner of GM as a result of the bailout. Then there was the big one: the government’s Pension Benefit Guaranty Corporation took over paying all of Delphi’s retiree pensions.
The cost to the taxpayer: $5.6 billion.
The bottom line: the hedge funds’ paydays were made possible by a generous donation of $12.9 billion from US taxpayers.
Since the Romneys had at least $1 million invested with Elliott by the end of 2010, with a third of that portfolio likely in Delphi,
The Nation estimates that they made at a minimum $15.3 million off Delphi's resurgence (http://www.thenation.com/article/170644/mitt-romneys-bailout-bonanza).
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.
Romney attempts to lie his way out of *Let Detroit Go Bankrupt* at the debates.
http://cdn.front.moveon.org/wp-content/uploads/2012/10/0copy-480x480.jpg
Mitt and Ann Romney 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.
http://truth-out.org/news/item/12210-greg-palast-mitt-romneys-bailout-bonanza
http://www.thenation.com/article/170644/mitt-romneys-bailout-bonanza
http://www.huffingtonpost.com/2012/10/18/mitt-romney-auto-bailout-profit_n_1976651.html
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.
Mitt Romney's Bailout Bonanza: How He Made Millions From the Rescue of Detroit http://truth-out.org/news/item/12211-mitt-romneys-bailout-bonanza-how-he-made-millions-from-the-rescue-of-detroit
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.
The Treasury allowed GM to give Delphi at least $2.8 billion of funds from the Troubled Asset Relief Program (TARP) to keep Delphi in business.
GM also forgave $2.5 billion in debt owed to it by Delphi, and $2 billion due from Singer and company upon Delphi’s exit from Chapter 11 bankruptcy.
The money GM forgave was effectively owed to the Treasury, which had by then become the majority owner of GM as a result of the bailout. Then there was the big one: the government’s Pension Benefit Guaranty Corporation took over paying all of Delphi’s retiree pensions.
The cost to the taxpayer: $5.6 billion.
The bottom line: the hedge funds’ paydays were made possible by a generous donation of $12.9 billion from US taxpayers.
Since the Romneys had at least $1 million invested with Elliott by the end of 2010, with a third of that portfolio likely in Delphi,
The Nation estimates that they made at a minimum $15.3 million off Delphi's resurgence (http://www.thenation.com/article/170644/mitt-romneys-bailout-bonanza).
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.
Romney attempts to lie his way out of *Let Detroit Go Bankrupt* at the debates.
http://cdn.front.moveon.org/wp-content/uploads/2012/10/0copy-480x480.jpg