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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

Cigar
10-29-2012, 07:26 AM
Shhhhhhhhhhhhhhhhhhhhh ... don't wake up the Deniers :grin:

Mainecoons
10-29-2012, 07:58 AM
Simple question: Did the Romneys actually direct Elliott to invest in Delphi?

If not and assuming at least one of you has a mutual fund investment, could you please explain to us how individual investors who buy into a managed fund have anything to do with where the money is invested? Do either of you understand that people invest in managed funds largely based on their track record and also on the general categories of investment that fund makes. That is why we have funds labeled "China funds" or "Emerging Market Funds" and similar.

I'll assume that exo doesn't have such investments because she clearly doesn't understand how that works either. Cigar, of course, knows better but being a partisan hack, "whatever it takes" is his motto regardless of the merits of the case.

exotix
10-29-2012, 08:27 AM
Simple question: Did the Romneys actually direct Elliott to invest in Delphi?

If not and assuming at least one of you has a mutual fund investment, could you please explain to us how individual investors who buy into a managed fund have anything to do with where the money is invested? Do either of you understand that people invest in managed funds largely based on their track record and also on the general categories of investment that fund makes. That is why we have funds labeled "China funds" or "Emerging Market Funds" and similar.

I'll assume that exo doesn't have such investments because she clearly doesn't understand how that works either. Cigar, of course, knows better but being a partisan hack, "whatever it takes" is his motto regardless of the merits of the case.

Probably through that the ruse-thing Romney called a Blind Trust.

Mainecoons
10-29-2012, 08:33 AM
In other words, you haven't a clue.

Thanks for confirming that once again.

Peter1469
10-29-2012, 09:34 AM
Blind trusts are not ruses. They serve a purpose.

garyo
10-29-2012, 09:53 AM
So what's the problem, don't you understand capitalism?

garyo
10-29-2012, 09:54 AM
This probably your most anal nonsensical posting yet, what a lemming.

exotix
10-29-2012, 09:58 AM
Blind trusts are not ruses. They serve a purpose.

http://www.youtube.com/watch?v=Q9DVKWhPibw

patrickt
10-29-2012, 09:58 AM
The unions and their minions benefited masively from the auto bailout, didn't they? Holders of bonds got screwed. Barack Obama, a union minion, benefitted hugely.

Peter1469
10-29-2012, 10:08 AM
http://www.youtube.com/watch?v=Q9DVKWhPibw

Your link is broke.

Mainecoons
10-29-2012, 10:12 AM
Looking at Barry's "investments" in alternative energy it would be nice to have a POTUS who actually makes good investment decisions for a change.

garyo
10-29-2012, 10:22 AM
Shareholders got scuttled by the way Obama's peeps handled this and the union was rewarded, they were the ones that caused the mess in the first place, another great job by the owebumbles admin, GM will be broke again because the unions made very little concessions and all they care about is their legalized extortion racket to line their pockets.