A new report finds that Mitt Romney made massive profits off the auto rescue he opposed and the misfortune of auto workers he used to falsely attack President Obama. The Huffington Post summarizes The Nation’s comprehensive investigative reporting:
“A new report running Thursday in The Nation finds that Romney and his wife, Ann, made at least $15.3 million—and perhaps tens of millions more—as a result of bailout funds paid to General Motors…
“Romney’s windfall from the bailout is directly tied to his relationship with Paul Singer, the billionaire hedge fund manager who donated $1 million to the Republican’s presidential campaign in April. As The Nation reports, the Romneys invested at least $1 million with Singer’s fund, Elliott Management, which is known for investing in distressed or bankrupt companies.
“One of those bankrupt companies was Delphi, an auto parts maker that hit financial trouble after being spun off from its former parent, GM. Singer’s fund bought up a controlling interest in Delphi for about 67 cents a share on average, The Nation calculates. By last November, Delphi’s initial public offering was priced at $22 a share, thanks in part by efforts to cut costs by moving operations overseas and employing non-union workers. Delphi’s stock price has continued to take off, with shares closing around $32 as of this week.
“But that profit was also greatly bolstered by Delphi’s lingering ties to GM, which depended on the company for essential auto parts.”
Mitt Romney’s hypocrisy shouldn’t come as a surprise—he’s always put profits over people. And the Romney campaign’s shameful attempts to falsely attack the President don’t change the facts: President Obama’s bold decision to rescue the American auto industry helped save more than a million jobs up and down the supply chain. If we had “let Detroit go bankrupt” like Romney wanted, Delphi would have likely been liquidated, and its employees would have lost their jobs.