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Mitt Romney's Bailout Bonanza
Topic Started: Oct 23 2012, 04:33 AM (174 Views)
colo_crawdad
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Fire & Ice Senior Diplomat
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Borrowed from another forum.

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. http://www.thenation.com/article/170644/mitt-romneys-bailout-bonanza
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ngc1514
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Romney brings more government of the rich, by the rich and for the rich.

I have nothing against being rich... Hell, I'd like to be part of that top .0001%! But don't be telling me you can feel the pain of the little people while raking in millions by being part of what you now condemn for purely political reasons.
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Brewster
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Fire & Ice Senior Diplomat
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Don't forget, Eric.

Romney's unemployed and unwilling to work at a menial job, just like so many in the 47%.

One more Deadbeat trying to collect from the government.
Edited by Brewster, Oct 23 2012, 05:57 AM.
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Berton
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Other than the author's lack of knowledge about how a blind trust works what is the problem?
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