Romney Hides Profits From Auto Bailout In Anne’s Blind Trust

At a press conference in Toledo, Bob King, President of the United Automobile Workers, will announce that his union and Citizens for Responsibility and Ethics in Washington (CREW)  have filed a formal complaint with the US Office of Government Ethics in Washington stating that Gov. Romney improperly hid a profit of $15.3 million to $115.0 million in Ann Romney’s so-called “blind” trust.

In 2009, Ann Romney partnered with her husband’s key donor, billionaire Paul Singer, who secretly bought a controlling interest in Delphi Auto, the former GM auto parts division.  Singer’s hedge fund, Elliott Management, threatened to cut off GM’s supply of steering columns unless GM and the government’s TARP auto bail-out fund provided Delphi with huge payments.  While the US treasury complained this was “extortion,” the hedge funds received, ultimately, $12.9 billion in taxpayer subsidies.

As a result, the shares Singer and Romney bought for just 67 cents are today worth over $30, a 4,000% gain.  Singer’s hedge fund made a profit of $1.27 billion and the Romneys’ tens of millions.

Read the whole story in Nation of Change

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About James Crist

How do we stop America's decline? The country is in trouble and we can all feel it. Where did we go wrong? How do we fix it? We now have an auction-based government, for sale to the highest bidder. Politicians have become nothing more than corporate whores and pawns for the rich. If we want our representatives to represent us, let them get their campaign money from us, their constituents. We have to amend the constitution to get the big money out of politics.
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