Greg Palast breaks news in The Nation and Democracy Now that Mitt Romney made at least $15 million in the auto bailout
October 18, 2012
Because Mitt Romney refuses to divulge his 2009 tax returns, journalist Greg Palast cannot prove just how many millions of dollars Romney made off of the auto bailout. But it is at least $15.3 million and likely more than $100 million. In today’s Nation cover story, Palast, who first broke the “hanging chad” story, and in 2000 revealed how Katherine Harris removed thousands of innocent Black citizens from voter rolls as “felons,” exposes that while Romney was saying “Let Detroit Go Bankrupt” (New York Times OpEd, 2008), he was plotting a 3000% return on his investment in its resuscitation.
Adapted from a chapter in Greg Palast’s current New York Times bestseller, Billionaires & Ballot Bandits: How to Steal an Election in 9 Easy Steps (Seven Stories Press), which has an introduction by Robert F. Kennedy Jr., and investigative comics by Ted Rall, the Nation story shows how Paul Singer’s Elliott Management, known for “strong-arming his way to profit,” (Fortune) by buying distressed companies and countries (he bought debt in Congo and Peru and made millions), and a handful of other investors bought Delphi stock at junk prices when the company was in bankruptcy. When he took the company public in 2011 Elliott Management, Silver Point, John Paulson’s fund, and Third Point investors had made billions. In the intervening two years GM had given Delphi 2.8 billion of its TARP funds and forgave 2.5 billion in debt (which was owed to the Treasury, Delphi’s de facto “owner”). The bottom line was that a large portion of the $12.6 billion of taxpayer money that was put into TARP, ended up in hedge fund pockets. Four of Romney’s top donors were invested in Delphi. And not one union job was retained from Delphi in the U.S.—the operations moved to China.