Greg Palast: “Mitt Romney, through Ann Romney’s blind trust—not so blind, they could see exactly where the money was going—gave their money to Paul “The Vulture” Singer… Singer, with two of his hedge fund buddies, bought up the auto parts division of General Motors for only 67 cents a share. They were able to turn 67 cents a share into $22 a share by threatening GM and the U.S. Treasury with a complete shutdown of the auto industry. They had complete control of all the steering wheels and steering columns of every car that was being made in America. GM would have been liquidated. They literally threatened to shut down GM. And so, they—the government simply allowed GM to pay them $12 billion. About half of that was straight from the U.S. Treasury in a takeover of Delphi’s pension fund.
Once they got the money—once they got the money, they eliminated 28 of 29 auto plants in the U.S. They moved—they eliminated every single job of every UAW member; 25,200 UAW members all lost their jobs. Almost every plant was then moved by the Romney group to China. Delphi is making a fortune today. So you have 25,000 workers who lost their jobs to China. Three hedge fund managers made at least $4 billion, $4.2 billion. And the Romneys have made at least 15, but the evidence suggests that it’s more like $115 million for the Romneys, about a 4,000 percent profit.
What we can’t get from them at this moment, this may be the reason why they are not releasing their 2009 taxes, because that would give us a better hint. Unfortunately, they’ve not only moved the company operations to China, but they’ve moved their incorporation of the auto parts division of General Motors from Troy, Michigan, to the Isle of Jersey in the Mediterranean Sea, which hides their taxes and also, of course, hides their accounts.”
It would be great if someone would ask Mitt Romney to explain: 1) this, or 2) how vulture capitalism helps America or the tax payer — or the 47 percent he was sneering at with his wealthy donors in May — or, 3) how more tax cuts for “small businesses” like Delphi would translate into “job creation.”