Those of us living in Michigan, especially
those in the Detroit
area, are familiar with the sad story of Troy-based Delphi Automotive’s financial
struggles. We recall how the workers’ wages were slashed and their pensions
taken away. And we know that Delphi (the
spinoff of General Motors’ Delco division), as a major auto parts manufacturer,
was essential to keeping GM and Chrysler going after the managed bankruptcy.
As a result, Delphi indirectly received
financial aid from the federal bridge loans to GM and Chrysler – some peg the
amount at more than $10 billion.
Now, economist and investigative journalist Greg Palast, author of “ Billionaires
& Ballot Bandits: How to Steal an Election in 9 Easy Steps,” believes he
has discovered the rest of the story.
Palast claims that Mitt and Ann Romney
received millions of dollars in profits by investing in one of the venture
capital firms that scooped up a big piece of Delphi.
Here’s a portion of the excerpts from Palast’s book, as published in The
Nation:
“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.
“… One of the hedge funds profiting from (the Delphi)
bailout –
$1.28
billion so far — is Elliott Management, directed by
multi-billionaire 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. … And Singer is influential with the GOP
presidential candidate; he’s not only an informal (Romney) adviser but,
according to the Journal,
his support was critical in helping push Representative Paul Ryan onto the
ticket.
“Other GOP presidential hopefuls chased Singer’s endorsement, but Mitt
chased Singer with his own checkbook, investing at least $1 million with
Elliott through Ann Romney’s blind trust (it could be far more, but the Romneys
have declined to disclose exactly how much).”
Is it too late for the Obama team to once again clamor for Romney to release
his tax returns?
