UAW/SEIU File Government Ethics Complaint Against Mitt Romney for Failing to Disclose Over $15 Million in Auto Bailout Profits

This is MAJOR news! Of course, Romney supporters will overlook it. They would rather have a corrupt, lying, greedy, thieving, soulless, racist, hypocritical vulture capitalist who would gut our nation, than have President Obama, a competent black man, as president who has done an absolutely OUTSTANDING JOB of leading this nation out of the 2nd worst Depression who has done it all with near 100% obstruction. These people would rather drown than have a black man save them. Racism must be the ultimate disease to be afflicted with.

UAW Files Government Ethics Complaint Against Mitt Romney for Failing to Disclose Over $15 Million in Auto Bailout Profits
Via Lou Posner’s Blog

Groups urge Office of Government Ethics to make Romney disclose or divest

WASHINGTON — A coalition of community, labor and good-government organizations is calling on the U.S. Office of Government Ethics to investigate GOP presidential candidate Mitt Romney for noncompliance with the Ethics in Government Act and compel him to either disclose his investments or divest them.

“The American people have a right to know about Governor Romney’s potential conflicts of interest, such as the profits his family made from the auto rescue,” said UAW President Bob King. “It’s time for Governor Romney to disclose or divest.”

“While Romney was opposing the rescue of one of the nation’s most important manufacturing sectors, he was building his fortunes with his Delphi investor group, making his fortunes off the misfortunes of others,” King added.

The groups sending the complaint letter, including SEIU, UAW, Citizens for Responsibility and Ethics in Washington, Public Citizen, Public Campaign, People for the American Way and The Social Equity Group, believe that Romney’s undisclosed stock holdings create serious conflicts of interest. They point to the auto rescue as a key example.

The Nation recently reported that the Romney family personally profited by at least $15.3 million from the auto loans of 2009 through his investment in the Delphi Corp. auto parts company. Yet Romney’s June 1, 2012, Public Financial Disclosure Report to the Office of Government Ethics did not reveal this windfall because he did not disclose the underlying holdings of his private equity and limited partnership funds.

. . .

UPDATE:  SEIU Files Ethics On Romney For Auto Loans Profit in Joint Conference with UAW on Nov. 1 & 2 in Toledo, OH 

This 2 min. clip is worth listening to as it lays the grounds for the charges.

. . .

More from Truth-Out…

UAW Charges Romney With Profiteering From Auto Bailout

TRUTH-OUT – For Mitt Romney, it’s one scary Halloween. The Presidential candidate has just learned that tomorrow afternoon (November 1) he will be charged by the United Automobile Workers (UAW) and other public interest groups with violating the federal ethics in government law by improperly concealing his multi-million dollar windfall from the auto industry bailout.

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.

The union chief says, “The American people have a right to know about Gov. Romney’s potential conflicts of interest, such as the profits his family made from the auto rescue. It’s time for Gov. Romney to disclose or divest.”

“While Romney was opposing the rescue of one of the nation’s most important manufacturing sectors, he was building his fortunes with his Delphi investor group, making his fortunes off the misfortunes of others,” King added.

The Romneys’ gigantic windfall was hidden inside an offshore corporation inside a limited partnership inside a trust which both concealed the gain and reduces taxes on it.

The Romneys’ windfall was originally exposed in Nation Magazine (and reposted on Truthout,) Mitt Romney’s Bail-out Bonanza after a worldwide investigation by our crew at The Guardian, the Nation Institute and the Palast Investigative Fund.

The full story of Romney and his “vulture fund” partners is in the New York Times bestseller, “Billionaires & Ballot Bandits,” available from Truthout with a contribution by clicking here.

According to ethics law expert Dan Curry who drafted the ethics complaint, Ann Romney does not have a federally-approved blind trust. An approved “blind” trust may not be used to hide a major investment which could be affected by Romney if he were to be elected President. Other groups joining the UAW and CREW include Public Citizen, the Service Employees International Union (SEIU), Public Campaign, People for the American Way and The Social Equity Group.

President Obama’s approved trust, for example, contains only highly-diversified mutual funds on which presidential action can have little effect. By contrast, the auto bail-out provided a windfall of over 4,000% on one single Romney investment.

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 bailout 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 Romney’s tens of millions.

The UAW complaint calls for Romney to reveal exactly how much he made off Delphi — and continues to make. The Singer syndicate, once in control of Delphi, eliminated every single UAW job –25,000– and moved almost all auto parts production to Mexico and China where Delphi now employs 25,000 auto parts workers.

Greg Palast – Mitt Romney’s Auto Bailout Bonanza, Youtube, Oct. 23, 2012

Based on Palast’s Nation Magazine Cover story and adapted from his current New York Times bestseller: Billionaires & Ballot Bandits: How to Steal an Election in 9 Easy Steps.

Greg Palast investigates Karl Rove, the Koch Gang, and Their Buck Buddies.

For more info go to: GregPalast.com and BallotBandits.org.

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9 thoughts on “UAW/SEIU File Government Ethics Complaint Against Mitt Romney for Failing to Disclose Over $15 Million in Auto Bailout Profits”

    1. You’re welcome, Jueseppi. This hit Twitter late last night, so mainstream media will be lit up today and all weekend with this. It’s a bombshell! It will shock many right wing voters, but those of us who have followed Romney all along should not be surprised.

    1. Of course they won’t, homebrewtheology…at least not in a truthful manner. Oh well, we’ll just have to do the work for them and inform their viewers the best way we know how…on the internet and virally! 🙂

  1. Reblogged this on angrymanspeaks and commented:
    Here are the details of Romney’s extortion of the Government Auto Bailout Fund; mentioned in the “Perfect President Post” on this site. Bend over America; take it and like it. Mitt Romney’s back in town.
    This is an excellent piece of work. Thank You Cadesertvoice.

    1. My pleasure, angrymanspeaks…and thank you for the reblog! The more people who see this, the better chance we have of protecting this nation from vultures like Romney. BTW, I like you handle. 🙂

  2. Diane Schmalz Fischer
    facebook.com/diane.s.fischer.9 x
    diane914@eatel.net

    Please read instructions to commenters at the top of this page. We are an Obama Support site. Trolls and right wingers are not welcome. If you continue to post here you will be reported. Have a good day!

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