Mitt Romney's Bailout Bonanza

Mitt Romney's Bailout Bonanza

There are 25 comments on the www.thenation.com story from Oct 18, 2012, titled Mitt Romney's Bailout Bonanza. In it, www.thenation.com reports 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

Mitt Romney’s opposition to the auto bailout has haunted him on the campaign trail, especially in Rust Belt states like Ohio. There, in September, the Obama campaign launched television ads blasting Romney’s November 2008 New York Times op-ed, “Let Detroit Go Bankrupt.” But 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.

Join the discussion below, or Read more at www.thenation.com.

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Traumatic 4 years

Phoenix, AZ

#1 Oct 18, 2012
Romney specificially said let Delco go bankrupt and allow private investors to revive it.

If you read further you'll see the feds, the Obama administration, bailed Delco out in 2011. Delco bonds had become junk bonds no bank wanted, so a private investor grabbed it up at liquidation price and restructured the company to survive. Delco was put on the stock market and due to the new structure, jobs were kept and its stock price went from .67 to $22. So whose wrong? No bank would save Delco. Only private investors who saw potential to revive it cared to save it. So what's the complaint? Bankruptcy is what happens when a company is poorly managed yet the idea and products are viable. Unions destroyed Delco's profitability and it couldn't pay its debts. Private investors subsume the debt, take it on by negotiating with banks and submitting a credible plan to revive the business. The private investor went to the feds to get bail out money and Obama agreed. You will no doubt find Obama an investor of Delco in some way too through a third party purchaser of a basket of funds as with Romney. Romney did not agree with the bailout money, it was Obama.

Romney said let it go bankrupt and give it to private investors to revive.

You libs spin facts and half truths. The arrow points back at the Obama administratin for making the 1% richer including himself richer. The new Delco owner had donated to Obama in 2008.
The Endictment of Barack

Denver, CO

#2 Oct 18, 2012
This article, at the end of the day, is an endictment of Obama's bailout for GM which he aggressively marketed as necessary:

Altogether, in direct and indirect payouts, the government padded these investors’ profits handsomely. The Treasury allowed GM to give Delphi at least $2.8 billion of funds from the Troubled Asset Relief Program (TARP) to keep Delphi in business. GM also forgave $2.5 billion in debt owed to it by Delphi, and $2 billion due from Singer and company upon Delphi’s exit from Chapter 11 bankruptcy. The money GM forgave was effectively owed to the Treasury, which had by then become the majority owner of GM as a result of the bailout.

As Delphi was in bankruptcy, making few payments, the bonds were junk, considered toxic by the banks holding them. The hedge funds were able to pick up the securities for a song; most of Elliott’s purchases cost just 20 cents on the dollar of their face value.

By the end of June 2009, with the bailout negotiations in full swing, the hedge funds, under Singer’s lead, used their bonds to buy up a controlling interest in Delphi’s stock. According to SEC filings, they paid, on average, an equivalent of only 67 cents per share.

Just two years later, in November 2011, the Singer syndicate took Delphi public at $22 a share, turning an eye-popping profit of more than 3,000 percent. Singer’s fund investors scored a gain of $904 million, all courtesy of the US taxpayer. But that’s not all. In the year since Delphi began trading publicly, its stock has soared 45 percent. Loeb’s gains so far for Third Point:$390 million.

Romney as president in favor of reduced spending and budget cuts would have demanded the money be paid back by the company to taxpayers. At the debate, he said no bailout for Detroit.
turn mi back n fart

Nha Trang, Vietnam

#3 Oct 19, 2012
wow- the nation dot com...no wonthe GooseGo down 9 cent;-00000h Dr. Bill_mr. hop U don't fired yo worker;)
Robert

Douglasville, GA

#4 Oct 19, 2012
The Nation is the flagship magazine for the left, I fully expect them to come up with a pack of semi facts and string them together in a mile long chain of if's and assumes to say something like that.

No source from CNN or ABC or any of the other major news companies, just a bias left wing hack is all he can come up with.

Distraction distraction distraction, what is that unemployment rate again. How many people have just quit looking.

“i hope we can change this!”

Since: Aug 08

usa

#5 Oct 19, 2012
not just billshit...but LYING billshit.

Since: Nov 08

Location hidden

#6 Oct 19, 2012
Mr. Bill lies like obama. That's America's newest catch-phrase. "Lie like an Obama." Evidently Obama is even lower than a rug!
Blame Mitt for BO Bailout

Orange, CA

#8 Oct 19, 2012
It is ASTOUNDING how Barack and his liberal Crow-ley type shills is attempting to blame Romney for the bailouts instead of the Empty Chair himself. Romney wasn't EVEN president the past 4 years when the GM bailout was forced through by Barack.
Tony

Broken Arrow, OK

#9 Oct 19, 2012
Romney is all about personal profits and does NOT care about the middle class. Romney just another greedy Republican.
Wall Street Government

Sebastian, FL

#10 Oct 19, 2012
ROMNEYSIA strikes Mitt again.

The flip-flopper has trouble keeping his lies and positions straight.

Poor forgetful teabagger.

“It's a Brand New Day”

Since: Feb 06

New Rochelle

#11 Oct 19, 2012
Romney made $ 115 million, AND HIS FRIENDS MADE $ 4 Billion BY MANIPULATING CREDIT MARKET (LEGALLY) AND EXPORTING 100,000 AMERICAN JOBSS TO CHINA (LEGALLY;) AND YOU JUST DON'T GET THAT?

You are good with that?

Knowing they put DELCO over the barrel to (legally) extort this money from the US Treasury, to save the US auto industry?

And you are good with that?
3OHA

San Jose, CA

#12 Oct 19, 2012
Mr_Bill wrote:
Romney made $ 115 million, AND HIS FRIENDS MADE $ 4 Billion BY MANIPULATING CREDIT MARKET (LEGALLY) AND EXPORTING 100,000 AMERICAN JOBSS TO CHINA (LEGALLY;) AND YOU JUST DON'T GET THAT?
You are good with that?
Knowing they put DELCO over the barrel to (legally) extort this money from the US Treasury, to save the US auto industry?
And you are good with that?
You'd rather George Soros made it?

You know nothing and will be poor all your life because you're stupid.
Robert

Douglasville, GA

#13 Oct 19, 2012
Mr_Bill wrote:
Romney made $ 115 million, AND HIS FRIENDS MADE $ 4 Billion BY MANIPULATING CREDIT MARKET (LEGALLY) AND EXPORTING 100,000 AMERICAN JOBSS TO CHINA (LEGALLY;) AND YOU JUST DON'T GET THAT?
You are good with that?
Knowing they put DELCO over the barrel to (legally) extort this money from the US Treasury, to save the US auto industry?
And you are good with that?
you get all you news from left wing wacko publications so we never know if anything you say it true so yea we are good with that cause it ain't true.

“It's a Brand New Day”

Since: Feb 06

New Rochelle

#14 Oct 19, 2012
Robert wrote:
<quoted text>
you get all you news from left wing wacko publications so we never know if anything you say it true so yea we are good with that cause it ain't true.
Robert, get reaL. Where do you think all the money went?

You are not stupid, as most of the anti-Obama trolls are. Read the article, understand it, and then comment, You belittle yourself by remainibg deliberately ignorant.

“It's a Brand New Day”

Since: Feb 06

New Rochelle

#15 Oct 19, 2012
Blame Mitt for BO Bailout wrote:
It is ASTOUNDING how Barack and his liberal Crow-ley type shills is attempting to blame Romney for the bailouts instead of the Empty Chair himself. Romney wasn't EVEN president the past 4 years when the GM bailout was forced through by Barack.
It sure would be interesting to see Mr Romney's 2009 tax return?
Robert

Douglasville, GA

#18 Oct 20, 2012
Mr_Bill wrote:
<quoted text>
Robert, get reaL. Where do you think all the money went?
You are not stupid, as most of the anti-Obama trolls are. Read the article, understand it, and then comment, You belittle yourself by remainibg deliberately ignorant.
I will read that article when you start getting your news from Fox.

The publication has a clear bias.

“It's a Brand New Day”

Since: Feb 06

New Rochelle

#19 Oct 21, 2012
Robert wrote:
<quoted text>
I will read that article when you start getting your news from Fox.
The publication has a clear bias.
There is no news from FOX. Only newstainment, half fantasy, half lies, all predjudice.
i fart in yee faceboooble

Nha Trang, Vietnam

#20 Oct 21, 2012
Mr_Bill wrote:
<quoted text>
There is no news from FOX. Only newstainment, half fantasy, half lies, all predjudice.
McBill_mr! move on there no Fox or CNN or c-Spam onleee www.newseum.org no dot.com/news ;-0000
i fart in yee faceboooble

Nha Trang, Vietnam

#21 Oct 21, 2012
Robert wrote:
<quoted text>
I will read that article when you start getting your news from Fox.
The publication has a clear bias.
www.cnn.com/iReport ? www.foxnews.com/uReport www.newseum.org

www.news.com/;-00000000000000000 mov on kids
Robert

Douglasville, GA

#23 Oct 22, 2012
Mr_Bill wrote:
<quoted text>
There is no news from FOX. Only newstainment, half fantasy, half lies, all predjudice.
You don't think thenation is any different you. Why do you think the major news outlets did not run the same story ?

Don't report, distort. That is what these opinion based so called news sites do.

“It's a Brand New Day”

Since: Feb 06

New Rochelle

#24 Oct 22, 2012
Robert wrote:
<quoted text>
You don't think thenation is any different you. Why do you think the major news outlets did not run the same story ?
Don't report, distort. That is what these opinion based so called news sites do.
Thyis is a real story, yes, and true.

That the "major news outlets" (all owned by very conservative people or corporations) does not run it, is proof to the fantasy of a "liberal media."

Same as when all sorts of $$$ Billion Dollar stock and bond manipulation was going on. Who got the "major news outlets" coverage?

Martha Stewart.

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