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2MuchMark

11-02-2012 05:55 PM

Something really interesting about Mitt Romney

I saw something on the news

Remember when Romney write the piece called "Let Detroit go Bankrupt"? The economy was crashing, and stocks were falling.

Get this : Delphi, is a company that supplies parts to car manufactures such as GM.

Is it possible that Mitt's article and other things he was saying at the time, were done on purpose to push stocks down even lower? And is it possible that he knew that a bailout by President Obama was just around the corner?

Get this : When the shit was hitting the fan and stock prices of Delphi fell to $0.69 cents (the lowest in history), Mitt Romney's wife purchase $1 Million dollars worth of stock in Delphi.

Today Delphie is worth $32 or more a share. That is a 4537% increase. It's estimated that the Romney's made over $15 Million on this.

A shrewd investor is a smart guy, but what he did was scare people and take major advantage of just about everyone at the same time.

There's more to the story too : http://www.thenation.com/article/170...ilout-bonanza#

How anyone at all can vote for this fucker is beyond me.

Fortunately, the United Auto Workers are pissed off : Check this out:

Mitt Romney Likely To Face Ethics Complaint From UAW For Allegedly Hiding Auto Bailout Profits

Quote:

The United Auto Workers (UAW), the Service Employees International Union (SEIU), and other groups plan to file an ethics complaint against Mitt Romney for allegedly failing to disclose his profits from the auto bailout, the UAW has told The Huffington Post.

The groups are calling for an investigation by the U.S. Office of Government Ethics to investigate Romney's alleged violation of the Ethics in Government Act, which requires presidential candidates to disclose their personal finances. The ethics complaint comes on the heels of an Oct. 17 article in The Nation, which alleged that Romney has hidden his personal gains of at least $15.3 million from the auto bailout.

"He made his fortune off the misfortune of others," Bob King, president of the UAW, told The Huffington Post on Wednesday. "Why should we have to find out from the media about this?"

The Romney campaign could not be immediately reached for comment.

The allegations are ironic given that Romney has been a staunch critic of the auto bailout. Romney called for the government to let the auto industry go bankrupt in an op-ed in The New York Times in 2008. The Romney campaign also released a misleading ad in October that claims Chrysler has moved all production of Jeeps to China following the auto bailout.

Romney and his wife allegedly made millions from the auto bailout through their investments in the hedge fund Elliott Management, which held a stake in the auto bailout recipient Delphi Automotive, according to The Nation. The return on this investment amounted to more than 3,000 percent, according to The Nation.

Go get him, UAW

Sly	11-02-2012 05:57 PM

How people keep misrepresenting the title of his piece, when the corrections have been widely known, is beyond me.

Robbie

11-02-2012 05:58 PM

Quote:

Originally Posted by Sly (Post 19291704)

How people keep misrepresenting the title of his piece, when the corrections have been widely known, is beyond me.

He's one of those guys who jerks off to pics of Obama and doesn't live in reality. :(

Helix

11-02-2012 06:02 PM

Whatever. There is a lot about American politics that is beyond you. You are Canadian, you should pay close attention to Canadian politics, not US politics.
Steven Harper is looking for you.

baddog

11-02-2012 06:08 PM

Prince is clueless.

Robbie

11-02-2012 06:13 PM

Funny thing is...I don't have a clue about ANY Canadian politician. lol

The last one I ever heard about was back in the late 1970's when Mick Jagger fucked the Canadian Prime Minister's wife. And I can't even remember his name. lol

I don't quite understand why Canadians are so hell bent on Obama being the Pres. of the United States.

You Canadians should get on board with me and go Libertarian if you are so concerned about the U.S.
Obama and Romney are both warmongers who will keep the TSA searching us at airports to stop "terrorists" (though back in the 60's, 70's, and 80's when planes were getting hijacked and blown up in mid-air a lot...there didn't seem to be the need for that), keep the "Patriot Act" so they can spy on citizens, and continue on full speed ahead with the "war on drugs" that makes the U.S. the NUMBER ONE country in the world with it's citizens in prison.

epitome

11-02-2012 06:16 PM

Quote:

Originally Posted by Sly (Post 19291704)

How people keep misrepresenting the title of his piece, when the corrections have been widely known, is beyond me.

Huh?

http://www.nytimes.com/2008/11/19/op...mney.html?_r=0

Let Detroit Go Bankrupt

A version of this op-ed appeared in print on November 19, 2008, on page A35 of the New York edition with the headline: Let Detroit Go Bankrupt.

L-Pink

11-02-2012 06:18 PM

Your hate is in overdrive.

.

Robbie

11-02-2012 06:18 PM

Quote:

Originally Posted by epitome (Post 19291728)

But Romney didn't write that headline.

That's common knowledge.
The editor of The New York Times wrote the headline to try and grab attention. Romney NEVER said that. And his editorial piece is actually a very well thought out way to save Detroit that Obama ended up doing (minus the bailout)

2MuchMark

11-02-2012 06:30 PM

Quote:

Originally Posted by baddog (Post 19291722)

Prince is clueless.

Lol! Weak reply.

Colmike9

11-02-2012 06:32 PM

I've been working off and on for Delphi with robotics since '03. Don't get me started on how shady they are with money...

epitome

11-02-2012 06:33 PM

Quote:

Originally Posted by Robbie (Post 19291732)

I was waiting for someone to pipe in to say he never said that. You're right, he didn't say that in the op-ed, he just said it later on TV.

http://www.washingtonpost.com/blogs/...t-go-bankrupt/

Quote:

Obama referred to fact that Mitt Romney wanted Detroit to go “bankrupt.”

This statement is drawn from a headline — “Let Detroit Go Bankrupt” — on an opinion article written by Romney for The New York Times. But he did not say that in the article. (He repeated the line, however, on television.)

Although “bankrupt” often conjures up images of liquidation, Romney called for a “managed bankruptcy.” This is a process in which the company uses the bankruptcy code to discharge its debts, but emerges from the process a leaner, less leveraged company.

Ultimately, along with getting nearly $80 billion in loans and other assistance from the Bush and Obama administrations, GM and Chrysler did go through a managed bankruptcy. But many independent analysts have concluded that taking the approach recommended by Romney would not have worked in 2008, simply because the credit markets were so frozen that a bankruptcy was not a viable option at the time.

Robbie

11-02-2012 06:37 PM

Quote:

Originally Posted by epitome (Post 19291772)

I was waiting for someone to pipe in to say he never said that. You're right, he didn't say that in the op-ed, he just said it later on TV.

http://www.washingtonpost.com/blogs/...t-go-bankrupt/

No he didn't. Obama said that to Romney during the debate and Romney (rightfully) denied he ever wrote that headline or ever said that.
They argued it over and Romney told Obama to look it up later. lol

Helix

11-02-2012 06:45 PM

If Obama was on your payroll working out of your pocket you would have fired him years ago. He can't manage because he has zero experience managing anything. Nada, Zero, Nothing.....
Obama could fuck up a free lunch, and he has.

epitome

11-02-2012 06:51 PM

Quote:

Originally Posted by Robbie (Post 19291782)

epitome

11-02-2012 06:53 PM

Quote:

Originally Posted by Helix (Post 19291794)

You're right. I heard he just did a flyover tonight to survey Hurricane Sandy damage. What a douche.

http://cdn.breitbart.com/mediaserver...bamaSitjpg.jpg

I bet that is a chop.

That's just this weeks crisis.

Helix

11-02-2012 06:56 PM

Benghazi......nothing but crickets from Obama administration.

Phoenix

11-02-2012 07:08 PM

misdirection is the most common tactic used by those not wishing to engage

Robbie

11-02-2012 07:35 PM

Quote:

Originally Posted by epitome (Post 19291809)

You're right. I heard he just did a flyover tonight to survey Hurricane Sandy damage. What a douche.

And I remember when Bush did a flyover during Katrina.
The Democrats went crazy over that and claimed that him not being on the ground, but up in a helicopter proved that he didn't "care" about the people in New Orleans.

Politics suck. :(

Seems like the Dems and Repubs are more worried about getting and keeping power than anything else. :(

shake

11-02-2012 08:27 PM

Quote:

Originally Posted by Helix (Post 19291712)

Whatever. There is a lot about American politics that is beyond you. You are Canadian, you should pay close attention to Canadian politics, not US politics.
Steven Harper is looking for you.

Yup, we've got our own evil leader in Canada pulling all kinds of shit right now :mad:

epitome

11-02-2012 08:29 PM

Quote:

Originally Posted by Robbie (Post 19291866)

It was a joke. Obama was very much on the ground immediately after.

keysync

11-02-2012 08:35 PM

The Delphi company near me is now called GM Holdings.
The 69 cent stock buy was prior to the actual bankruptcy.
Romneys probably actually lost that million dollars when the Govt cashed out and fucked all the stock holders when they were handing the company over to the UAW.

I know a old couple that worked there whole life at Delphi formerly Delco. Retired, and got ass fucked when the company went bankrupt.

Colmike9

11-02-2012 09:07 PM

Quote:

Originally Posted by keysync (Post 19291932)

I know a old couple that worked there whole life at Delphi formerly Delco. Retired, and got ass fucked when the company went bankrupt.

Yep, same with a lot of Delphi workers around here.. :Oh crap

Rochard

11-02-2012 11:02 PM

Quote:

Originally Posted by Robbie (Post 19291732)

Doesn't matter. What he said does:

Quote:

The American auto industry is vital to our national interest as an employer and as a hub for manufacturing. A managed bankruptcy may be the only path to the fundamental restructuring the industry needs. It would permit the companies to shed excess labor, pension and real estate costs. The federal government should provide guarantees for post-bankruptcy financing and assured buyers that their warranties are not at risk.

In a managed bankruptcy, the federal government would propel newly competitive and viable automakers, rather than seal their fate with a bailout check.

He's telling us Gm should have gone through a structured bankruptcy. So that means thousands of companies that GM owes money to would have to stand and line wait six months to a year to get paid and they would be lucky if they got thirty cents on the dollar - shoving more people in the unemployment lines.

Robbie

11-02-2012 11:19 PM

Quote:

Originally Posted by Rochard (Post 19292038)

Dude...Obama DID put both GM and Chrysler through a structured bankruptcy. THAT is what the liberals don't talk about.

Look it up for yourself.

On April 30th, 2009 Obama rejected Chrysler's restructuring plan and announce his own bankruptcy plan for Chrysler.

Then on June 1st, 2009 he announced GM's bankruptcy.

This is Obama's own words from the announcement:
"?Exiting a restructuring of this scale, however, requires not only new investments, it also requires giving GM a chance to start anew by clearing away the massive past debts that are weighing the company down,? Obama said on June 1, 2009. ?And that's why earlier today GM did what Chrysler has successfully done, and filed for a Chapter 11 bankruptcy, with the support of its key stakeholders and the United States government.

"In all likelihood, this process will take more time for GM than it did for Chrysler, because GM is a bigger, more complex company. But Chrysler's extraordinary success reaffirms my confidence that GM will emerge from its bankruptcy process quickly and as a stronger and more competitive company,? he added."

I don't understand why people are not aware of any of this and/or pretend that Romney was wrong and Baby Jesus Obama somehow waved a magic wand and "saved" the industry.
He put them through bankruptcy AFTER giving them a massive bailout.

AsianDivaGirlsWebDude

11-02-2012 11:31 PM

From Real Clear Politics, Oct 30, 2012:

Quote:

Thank Obama For The Auto Rescue

Of Mitt Romney's many costume changes, the new Superman outfit portraying him as the would-be savior of the American auto industry wins for most imaginative. Understood: His infamous "Let Detroit Go Bankrupt" op-ed has proven a great inconvenience to winning votes in the industrial Midwest. But continually insisting that one didn't say what one said is severely not honest. Romney is the kind of politician you ask, "Trick or treat?" and he answers "both."

A new Romney campaign ad for Ohio intones, "He has a plan to help the auto industry." A nice sentiment now that the carmakers no longer need saving. His plan in the winter of 2009, when General Motors and Chrysler were clearly going under, was to deny them government aid. (As you may know by now, the ad's riff about Chrysler sending Jeep production to China is untrue.)

Romney was trying to please a Republican fringe that demonizes unionized workers. And he had support from Southern lawmakers figuring that Detroit's collapse would mean less competition for the foreign-owned companies making cars in their region.

President Obama spent those grim days winning government guarantees for automakers over fierce Republican resistance. Consumers were cowering under their beds. It was government help or disaster. Auto industry analysts predicted that even solvent Ford could not have endured the collapsing chain of suppliers that would have undoubtedly followed an unsupported GM bankruptcy.

But Romney lectured the car companies to get private financing at a time when private lending had virtually dried up. Healthy companies couldn't get it.

Interesting that the ad mentions Romney's endorsement by the Detroit News. Everyone should read that editorial. While backing the Republican, it straightforwardly credits Obama for saving the auto industry.

"Don't assume it was a no-brainer for a conservative newspaper to endorse a conservative presidential candidate," the editorial stated in a section subtitled, "Thank Obama for auto rescue."

Romney "was wrong in suggesting the automakers could have found operating capital in the private markets," the Detroit News said. And it dismissed Romney's call for "post bankruptcy" government-backed loans as irrelevant: "What GM and Chrysler needed were bridge loans to get them through the process, and the private credit markets were unwilling to provide them." The editorial went on, "Obama put a rescue team to work, and they were true to the task."

It was rather coy of Romney to offer government assistance "post bankruptcy." That's like letting a house go over Niagara Falls and then offering to insure it if it survived.

Meanwhile, anti-union partisans continue pushing propaganda that the Detroit bailout was a United Auto Workers bailout. The facts: Labor costs at unionized factories were indeed way out of line and had to be brought down. But that was done in the restructuring. Even before, the UAW had accepted cuts for new hires in health care benefits, job security and pensions. The UAW later agreed to slash wages for new workers to half of what they were.

For the first time since Henry Ford raised wages to $5 a day in 1914, newly hired autoworkers are making less than the average U.S. manufacturing wage. It seems at times that some people won't rest until America's blue-collar workers are turned into serfs.

Obama took an enormous political risk putting so much taxpayer money behind the car companies -- though no leader could have responsibly stepped aside at the time. Remember that the Detroit bailout was started under George W. Bush. "I'd do it again," Bush said a few months ago.

When it came to saving the U.S. carmakers, Romney was no Superman. He was a super-panderer willing to sell out America's industrial heartland for a few right-wing votes.

People would rather argue over a headline than the substance of the issue... :helpme

ADG

Robbie

11-02-2012 11:34 PM

Quote:

Originally Posted by AsianDivaGirlsWebDude (Post 19292064)

People would rather argue over a headline than the substance of the issue... :helpme

ADG

Yep, because Romney said that the car makers needed to go through a structured bankruptcy.

And then Obama did just THAT as I pointed out one post above yours.

It's common knowledge and yet people are pretending it didn't happen.

Obama took both GM and Chrysler and did EXACTLY what Romney mapped out in his op ed piece.

The headline for that piece was written by a liberal NY Times editor who wanted to grab attention to the piece with a sensational headline.

epitome

11-03-2012 12:10 AM

Quote:

Originally Posted by Robbie (Post 19292068)

Except that the credit markets were frozen which means they couldn't have done a structured bankruptcy without a much needed lifeline.

As the WP fact check I linked to stated Romney's plan wouldn't have worked because there was no credit for the car companies to obtain to see them through restructuring.

You can only do a bankruptcy like that when there are creditors willing to back you up.

Romney said he wanted one thing but the way he said to go about it likely would have resulted in liquidation.

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