Latest topics
» Martial Law in America After Christmas?
Today at 1:35 am by PurpleSkyz

» NWS warns to AVOID waves in coming days - Could see some 50 footers!
Today at 1:30 am by PurpleSkyz

» Eugene Bagashov: Oumuamua -- Surprising Data Leads to Strange Theories
Today at 1:28 am by PurpleSkyz

» The Dramatic and Paranormal Close Alien Encounter of Bob Smith
Today at 1:26 am by PurpleSkyz

» Black UFO Videotaped over Utica, NY
Today at 1:21 am by PurpleSkyz

» POOFness for DEC 16: A Little Good News... I THINK THEY ARE FALLING FOR THE LAPIS SCAM! KEEP THOSE ORDERS COMING IN!
Yesterday at 11:54 pm by PurpleSkyz

» The Bankrupt Welfare State: Coming Turmoil of the 2020's
Yesterday at 11:41 pm by Consciousness Of Economic

» Geoengineering Watch Global Alert News, December 15, 2018, #175 ( Dane Wigington )
Yesterday at 11:41 pm by Consciousness Of Economic

» Why Hollywood SETS are really Altars to the Egyptian $atan
Yesterday at 11:40 pm by Consciousness Of Economic

» These Are The Anomalies in our DNA That You Are Not Allowed to Mention
Yesterday at 11:37 pm by Consciousness Of Economic

» Is The Clinton Foundation Under Investigation?
Yesterday at 11:36 pm by Consciousness Of Economic

» Nephilim Giants found in Utah, Brewers Cave the untold story
Yesterday at 11:35 pm by Consciousness Of Economic

» THEY WILL FIRE ON AMERICAN CITIZENS
Yesterday at 11:34 pm by Consciousness Of Economic

» Something NEW Is Happening at Airports You Need to See!
Yesterday at 11:34 pm by Consciousness Of Economic

» FEMA BARFEMA BARGES: HUNDREDS OF PEOPLE BEING DROWNED!!!........(ALLEGED).
Yesterday at 11:33 pm by Consciousness Of Economic

» ESCAPED FROM A FEMA BARGE !!! REAL HORROR STORY !
Yesterday at 11:31 pm by Consciousness Of Economic

» MUST WATCH!!! Undercover Footage Zionists DON'T Want You to See!
Yesterday at 11:30 pm by Consciousness Of Economic

» Congress Investigating 5G dangers.
Yesterday at 11:30 pm by Consciousness Of Economic

» Sanhedrin "Third Temple" Ritual in Jerusalem (R$E)
Yesterday at 9:19 pm by Consciousness Of Economic

» Strange UFO filmed in Brazil
Yesterday at 7:33 pm by PurpleSkyz

» 9/11 Predicted on The Lone Gunmen
Yesterday at 6:59 pm by topspin2

» Heavy Metal News 1990 and Donald Trump
Yesterday at 6:56 pm by topspin2

» M6.1Earthquake strikes DIRECT WARNED AREA -- Australia M5.9 EQ at VLF HAARP Station
Yesterday at 6:38 pm by PurpleSkyz

» Eyes wide Open ~ Part 5 - Do you really want to know what IT is?
Yesterday at 5:28 pm by PurpleSkyz

» Water Cannons Used As Thousands Protest UN Migration Pact In Brussels
Yesterday at 4:58 pm by PurpleSkyz

» Oprah-featured “John of God” to be arrested on sex abuse charges
Yesterday at 4:22 pm by PurpleSkyz

» Irrefutable Proof the Moon Landing Was Faked!!!
Yesterday at 1:33 pm by PurpleSkyz

» The Denver Airport Conspiracy : Five Things To Know About This Odd Airport…
Yesterday at 1:29 pm by PurpleSkyz

» CDC Finally Admits What Anti-vaxxers Say About The MMR Vaccine
Yesterday at 1:22 pm by PurpleSkyz

» The Power of Crystal Healing: Recharging Your Energy
Yesterday at 1:08 pm by PurpleSkyz

» The real truth of ICE Centers, Lies...
Yesterday at 1:00 pm by Consciousness Of Economic

» Alice in Wonderland & Wizard of Oz MK-ULTRA Programming Unpacked
Yesterday at 12:56 pm by PurpleSkyz

» Ignored and Infuriated, Pawnee Stop Illegal Fracking Plans on Tribal Lands
Yesterday at 12:44 pm by PurpleSkyz


CLICK THE SUBSCRIBE BUTTON BELOW TO RECEIVE OUR DAILY NEWSLETTER

A 2ND EMAIL COMPLETES THE ACTIVATION PROCESS




CLICK THE PURPLE BUTTON TO VIEW OUR LATEST POSTS




You are not connected. Please login or register

Out Of Mind » THE INSANITY OF REALITY » GOVERNMENT & THE NEW WORLD ORDER » REVEALED Romney’s Top Funders Made Billions on Auto Bail-Out

REVEALED Romney’s Top Funders Made Billions on Auto Bail-Out

Go down  Message [Page 1 of 1]

shakes4life2


REVEALED Romney’s Top Funders Made Billions on Auto Bail-Out

- Thanks to Mark

by Greg Palast

02/23/2012

www.nationofchange.org/revealed…

Republican Presidential candidate Mitt Romney called the federal government’s 2009 bail-out of the auto industry, “nothing more than crony capitalism, Obama style… a reward for his big donors to his campaign.” In fact, the biggest rewards – a windfall of more than two billion dollars care of U.S. taxpayers –– went to Romney’s two top contributors.

John Paulson of Paulson & Co and Paul Singer of Elliott International, known on Wall Street as “vulture” investors, have each written checks for one million dollars to Restore Our Future, the Super PAC supporting Romney’s candidacy.

The two hedge fund operators turned a breathtaking three-thousand percent profit on a relatively negligible investment by using hardball tactics against the U.S. Treasury and their own employees.

Gov. Romney last week asserted that the Obama Administration’s support for General Motors was a, “payoff for the auto workers union.” However, union workers in GM’s former auto parts division, Delphi, the unit taken over by Romney’s funders, did not fair so well. The speculators eliminated every single union job from the parts factories once manned by 25,200 UAW members.

Under the control of the speculators, Delphi, which had 45 plants in the U.S. and Canada, is now reduced to just four factories with only 1,500 hourly workers, none of them UAW members, despite the union agreeing to cut contract wages by two thirds.

It wasn’t supposed to be quite so bad. The Obama Administration and GM had arranged for a private equity investor to provide half a billion dollars in new capital for Delphi, but that would have cut the pay-out to Singer and Paulson. The speculators blocked the Obama-GM plan, taking the entire government bail-out hostage. Even the Wall Street Journal’s Dealmaker column was outraged, accusing Paul Singer of treating the auto company, “like a third world country.”

But it worked. Singer and Paulson got what they demanded. Using U.S. Treasury funds:

GM agreed to pay off $1.1 billion of Delphi’s debts,

Forgave $2.15 billion owed GM by Delphi (which had been spun off as an independent company)

Pumped $1.75 billion into Delphi operations, and

Took over four money-losing plants that the speculators didn’t want.

If those plants had been closed, GM factories would have shut down cold for lack of parts.

Then there was the big one: The U.S. government agreed to take over $6.2 billion in pension benefits due Delphi workers under U.S. labor law.

Governor Romney, while opposing the bail-out of GM, accused Obama of eliminating the pensions of 21,000 non-union employees at Delphi. In fact, it was Romney’s funders who wiped out 100% of the pensions and health care accounts of Delphi salaried retirees.

Paulson and Singer paid an average of about 67 cents a share for Delphi. In November, 2011, Paulson sold a chunk of his holdings for $22 a share. Paulson’s gain totals a billion and a half dollars ($1,499,499,000), and Singer gained nearly a billion ($899,751,000) –– thirty-two times their investment.

One-hundred percent of this gain for the Paulson and Singer hedge funds is accounted for by taxpayer bail-out support.

But, unlike the government loans and worker concessions given to GM, the U.S. Treasury and workers get nothing in return from Delphi.

From GM, the U.S. Treasury got warrants for common stock (similar to options) that have already produced billions in profit.

And Delphi? It’s doing well for Paulson and Singer. GM and Chrysler, still in business by the grace of the U.S. Treasury, remain Delphi’s main customers, buying parts now made almost entirely in China and other cheap-labor nations.

And exactly who are Paulson and Singer?

Billionaire John Paulson became the first man in history to earn over $3 billion in a single year –– not for his hedge fund, but for himself, personally. At the core of this huge payday was a 2007 scheme by which, via Goldman Sachs, he sold “insurance” on subprime mortgage loans. According to a lawsuit filed by the Securities Exchange Commission, Goldman defrauded European banks by pretending that Paulson was investing in the insurance. In fact, Paulson was, secretly, the beneficiary of the insurance, reaping billions when the mortgage market collapsed.

Goldman paid half a billion dollars in civil fines for the fraud. While the SEC states that Paulson knowingly participated in the scheme, he was not fined and denies he defrauded the banks.

Multi-billionaire Singer is known as Wall Street’s toughest “vulture” speculator. Vulture fund financial attacks on the world’s poorest nations have been effectively outlawed in much of Europe and excoriated by human rights groups, conduct Britain’s former Prime Minister Gordon Brown described as, “morally outrageous.”

Guest

avatar
Guest
Thanks S4L-- are we known by the company we keep and who supports us? True here, too!! :)

Back to top  Message [Page 1 of 1]

Permissions in this forum:
You cannot reply to topics in this forum