RMoney Profited At Least $15.3 Mil from Auto Bailout

Mitt Romney Profited By At Least $15.3 Million From Auto Bailout: Report

Mitt Romney, who famously authored an op-ed in 2008 suggesting that the federal government should "let Detroit go bankrupt," has been on the defensive in the Midwest ever since President Barack Obama's controversial auto bailout turned the struggling companies around. Political observers roundly agree that Romney's opposition to federal intervention may very well cost him Ohio and therefore the White House.

At Tuesday's presidential debate on Long Island, Romney attempted to recast the story, with himself as the champion of the industry (see the video above), but his comments at the time, recorded for posterity, have made such a reinvention challenging.

But while Romney's political fortunes may have been shorted by the Obama's auto rescue, the bailout was a boon for his personal fortune.

A new report running Thursday in The Nation finds that Romney and his wife, Ann, made at least $15.3 million -- and perhaps tens of millions more -- as a result of bailout funds paid to General Motors. The story, an early copy of which was provided to The Huffington Post, is written by investigative reporter Greg Palast and was backed by the The Investigative Fund at The Nation Institute.

http://www.huffingtonpost.com/2012/10/1 ... f=politics

Hence the term, "Vulture Capitalism"... You can rail against it, and still put $15.3mil (or more) in your pocket, while doing everything you can to fire people...(Because he LIKES TO FIRE PEOPLE.)

You can't make this sh*t up....

Over 30% of President Obama’s 2009-2011 Gross Income Came From Foreign Sources

Yet in the three tax years in which Barack Obama has been President (2009, 2010, and 2011), fully 30.1% of the Obamas’ gross income has come from foreign sources: ($2,711,340 out of a 3-year total gross income of $8,993,449). In 2009, 26.5% of the Obamas’ gross income came from foreign sources. In 2010 it was a whopping 41.4%, and in 2010 it was 30.2%.

The salary that we taxpayers pay him as President (just under $1.2 million over the 3 years) accounted for less than 13% of the Obamas’ income, a share dwarfed by their 30% from foreign sources over the same period.

From 2009 through 2011, the Obamas paid $87,429 in foreign taxes, which they applied toward a credit to reduce their U.S. tax bill. The amounts I examined are reported on Form 1116, of which there are two filed along with their 1040 when they had both general and passive foreign income.

http://www.volokh.com/2012/07/13/over-3 ... n-sources/

deflect, deflect, deflect, Obama did it too: _____________ Deflect, deflect....

This has nothing to do with "foreign sources" But thanks for playing...

THis is about the hypocrisy of writing an editorial about "Letting Detroit Go Bankrupt", opposing it at every turn... And profiting more than $15mil from the outcome...

See Mitt is smarter than Barack! GM & Fiat gave the US stock instead of paying the money back and the stock isn't worth 10% of what the US taxpayer pumped into those relics.

This is not unlike Ryan bashing the stimulus, then holding his hand out for stimulus funds stating that money would increase jobs and economic growth in his state. Do as he says, not as he does.

archer wrote: This is not unlike Ryan bashing the stimulus, then holding his hand out for stimulus funds stating that money would increase jobs and economic growth in his state. Do as he says, not as he does.

Totally different! Mitt is risking his personal savings and winning.

Obama risked the taxpayers money to support an automotive industry that isn't in much better shape now than then. VW is warning Europe that Fiat is about to declare bankruptcy again.

I wasn't comparing Romney to Obama.....

Romney profited from a program he argued against......Ryan's state profited from a program he voted against.....I do find a similarity in that, you don't.....fine. But don't try to make it into something I didn't state.

GM and Chrysler did go bankrupt, didn't they? Didn't the Obama administration appoint someone to oversee that bankruptcy? So, Obama didn't prevent either GM or Chrysler from going bankrupt despite what he is attempting to have us believe in the days leading up to the election, right?

wasn't going bankrupt part of the conditions of the bailout? I actually don't know, but I sorta remember a managed bankruptcy being part of the whole package to keep them afloat while they restructured as opposed to them just closing their doors.

That would be a yes, wouldn't it? GM and Chrysler did enter bankruptcy and in fact the legislation passed by the Congress and signed by President Obama forced them into that bankruptcy.

Part of the problem with the value of GM stock at the moment is due in no small part to the dismissal of secured loans that investors held when Obama's administration structured the reorganization while GM was seeking the protection of the bankruptcy court. Once bitten, twice shy. A rather healthy outlook on life.