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Romney's Auto Bail-out Billionaires

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Top funders made billions from US Treasury

 

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 US 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.

 

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Greg Palast authored Vultures' Picnic: In Pursuit of Petroleum Pigs, Power Pirates, and High-Finance Carnivores

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Top funders made billions from US Treasury

 

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 US 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.

 

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Greg Palast authored Vultures' Picnic: In Pursuit of Petroleum Pigs, Power Pirates, and High-Finance Carnivores

 

Romney also flip flopped on the bailouts. In 2008 he was asking Washington to step in and help the auto industry.

http://www.csmonitor.com/USA/Elections/From-the-Wires/2012/0214/Is-Mitt-Romney-flip-flopping-on-the-auto-industry-bailout

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Romney also flip flopped on the bailouts. In 2008 he was asking Washington to step in and help the auto industry.

http://www.csmonitor.com/USA/Elections/From-the-Wires/2012/0214/Is-Mitt-Romney-flip-flopping-on-the-auto-industry-bailout

 

Don't worry, the state of Michigan is still po'ed about it and they're going to have something to say about it.

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Romney hasn't flip-flopped...he's flat out lieing...he's telling the gullible goppers what they want to hear so they'll flock to him and "get behind the team" in November....then when elected, he'll be right back to doing the business of the establishment elites.....

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As to the original story... not quite sure that's all exactly true. Bankruptcy is a super tricky thing, especially with a company as big as GM... there's "new GM" (which exists today) and "old GM". If GM has to get rid of its assets, a bidder (stalking horse bidder) comes in...it's who bids the highest is who gets it. If Singer and Paulson were the high bidders, then they're the high bidders.

 

If the bidders were bidding on assets that the government took over and then having to sell...well, that would be the foolish government's fault, who used taxpayer money to do same.

 

Which is why the government shouldn't have bailed them out in the first place...we'll never get paid back from "saving" GM.

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