|« Predicting Protracted Hard Times||Iran vs the Empire: Fighting dollarization »|
by Greg Palast
For Mitt Romney, it's one scary Halloween. The Presidential candidate has just learned that tomorrow afternoon he will charged with violating the federal Ethics in Government law by improperly concealing his multi-million dollar windfall from the auto industry bail-out.
At a press conference in Toledo, Bob King, President of the United Automobile Workers, will announce that his union and Citizens for Responsibility and Ethics in Washington (CREW) have filed a formal complaint with the US Office of Government Ethics in Washington stating that Gov. Romney improperly hid a profit of $15.3 million to $115.0 million in Ann Romney's so-called "blind" trust.
The union chief says, "The American people have a right to know about Gov. Romney’s potential conflicts of interest, such as the profits his family made from the auto rescue,” “It’s time for Gov. Romney to disclose or divest.”
“While Romney was opposing the rescue of one of the nation’s most important manufacturing sectors, he was building his fortunes with his Delphi investor group, making his fortunes off the misfortunes of others,” King added.
The Romneys' gigantic windfall was hidden inside an offshore corporation inside a Limited Partnership inside a trust which both concealed the gain and reduces taxes on it.
The Romneys' windfall was originally exposed in Nation Magazine, Mitt Romney's Bail-out Bonanza after a worldwide investigation by our crew at The Guardian, the Nation Institute and the Palast Investigative Fund. [Ed. - The full story of Romney and his "vulture fund" partners is in Palast's New York Times bestseller, Billionaires & Ballot Bandits.]
According to ethics law expert Dan Curry who drafted the ethics complaint, Ann Romney does not have a federally-approved blind trust. An approved "blind" trust may not be used to hide a major investment which could be affected by Romney if he were to be elected President. Other groups joining the UAW and CREW include Public Citizen, the Service Employees International Union, Public Campaign, People for the American Way and The Social Equity Group.
President Obama's approved trust, for example, contains only highly-diversified mutual funds on which Presidential action can have little effect. By contrast, the auto bail-out provided a windfall of over 4,000% on one single Romney investment.
In 2009, Ann Romney partnered with her husband's key donor, billionaire Paul Singer, who secretly bought a controlling interest in Delphi Auto, the former GM auto parts division. Singer's hedge fund, Elliott Management, threatened to cut off GM's supply of steering columns unless GM and the government's TARP auto bail-out fund provided Delphi with huge payments. While the US treasury complained this was "extortion," the hedge funds received, ultimately, $12.9 billion in taxpayer subsidies.
As a result, the shares Singer and Romney bought for just 67 cents are today worth over $30, a 4,000% gain. Singer's hedge fund made a profit of $1.27 billion and the Romney's tens of millions.
The UAW complaint calls for Romney to reveal exactly how much he made off Delphi -- and continues to make. The Singer syndicate, once in control of Delphi, eliminated every single UAW job --25,000-- and moved almost all auto parts production to Mexico and China where Delphi now employs 25,000 auto parts workers.
Forensic Economist Greg Palast's investigative reports can be seen on BBC Television. His latest bestseller, Billionaires & Ballot Bandits: How to Steal an Election in 9 Easy Steps contains a comic book by Ted Rall and chapters by Robert F. Kennedy Jr. www.BallotBandits.org
Greg Palast is the author of the New York Times bestsellers The Best Democracy Money Can Buy, Armed Madhouse and Vultures' Picnic. Palast's brand new book Billionaires & Ballot Bandits: How to Steal an Election in 9 Easy Steps, will be out on September 18. You can pre-order Billionaires & Ballot Bandits from Barnes & Noble, Amazon or Indie Bound. Author's proceeds from the book go to the not-for-profit Palast Investigative Fund for reporting on voter protection issues.
The popular notion that anti-Semitism caused the Zionist movement makes the mistake of post hoc ergo propter hoc - "after the fact, therefore because of the fact."
Sixty-six years ago, on November 29, 1947, the United Nations General Assembly adopted resolution 181, which partitioned the land of Palestine into two States: the “birth certificate” for Israel, and the “death certificate” for Palestine.
Native Americans held a special knowledge of the land and its inhabitants, and believed they were only a small part of the whole circle of life, and that each part of creation played a significant role in the contentment and survival of the other.
The assassination of the President of the United States on national television by the “lone” assassin, Lee Harvey Oswald—who according to authorities used an obsolete bolt-action WWI rifle that was not capable of firing bullets fast enough to wound John F. Kennedy—who is then assassinated the next day by another “lone” assassin, is so stupid that whoever is behind the assassination didn’t expect you to believe it.
Would the planet be at serious risk, according to a massive United Nations Environmental Report, due to “the dangers of climate change, water scarcity, dwindling fish stocks and the pressures on the land and the extinction of species,” had John F. Kennedy not been assassinated on Friday, November 22, 1963.
|Your donation helps provide a place for people to speak out. thepeoplesvoice.org P.O. Box 159113 Nashville, TN 37215 Not tax deductible. firstname.lastname@example.org|
|Articles and Writers||Old TPV|
|<< <||> >>|