Saturday, October 20, 2012

Romney profit from bailouts: hege fund pay days $12.9 billion from US taxpayers.

Mitt Romney/AP

Review of article From The Nation

 "Once the hedge funders, including Singer—a deep-pocketed right-wing donor and activist who serves as chair of the conservative, anti-union Manhattan Institute—took control of the firm, they rid Delphi of every single one of its 25,200 unionized workers. Of the twenty-nine Delphi plants operating in the United States when the hedge funders began buying up control, only four remain, with not a single union production worker. Romney’s “job creators” did create jobs—in China, where Delphi now produces the parts used by GM and other major automakers here and abroad. Delphi is now incorporated overseas, leaving the company with 5,000 employees in the United States (versus almost 100,000 abroad)."

The Nation published an excellent article explaining how the auto industry bail out, the one that Romney blasts all the time during his campaign, has helped make him millions of dollars.  By using his wife Anns, blind trust that invested 1 million dollars into Singer's "vulture investment, " he and his wife, Ann, personally gained at least $15.3 million from the bailout."

The Romneys were invested with Elliott Management by the end of 2010, before a GM parts supplier, Delphy, was publicly traded.  The investment that Ann made could have been more than 1 million, because of the minimal disclosure required by law, does not make them tell how much they really invested in this vulture investment plan...before the automobile bailout plan had taken place.  Romney did not keep the holding in "his" name because if he had, he would have to reveal that he earned more than $50 million dollars...from our tax money in bailout and Stingers vulture investment plan.

Not only that, but the article says, that the bailout plan was to help save the 25, 200 unionized workers. Instead, due to the trading of the company into other hands and GM control holding GM by the hair as the sole supplier; the end result is that the 25, 200 union workers lost their jobs.  Out of 29 factories in the United States, only four remain in America leaving America with 5,000 employees and 100,000 working abroad in China.  Yes, Romney did create jobs...but not in America, but in China.

Ad's have been running blaming Obama for the pension disaster and those forced to retire early, earning minimal wages are interviewed on the television ads.  However, it was not Obama that is responsible for the pension disaster  that left 20,000 with a minimal pension plan.  It was Stinger and other hege funds that controlled Delphi. 

To read more on how this was done read the Mitt Romney's Bailout Bonanza on the Nation.

Thursday, October 18, 2012

Compare: 1st Presidential Debate: Kennedy: Nixon 1960

Compare the first presidential debate in 1960 to todays. Compare the topics of concern, they remain the same. Compare the emotional aspect that the candidates bring to the American people...with examples of concern. Economy, government, hunger, retirement, poverty, sustainability, foreign policy. WOW

Obama vs Romney on Libya and security WOW

I must include this part of the debate. This is the point where Obama takes a stand, and becomes the strong person that we wanted him to be when he was elected the first time. Obama tells it like it is and Romeny continues to point fingers without any real solutions.

Tuesday, October 16, 2012

Bain Capitalism: A time to debate

Durban was headed back home to Illinois for a meeting with workers at the Sensata Technologies plant in Freeport, where 170 employees are slated to lose their jobs to outsourcing before the end of the year. Sensata, which for decades has produced state-of-the-art sensors and controls for Ford and General Motors, is precisely the sort of high-tech operation that a country looking to compete in the global economy of the twenty-first century would want to maintain as a domestic manufacturer. So why are the jobs moving to China?... Because Bain Capital owns the company, and Bain is committed to the industrial development of Chinese provinces—not to states like Illinois. That’s not what most Americans would identify as a smart choice for the nation’s future—let alone “economic patriotism.” But that is how Bain, which got its operating ethos from former CEO Mitt Romney, operates. Romney still profits mightily from his Bain connection—as The New York Times and numerous business journals have well documented—and he remains closely tied to current Bain executives. So if anyone could get Bain to rethink the outsourcing of the Sensata jobs, it’s Mitt Romney. Read more on the Nation