Mitt and Ann Romney may have earned between $15 million and $115 million from the auto bailout, but failing to report the windfall in his federal Candidate Disclosure Form may very well be a violation of the law.
Last week a formal complaint was filed with the Federal Office of Government Ethics by Citizens for Responsibility and Ethics in Washington (CREW), the United Auto Workers (UAW), along with other labor and nonpartisan watchdog groups.
In short, the allegations concern Delphi, a former General Motors subsidiary whose auto parts remain essential to GM’s production lines.
Back in 2009, Ann Romney partnered with Paul Singer to secretly purchase controlling interest in Delphi. [Bear in mind that billionaire Singer is one of Mitt Romney’s key campaign donors.] Elliot Management, Singer’s hedge fund, then threatened to cut off GM’s supply of steering columns and other key auto components unless GM, along with the government’s TARP auto bail-out fund provided them with large payments. The United States Treasury complained that this was “extortion”, but Delphi ultimately received $12.9 billion in taxpayer generated subsidies as no bailout of the auto industry could have worked without saving Delphi. Singer’s group then eliminated every UAW job in the company and then moved nearly its entire production operation to China and Mexico where Delphi now employes 25,000 auto parts workers at the expense of about that same number of jobs in the USA. [These allegations are particularly noteworthy considering the lies spread and later debunked by the auto industry itself, Detroit media the campaign misquoted, the Obama campaign and Pres. Bill Clinton. See Romney Called Out By Auto Industry, the Obama Campaign and Bill Clinton for Lying]
The resulting windfall for the Romneys means that shares Ann purchased for 67 cents are now worth over $30 for a 4 thousand percent gain earning the Romneys tens of millions of dollars. Additionally, one cannot forget billionaire Paul Singer who was identified by Forbes as one of Romney’s key campaign donors, Singer has given more than $1 million to the Romney SuperPAC known as Restore Our Future.
The UAW complaint calls for Romney to reveal exactly how much he made off Delphi — and continues to make.
At a press conference last week in Toledo, Bob King, President of the United Automobile Workers, announced 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.