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Bailout, Delphi take center stage in Romney charge in 'Nation'



Published: Fri, October 19, 2012 @ 12:10 a.m.

By David Skolnick

and Marc Kovac

news@vindy.com

YOUNGSTOWN

A left-wing magazine contends Mitt Romney, the Republican presidential nominee, and his wife, Ann, made at least $15.3 mil- lion from the auto bailout and federal loans given to Delphi.

The Nation, a liberal magazine, published a lengthy online article Thursday outlining what it contends are benefits Romney collected from a hedge-fund company that received bailout money.

Democrats were quick to pounce on Romney.

Chris Redfern said the report shows Romney and deep-pocket campaign donors reaped profits through a series of investments and business moves involving Delphi, the auto-parts supplier for General Motors.

Chris Maloney, a Romney spokesman, said: “This is a partisan, left-wing study meant to distract [voters] from the $1 billion of taxpayer funds the [President Barack] Obama administration handed over to the United Auto Workers in the Delphi bankruptcy.”

Redfern said Romney was bad-mouthing the federal auto rescue while he and campaign donors reaped profits.

“He holds an investment worth over $1 million in the hedge fund that swooped in to buy a stake in Delphi during its bankruptcy,” Redfern said during a press conference Thursday.

Maloney added: “The American people are sick and tired of this crony capitalism and its destructive effects on our economy. Mitt Romney will respect the rule of law and ensure the level playing field we need to get America working again.”

During a telephone interview, U.S. Rep. Tim Ryan of Niles, D-17th, said, “Obviously, Mitt Romney is better off than he was four years ago. I think this is his M.O. He’s not concerned with whether or not people can make a livable wage. It’s only about profit.”

The article outlines a complicated series of investment moves involving a hedge fund controlled by backers of Romney and the Republican Party that forced federal support while eventually moving most of Delphi’s operations overseas.

About 21,000 Delphi salaried retirees, including 1,500 in the Mahoning Valley, lost their medical and life insurance, and had cuts of 30 percent to 70 percent to their pensions.

Bruce Gump, vice president of the Delphi Salaried Retirees Association, said that when the Obama administration had the opportunity to help the Delphi retirees, it chose not to do so.

“I’ve read the piece, and I don’t know how much to trust,” he said. “It’s pretty complicated. There’s probably a great deal of truth in this and a great deal of spin in this.”

Gump said the Delphi retirees don’t have a candidate — even though he was a participant on a September conference call with reporters that was organized by the Republican National Committee — but an issue.

“We’ve got a better chance with the other side,” he said, meaning Romney.

Ryan said Delphi salaried retirees shouldn’t trust Romney.

“How can you read this article and possibly think Mitt Romney is going to help them if he is elected president?” he said. “This shows where he is and his priorities.”

Romney, The Nation wrote, benefited via an investment in a blind trust in Ann Romney’s name. The magazine estimates that the Romneys made “at least $15.3 million” on those investments.

Blind trusts allow people, including those serving in public office, to make financial investments without knowledge or control of the holdings involved.

Redfern said Thursday he doubts Romney was unaware of the Delphi investments.

“The family attorney of Mitt Romney runs his trust,” he said. “And to suggest that the family attorney of Mitt Romney does not share from time to time with Mitt Romney [and] Ann Romney or the rest of the Romney family the resources that they continue to reap by investing in hedge funds that play and prey on pensioners ... is a flat-out falsehood.”


Comments

1timOthy(802 comments)posted 1 year, 11 months ago

Now why isn't this being reported on the National News ! Such a Sad story !

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2chuck_carney(499 comments)posted 1 year, 11 months ago

Why isn't the A123 bankruptcy case being reported? David you should be ashamed for only presenting one side.

little timmie and Chris Redfern conveniently forget that Obama gave A123 millions for it to develop the battery for electric cars. A123 went broke and it recently filed for bankruptcy. Another case where the taxpayer will lose the government investment for us.

President Obama's campaign got millions from the owner of A123, to boot.

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3Delphisalariedretirees(76 comments)posted 1 year, 11 months ago

Read the article below folks before you gasp at the left wing protest about a person making legitimate investments...

http://dailycaller.com/2012/09/05/ema...

Has Tim Ryan "forgotten" that it was Obama that denied the Delphi retirees? Has Tim Ryan "forgotten" that it has been over THREE YEARS that Obama has failed to address HIS COVERUP? Has Tim Ryan "forgotten" that it was Obama's CHOICE to discriminate against the Delphi retirees?

Your statements make you look ridiculous, Tim!!! FIX THE DELPHI issue, DEMOCRATS!!!!!

YOU caused it!!! YOU fix it!!!!

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4Delphisalariedretirees(76 comments)posted 1 year, 11 months ago

Tim Ryan said, “Obviously, Mitt Romney is better off than he was four years ago. I think this is his M.O."

So, Tim, you must believe that Obama's M.O. is that people shouldn't be better off after four years? Thanks for pointing that out! After all, just look at what Obama's deliberate CHOICE did to the Delphi retirees!!! And, And, Obama didn't even use his own money in the process. He used $27 BILLION taxpayer dollars to screw the Delphi reitrees!!!

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5YSUPenguins(16 comments)posted 1 year, 11 months ago

Wasn't Obama for the auto bail outs and Romney against them? This sounds like it can turn into another Solyndra scandal for Obama when he took $535,000,000 of tax payer money gave it to a company that he was warned was going out of business and had the executives of the company, who made millions, bundle $500,000 of that money and donate it back to the Obama reelection campaign. And as we know Solyndra did go out of business. Why doesn't the Vindicator put that on the front page?

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6Delphisalariedretirees(76 comments)posted 1 year, 11 months ago

Voters - Obama used billions of YOUR tax dollars to pick winners & losers in the auto bailout. A VERY poor CHOICE!!

We have gathering thousands of signatures over the past couple of months & demand that Barack "Nixon" Obama FIX the Delphi issue BEFORE the election. Join us in fighting Obama's assault on the Mahoning Valley. Sign our petition at

http://www.delphipetition.com/

And if this issue is not resolved, VOTE the CROOK OUT!!!!

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7InterestedInAll2(11 comments)posted 1 year, 11 months ago

Words don't matter, actions do. The Obama Administration has had more than 3 years to correct what they did to the Delphi salaried retirees, but they have not only refused to do so, they have actually fought against them by denying them access to records. No transparency, no accountability, no ethics, just politics and the taxpayer's money. If Tim Ryan thinks the Delphi salaried retirees have a better chance with the Dems, why hasn't this issue been fixed already. Didn't I hear that something like 1700 jobs were lost right here in the valley because of the way the salaried folks were treated? Those jobs should come back if they are just able to achieve a fair resolution from the Obama Administration. Instead, they have to fight for what they earned while the unions were well protected. Seems like I remember too they have proposed a solution that doesn't cost the taxpayers anything unlike the unions. Where is that "we support the middle class" ethic? The Dems only seem to care about unions while they leave the majority of the country to rot. We can't trust them any more than we trust hedge fund managers.

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8cathylukasko(116 comments)posted 1 year, 11 months ago

Tim Ryan and Sherrod Brown CLAIMED to have helped Delphi Salaried retirees until they got their marching orders from Pelosi. Now, for the elections they have focused on their cronies, the UNIONS, and have dropped our cause. Both men need to be replaced in Congress. These DEMS stand for "redistribution of wealth", Obamacare, Abortion, gay marriage, just to name a few.

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9jwhitehawke(91 comments)posted 1 year, 11 months ago

Obama was the one who endorsed a plan that saw a GM bankruptcy process that became anything but normal as he appointed his Auto Task Force and Geightner to assure that the UAW was well taken care of. It amazes me that many union members believe they were topped off because they had a contract, The contract had NOTHING to do with it. Union contributions to the Obama campaign had something to do with it. The complicity of a new GM contract had something to do with it.
I'm glad the union members were topped off, but the salaried employees' pension account was funded. The Obama regime didn't let the PBGC acknowledge this and the money is still there. The taxpayers wouldn't be liable.

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10Delphisalariedretirees(76 comments)posted 1 year, 11 months ago

No, Vindy, we bite the hand hand of those that have had THREE YEARS+ to fix their OWN mistake, and CHOSE not to! Vindy, you can't be serious!!!

DEMOCRATS, FIX the Delphi issue!!

YOU caused it! YOU FIX IT!!!

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11cambridge(3013 comments)posted 1 year, 11 months ago

Obama didn't make 15.3 million, romney did. That's why romney is running for president, he needs the tax codes changed so he can maximize his "earnings."

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12southsidedave(4780 comments)posted 1 year, 11 months ago

A usual - blah, blah, blah...the rich get richer

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13InterestedInAll2(11 comments)posted 1 year, 11 months ago

Some people just don't get the point. The issue is not who made what or didn't, the issue is that our government is required to treat every citizen equally, not determined by what associations they keep. That's just the First Amendment. What happened to these retirees could happen to us too if we allow the government to get away with this. Fair is fair and this wasn't just wasn't fair, or right, or maybe not even legal! It apparently can be fixed, and if so it should - immediately. Not waiting for the Treasury to sell GM stock - probably at a significant loss, not dependent on the court system which we all know can take years (in this case it already has!) and not dependent on who is in power. We all know that the right thing to do is correct this mistake and for the life of me I don't understand why the party that claims to "stand up for the common man, the middle class worker and for those who worked hard and played by the rules" doesn't just do it. As I said before, words mean nothing, only actions have any meaning in politics. The actions of this administration have been to divide us further and further; benefiting some favorite groups over others who are not as well liked. That, plain and simple, is bad and even dangerous government. They should man up and fix it now.

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14Ianacek(909 comments)posted 1 year, 11 months ago

The "Nation" article , & this one , are just a diversion from the hard reality that the Delphi pensioners will NEVER see any money .

With the election all but over , focus in Washington is now returning to how to fix the fiscal imbalance - the budget deficit . No matter who is elected , they will be finding ways to, in total , tax more & spend less .

In this environment , any new spending request is likely to be dismissed out of hand .

The Ryan / Brown Bill to save the pensions is a crock & they know the Bill will almost certainly die . For election purposes , however , they hold out false hope & voters buy it . Most politicians of all parties do this to some extent , because once the election is over ,"there are no refunds" .

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15FREDSTR(11 comments)posted 1 year, 11 months ago

I'M GLAD TO SEE THERE ARE STILL SOME INTELLIGENT PEOPLE IN THIS AREA. I NEVER THOUGHT IT WAS ILLEGAL TO MAKE MONEY, HOWEVER IT IS ILLEGAL TO MANIPULATE TAXPAYER MONEY FOR CAMPAIGN AND/OR PERSONAL PROFIT.. DELPHISALERIEDEMPLOYEE HIT THE NAIL ON THE HEAD. OBAMA AND RYAN HAVEN'T DONE ANYTHING TO HELP THE RETIREES FOR THREE YEARS. IF OBAMA WOULD GET REELECTED THEY COULD GIVE UP THEIR FIGHT BECAUSE THERE IS NO INCENTIVE TO HELP THEM. IT'S ALSO TIME TO DUMP TIM RYAN.

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16walter_sobchak(1909 comments)posted 1 year, 11 months ago

This whole article is loaded with crap. First, Romney held this in a blind trust. The trustee must withhold details about the trust's investments to the beneficiary. Now, let's say he did indeed divulge this information to Romney and he made the investment and made a killing. Is it illegal to profit off of a legal business investment? After all, the whole deal of taking GM through a managed bankruptcy was the Obama Administration and his Treasury Secy Geitner. While it may not have been a good deal for the US to invest in GM, the govt must have obviously not thought this through and sharp business minds made a profit. Now, if you can draw a link between Romney's donors and Tim Geitner, then you would have some crony capitalism but it would still fall on Obama's administration. It is no different when congressmen and senators during debate were opposed to the stimulus package and spoke against it. Once it gets passed, however, it is the law of the land and the legislator must do everything to get his share for his constituents.

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17Delphisalariedretirees(76 comments)posted 1 year, 11 months ago

Voters - Come November 6th, do NOT let Obama-Nixon off the hook. His Administration singlehandedly picked Delphi retirees as the losers, hid the facts, and continues to think that he can just ignore the issue.

We have been gathering thousands & thousands of voter signatures on our petition over the last few months, particularly in the swing states. These voters are aware of the injustice that Obama has done to these retirees AND to the Mahoning Valley. We urge ALL voters to vote out the CROOK OBAMA if this issue is not addressed.

Thank you all for your tremendous support of our petition, and urge the entire community to sign it, as well.

http://www.delphipetition.com/

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18cambridge(3013 comments)posted 1 year, 11 months ago

I know, romney probably invested that 15.3 million off shore at a reduced or nonexistent tax rate and after the election he plans to distribute it among the retirees. After all who could use that 15.3 million more, romney or the thousands from Delphi.

I'm sure after he is elected he will happly start sending government checks to the very people he points out as part of...."that 47%."

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19chuck_carney(499 comments)posted 1 year, 11 months ago

uncommonsense, Let's not forget that it was the Obama Administration that subordinated the government's interest to all others so that the taxpayers were last in the bankruptcy pecking order in the Solyndra and A123 cases. This has never been done before and it violated federal law. And the media fails to hold anyone accountable.

You can't blame Bush or anyone else for this favor given to the Prez's campaign donors.

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