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2 comments

1 Bulworth  Thu, Nov 1, 2012 11:10:02am
You might be thinking: What? Since when does Fox News care about people’s pensions? Pensions are too damn expensive and the evil unions need to stop holding the job creators hostage.

Does not compute. Head is spinning.

Well, I guess Fox news cares when they are non-Union workers. The upshot of the article is that Union pensions were given a priority in the deal between GM and the gov’t. Fox News implies it is unfair that Union workers got a deal that was not available to non-Union workers.

Of course Faux didn't want any workers getting any deal.

2 Joanne  Thu, Nov 1, 2012 1:11:43pm

Wait, was it THIS Delphi?

Mitt Romney Profited By At Least $15.3 Million From Auto Bailout: Report

But while Romney's political fortunes may have been shorted by the Obama's auto rescue, the bailout was a boon for his personal fortune.

A new report running Thursday in The Nation finds that Romney and his wife, Ann, made at least $15.3 million -- and perhaps tens of millions more -- as a result of bailout funds paid to General Motors. The story, an early copy of which was provided to The Huffington Post, is written by investigative reporter Greg Palast and was backed by the The Investigative Fund at The Nation Institute.

Romney's windfall from the bailout is directly tied to his relationship with Paul Singer, the billionaire hedge fund manager who donated $1 million to the Republican's presidential campaign in April. As The Nation reports, the Romneys invested at least $1 million with Singer's fund, Elliott Management, which is known for investing in distressed or bankrupt companies.

One of those bankrupt companies was Delphi, an auto parts maker that hit financial trouble after being spun off from its former parent, GM. Singer's fund bought up a controlling interest in Delphi for about 67 cents a share on average, The Nation calculates. By last November, Delphi's initial public offering was priced at $22 a share, thanks in part by efforts to cut costs by moving operations overseas and employing non-union workers. Delphi's stock price has continued to take off, with shares closing around $32 as of this week.


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