Romney & Company Shipped Every Single Delphi UAW Job to China [View all]
As I reported in this week's The Nation magazine cover story "Mitt Romney's Bail-out Bonanza," the Romneys are in a special partnership with the vulture fund that bought Delphi, the former GM auto parts division.
The truth? On June 1, 2009, the Obama administration announced that Detroit Piston's owner Tom Gores, GM and the US Treasury would buy back Delphi.The plan called for saving 15 of 29 Delphi factories in the US.
Then the vulture funds pounced.
The Nation discovered that, in the two weeks immediately following the announcement of the Delphi jobs-saving plan, Paul Singer, Romney's partner, secretly bought up over a billion dollars of old Delphi bonds for pennies on the dollar.
Singer and partners now controlled the company - and killed the return of Delphi to GM.