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exboyfil

(18,352 posts)

4. Yes Romney and his vulture capitalist friends

Reply to OneCrazyDiamond (Original post)

Thu Nov 21, 2013, 10:52 AM

Nov 2013

walked away with a good chunk of that amount. At the negotiating table everyone was giving something up until it came to one of GM's suppliers who threatened to shut production down unless they extracted their pound of flesh. Romney was one of the passive investors. He may have won if he had done the honorable thing at the time (write a check to the Treasury Dept for his gains). He criticized the bail out but he had the opportunity to at least not benefit from it. His investment would have been worthless if GM went down. He benefited far more than the unions for this agreement.

http://www.thenation.com/article/170644/mitt-romneys-auto-bailout-bonanza#

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U.S. to sell rest of GM shares by year-end, may lose $10 billion [View all] OneCrazyDiamond Nov 2013 OP

I guess Warren Buffet, we ain't. Fuddnik Nov 2013 #1

Yea, 10 billion is like, 100 bucks or something in the context of our budget. phleshdef Nov 2013 #2

Or, it's like food for a year for five million people. n/t Psephos Nov 2013 #7

We spend a lot more than that feeding folks. phleshdef Nov 2013 #8

except that that the auto companies would have reorganized and continued in business Psephos Nov 2013 #9

Thats bullshit. phleshdef Nov 2013 #10

actually, it was initiated under Bush...crony capitalism at its finest Psephos Nov 2013 #11

And probably one of the few sound decisions Bush ever made. phleshdef Nov 2013 #12

"there's not a credible economist that disagrees with the necessity of the bailout" - oooookkkaaayy Psephos Nov 2013 #13

Sell that bullshit to Milton Friedman or Ron Paul or something. phleshdef Nov 2013 #14

lol ooookkkaaaaayyyyy Psephos Nov 2013 #15

You're the one saying Mitt Romney was right. nt geek tragedy Nov 2013 #16

On the auto bailout? Yea, he basically agreed with what they did and then said he didn't. phleshdef Nov 2013 #18

I was saying the bondholder advocate was agreeing with Willard. geek tragedy Nov 2013 #19

Right, but after the fact, he was selling that line about how the admin should've did... phleshdef Nov 2013 #22

no, you're the one saying that n/t Psephos Nov 2013 #20

So, you're touting the "Let Detroit go Bankrut" plan by Willard M. Romney. nt geek tragedy Nov 2013 #17

you seem to not understand the difference between reorganization and liquidation Psephos Nov 2013 #21

Could not agree more Psephos AnalystInParadise Jan 2014 #27

A good overview of that, if anyone's interested: bhikkhu Nov 2013 #3

Yes Romney and his vulture capitalist friends exboyfil Nov 2013 #4

sale of the shares "could lead to the lifting of compensation limitations for GM's key executives ConcernedCanuk Nov 2013 #5

lifting of compensation OneCrazyDiamond Nov 2013 #6

Imagine how many people could have been lifted out of poverty with that money. Pterodactyl Jan 2014 #23

What's the problem with the U.S. government keeping the shares? hunter Jan 2014 #24

Fear or losing even more, maybe. n/t godevil10 Jan 2014 #26

I need to look at the details... Jesus Malverde Jan 2014 #25

Chinese Auto Glass Co. purchasing GM plant in Ohio Lodestar Jan 2014 #28

How many shares were purchased and at what price? ManiacJoe Jan 2014 #29