REVEALED: Romney’s Top Funders Made Billions on Auto Bail-Out

Greg Palast
NationofChange / Original News Report
Published: Thursday 23 February 2012
“John Paulson of Paulson & Co and Paul Singer of Elliott International, known on Wall Street as ‘vulture’ investors, have each written checks for one million dollars to Restore Our Future, the Super PAC supporting Romney’s candidacy.”
Article image

Republican Presidential candidate Mitt Romney called the federal government’s 2009 bail-out of the auto industry, “nothing more than crony capitalism, Obama style... a reward for his big donors to his campaign."  In fact, the biggest rewards ­­– a windfall of more than two billion dollars care of U.S. taxpayers ­­­–– went to Romney's two top contributors. 

John Paulson of Paulson & Co and Paul Singer of Elliott International, known on Wall Street as “vulture” investors, have each written checks for one million dollars to Restore Our Future, the Super PAC supporting Romney’s candidacy.

Gov. Romney last week asserted that the Obama Administration’s support for General Motors was a, “payoff for the auto workers union.” However, union workers in GM’s former auto parts division, Delphi, the unit taken over by Romney’s funders, did not fair so well.  The speculators eliminated every single union job from the parts factories once manned by 25,200 UAW members. 

The two hedge fund operators turned a breathtaking three-thousand percent profit on a relatively negligible investment by using hardball tactics against the U.S. Treasury and their own employees.

Under the control of the speculators, Delphi, which had 45 plants in the U.S. and Canada, is now reduced to just four factories with only 1,500 hourly workers, none of them UAW members, despite the union agreeing to cut contract wages by two thirds.

It wasn’t supposed to be quite so bad.  The Obama Administration and GM had arranged for a private equity investor to provide half a billion dollars in new capital for Delphi, but that would have cut the pay-out to Singer and Paulson.  The speculators blocked the Obama-GM plan, taking the entire government bail-out hostage.  Even the Wall Street Journal’s Dealmaker column was outraged, accusing Paul Singer of treating the auto company, “like a third world country.”

But it worked. Singer and Paulson got what they demanded.  Using U.S. Treasury funds:

  • GM agreed to pay off $1.1 billion of Delphi’s debts,
  • Forgave $2.15 billion owed GM by Delphi (which had been spun off as an independent company)
  • Pumped $1.75 billion into Delphi operations, and 
  • Took over four money-losing plants that the speculators didn’t want.

If those plants had been closed, GM factories would have shut down cold for lack of parts.

Then there was the big one:  The U.S. government agreed to take over $6.2 billion in pension benefits due Delphi workers under U.S. labor law. 

Governor Romney, while opposing the bail-out of GM, accused Obama of eliminating the pensions of 21,000 non-union employees at Delphi.  In fact, it was Romney’s funders who wiped out 100% of the pensions and health care accounts of Delphi salaried retirees­­.

Paulson and Singer paid an average of about 67 cents a share for Delphi.  In November, 2011, Paulson sold a chunk of his holdings for $22 a share. Paulson’s gain totals a billion and a half dollars ($1,499,499,000), and Singer gained nearly a billion ($899,751,000) –– thirty-two times their investment.

One-hundred percent of this gain for the Paulson and Singer hedge funds is accounted for by taxpayer bail-out support.  

But, unlike the government loans and worker concessions given to GM, the U.S. Treasury and workers get nothing in return from Delphi. 

From GM, the U.S. Treasury got warrants for common stock (similar to options) that have already produced billions in profit.

And Delphi?  It’s doing well for Paulson and Singer.  GM and Chrysler, still in business by the grace of the U.S. Treasury, remain Delphi’s main customers, buying parts now made almost entirely in China and other cheap-labor nations.

And exactly who are Paulson and Singer?

Billionaire John Paulson became the first man in history to earn over $3 billion in a single year –– not for his hedge fund, but for himself, personally.  At the core of this huge payday was a 2007 scheme by which, via Goldman Sachs, he sold “insurance” on subprime mortgage loans.  According to a lawsuit filed by the Securities Exchange Commission, Goldman defrauded European banks by pretending that Paulson was investing in the insurance.  In fact, Paulson was, secretly, the beneficiary of the insurance, reaping billions when the mortgage market collapsed. 

Goldman paid half a billion dollars in civil fines for the fraud.  While the SEC states that Paulson knowingly participated in the scheme, he was not fined and denies he defrauded the banks.

Multi-billionaire Singer is known as Wall Street’s toughest “vulture” speculator.  Vulture fund financial attacks on the world’s poorest nations have been effectively outlawed in much of Europe and excoriated by human rights groups, conduct Britain’s former Prime Minister Gordon Brown described as, “morally outrageous.”

Greg Palast has been investigating vulture speculator Paul Singer for BBC Television Newsnight and Britain’s Guardian for five years.  The investigative reporter is author of Vultures’ Picnic:  In Pursuit of Petroleum Pigs, Power Pirates and High-Finance Carnivores and the New York Times bestseller, The Best Democracy Money Can Buy.  For reports on Singer and vulture funds, go to www.GregPalast.com and www.VulturesPicnic.org.

This article is a NationofChange original and is available for republishing under the Creative Commons Attribution-Noncommercial 3.0 United States License.



Get Email Alerts from NationofChange
Author pic
ABOUT Greg Palast

Greg Palast is the author of the New York Times bestseller, "Armed Madhouse" (Penguin Paperback 2007). When Palast, an investigator of corporate fraud and racketeering, turned his skills to journalism, he was quickly recognized as, "The most important investigative reporter of our time" [Tribune Magazine] in Britain, where his first reports appeared on BBC television and in the Guardian newspapers.

Top Stories

41 comments on "REVEALED: Romney’s Top Funders Made Billions on Auto Bail-Out"

umeh onhwcakyukeu.duke Posted on am umeh onhwcakyukeu,a 27years old boy from nigeria,a graduate of computer and information science lead city university ibadan.please sir,i tried to look for the link of where to fill the scholarship application form

Michael Marowitz

February 28, 2012 1:21pm

Ron Paul is a false prophet, a homespun kind of guy who butchers our Constitution and what the Founding Fathers actually believed and said and isn't even a Libertarian, despite his claims to being a strict one. He believes the states, not the feds, should outlaw abortion. Abortion is the zenith of governmental invasions into individual liberty, yet this fake Libertarian wholly endorses it. Dr. Paul keeps saying we're a tolerant Christian nation that the founding forefathers believed wanted to be eclipsed by religious governance even though two Supreme Court decisions, one in 1878, the other in 1947, on the Establishment Clause of the First Amendment make clear that the object of that clause is to build or erect a wall separating church and state. Ron was a global warming supporter before he became a global warming denier between 2007 and 2008. He's a simpleton offering simplistic solutions for a complicated world, which is why he only commands about 10-15% of Republican support, and far less of the general electorate. If America is to be taken back, then getting rid of laissez faire capitalists like this bumpkin is part of the plan that must be implemented if the middle class is going to survive corporate tyranny.

Michael Marowitz

February 27, 2012 2:42pm

Ron Paul is a false prophet, a homespun kind of guy who butchers our Constitution and what the Founding Fathers actually believed and said and isn't even a Libertarian, despite his claims to being a strict one. He believes the states, not the feds, should outlaw abortion. Abortion is the zenith of governmental invasions into individual liberty, yet this fake Libertarian wholly endorses it. Dr. Paul keeps saying we're a tolerant Christian nation that the founding forefathers believed wanted to be eclipsed by religious governance even though two Supreme Court decisions, one in 1878, the other in 1947, on the Establishment Clause of the First Amendment make clear that the object of that clause is to build or erect a wall separating church and state. Ron was a global warming supporter before he became a global warming denier between 2007 and 2008. He's a simpleton offering simplistic solutions for a complicated world, which is why he only commands about 10-15% of Republican support, and far less of the general electorate. If America is to be taken back, then getting rid of laissez faire capitalists like this bumpkin is part of the plan that must be implemented if the middle class is going to survive corporate tyranny.

Michael Marowitz

February 27, 2012 2:24pm

Ron Paul is a false prophet, a homespun kind of guy who butchers our Constitution and what the Founding Fathers actually believed and said and isn't even a Libertarian, despite his claims to being a strict one. He believes the states, not the feds, should outlaw abortion. Abortion is the zenith of governmental invasions into individual liberty, yet this fake Libertarian wholly endorses it. Dr. Paul keeps saying we're a tolerant Christian nation that the founding forefathers believed wanted to be eclipsed by religious governance even though two Supreme Court decisions, one in 1878, the other in 1947, on the Establishment Clause of the First Amendment make clear that the object of that clause is to build or erect a wall separating church and state. Ron was a global warming supporter before he became a global warming denier between 2007 and 2008. He's a simpleton offering simplistic solutions for a complicated world, which is why he only commands about 10-15% of Republican support, and far less of the general electorate. If America is to be taken back, then getting rid of laissez faire capitalists like this bumpkin is part of the plan that must be implemented if the middle class is going to survive corporate tyranny.

William Bednarz

February 26, 2012 2:08pm

This may be a slightly off key - but it is about our government of MIS REPRESENTATION. . . . there is a warnng on every pack of cigarettes - the Surgeon General ( General Benedict Arnold??) has decided smoking is bad for your health ( and he is paid with our tax dollars ) So while both (ALL ) sides want to tell you how good a job they are doing representing your interests WHY HASN'T IT BEEN OUTLAWED. . . . . CANCER ??????even air polluton

William Bednarz

February 26, 2012 1:55pm

I would like to say something kind about Republicans - I don't know if it is possible. . .
the biggest rewards – a windfall of more than two billion dollars care of U.S. taxpayers –– went to Romney's two top contributors. while stating how he was against the bailout of the auto industry. . .
Oh yes one thing - great sounding - sound bites - no substance.....
The FORCLOSURE - DISASTER and what has the Republicans in Congrees done FOR THE PEOPLE . . . . you do remember, don't you ???
WE THE PEOPLE -.- FOR THE PEOPLE -.- BY THE PEOPLE......NOT BY WASHINGTON's SECRET DEALS. . WHILE THE REPUBLCANS HAVE OUTDONE THEMSELVES BLOCKING EVERY PIECE OF LEGISLATION FROM THE PRESIDENT.........THEY REPRESENT WHO ???
Sorry, but that funny little guy keeps popping up "NOT ME". . . they sure as hell do not represent me - do they represent you and your interests ?? YOUR PENSION ?? YOUR HEALTHCARE ??? YOUR JOB = N.A.F.T.A. ?????
everyone overlooks one small fact ( ok not so small) the bailout of 787 billion dollars was to cover WHAT??? their losses UNKNOWN -.- but what happened to the ORIGINAL MONEY WE THE PEOPLE ARE REPLACING........
GLOBALIZATION ??? Ex Tre"secret"ary ( under BUSH) Henry Paulison said the people are too naive to understand the complexities of Banking ??
"interesting article" Greece has never been the RISK of the marketplac It is the RAMIFICATIONS of a Greek default ( ??foreclosure??) on an interconnected "MAZE of GLOBAL DERIVATIVES, tying together financial institutions>>>>>> not the people of Greece<<<<<<<
WALL STREET . . . INVENTED DERIVATIVES. . . . . ?????????????????. . .
. . . will that little guy talk to you when it is time to vote ?? will you vote for a republican?? Alberto Gonzales - John Yoo - Jack Abranoff - Scooter Libby - House Speaker John Boehner - Mitt Romney - Michele Bachman - Wink-Wink Sarah Palin This next election I hope is - FOR THE PEOPLE . . . BY THE PEOPLE . . . . WE THE PEOPLE. . . . REPUBLICAN REPRESENTATIVES ??? ( IF THERE IS ACTUALLY SUCH A THING ) N O T . . . M E

Dirkshaus

February 26, 2012 1:22pm

The bizarre relationship between government and business raises its ugly head once more. The monster demands homage and acceptance of its decrees. The monster says I'm fat and lazy, but accommodation, food and the necessities of life are expensive here and saving for a future or a rainy day is but a fiction for the masses who've been trained on credit. The monster is only afraid of us when we stand together.

57girl

February 26, 2012 12:09pm

Ron Paul is the only candidate running that doesn't have his arm in the cookie jar of corruption. If we want America back, and the power put back into the hands of the people, Dr. Paul is the man to put into office. I will never understand why people don't follow the money trail. It makes it pretty obvious who is scratching whose back on the Hill.

Michelle Southwick

February 26, 2012 12:03pm

This is why Romney and Obama are the same person in a different mold. Wake up America! The choice is right in front of you!
"you have to let it all go.....fear, doubt, and disbelief. free your mind!"

Selwyn Firth

February 26, 2012 9:53am

The fact that this type of activity is allowed to happen ensures that rich men will continue to contol what happens in Washington and elsewhere in the USA and the world. It is outrageous that deals such as made with Delphi were condoned and supported by Washington. The comanies should have been forced into backruptcy and left to emerge anew with whatever they were able to cobble together. I hope I never see the revolution that is brewing because it will be violent and the rich will be done in as happened in France some 200 years ago.

Amy Peterson

johncp

February 24, 2012 3:23pm

What amazes me, is that we're still reading this shit, and acting as if we're amazed at the findings. This is par for the course. Palast should be spending his time looking at what the so-called democrats are doing to their party and to the country, in the "name" of the democratic party. As soon as the republicans put Reagan in office, their party became irrelevant. Keep the democrats in line, and stop wasting time with republicans. We make them important by paying so much attention to them, as if what they're doing today, is any different from what they did yesterday. Feingold was on Amy Goodman, talking about his remarks against Obama, which he was embarrassed into nearly reversing. Obama's OK after all. He killed Bin Laden. Really? I thought that was military intelligence. Who gives a shit about these pathetic efforts to give presidents "credit" for killing old tyrants? Feingold said that Obama pulled us out of Iraq, really? I have a sneaking suspicion that the Iraqis wanted us out, and Obama actually wanted to stay. Feingold said that Obama gave us healthcare "reform?" Really? Actually, he seemed to fight against "single payer," and ended up with a reform package, that gave the American masses some crumbs, in exchange for boundless wealth for the medical insurance companies. Feingold actually seemed to be telling us that Obama "blundered" into his latest reversal concerning whether he would accept corporate money for his efforst at re-election. What? Obama's been sucking off corporate largesse from the beginning. This is nothing new. Feingold said that he thought that this decision wasn't just unprincipled, but stupid tactics for re-election. Then, as if he lost his memory, a few minutes later, said that Obama would be re-elected!!! His unprincipled re-election efforts by grasping at corporate money was also"dumb?" If it's dumb, why does Feingold think Obama will be re-elected? I'm a Hillary supporter, not because I thought she would have been a "perfect" president, but because she would have been vastly better than Obama. Feingold thought that Obama needed to be re-elected because of the Supreme Court judges he'd put in office. That's true, but Hillary would also have put liberal judges on the court. The problem here, is that Obama is not fit for the presidency, he just happens to be president, in spite of having lost the popular vote against Hillary, by a hair. That he's slightly more liberal than his presumed republican competitors for his job, is not enough for me to vote for him. I also wouldn't vote for Romney, just because he's slightly more liberal than Santorum. I have minimum standards for voting in a presidential election. Obama doesn't reach those standards. As for as I'm concerned he's a republican. I don't care what he "calls" himself, I care what he "does."

brcraig

February 24, 2012 10:20am

You can pinpoint the end of the American century in one week in 1961. Eisenhower's valedictory speech warned of the rise of influence of the 'military-industrial complex' and nobody listened to the fuddy duddy old grandpa (who pretty much saved the world from fascism)... Not when the next week the handsome charismatic Kennedy (son of a gangster/Wall St speculator) committed America to land on the moon and 'to pay ANY price, oppose any foe, support any friend (ie we're invading Vietnam) and proceeded to waste HUGE amounts of blood and treasure' doing so.Western capitalism is in this mess not just because of the pirate/vulture/vampires that infest Wall St, City of London etc. Though they are certainly culpable. Paying trillions of dollars for oil to people from a culture fundamentally opposed to Western values ain't that smart either...But when Den Xiaoping opened up China and the West rushed to invest there - ie get Chinese market share - NO-ONE wanted to admit that they were a billion hungry people, willing and eager to work harder for less than the fat lazy West... About 10 years later India started to flex it's demographic muscle too. The result is obvious.Obama's principal mistake was to not immediately quarantine Wall Street... then transport every single one of these financial 'geniuses' under secure army supervision to Guantanamo Bay - call it Camp Greenspan? : fit them all with orange jumpsuits and basically tell them that NO-ONE was getting fed till someone explained where the money went...He should have also asked McCain to head an investigatin into how the Pentagon/Defence Industry/CIA etc could piss unknown billions of dollars (the Pentagon is officially unauditable!) down the drain and yet take 10 years to find bin Laden!Still what do I know... I'm just a taxi driver.

evdebs

February 24, 2012 9:54am

You can live in a nation that sanctions the bribery of public officials, or you can live in a representative democracy. The one will always preclude the other.

Christopher Bird

February 24, 2012 8:42am

I would have thought that a bailout at the Fed level is just the feds doing what the Bain's of this world have been doing for years. Put a little of your own money up, borrow the rest, slash and burn, then real the profits when the thing is sold. It is hard for me to understand how Gov. Romney and (ex) Mayor Leppert (Dallas) can distance themselves from Governemnt bailouts when they both see benefits in doing them for their own reasons.

linny55

February 24, 2012 7:36am

They have taken advantage of the people because the people have allowed it for years. I too was one of those people. I just went about my day believing that these people would take care of us. That is the problem. WE as the PEOPLE have let this happen. We became lazy. We allowed and believe what ever we were told. We thought that someone else was voting and taking care of things. WE as the PEOPLE now need to stand up and vote for the person who will make the hard decisions for this country. WE as the PEOPLE need to stop thinking that the government will take care of us. WE as the PEOPLE need to stand up and start educating ourselves on the candidates. WE as the PEOPLE need to realize that when the hard decisions are made that it will be better for this country. Ron Paul stood up years ago and predicted exactly what is happening to day. He is the only candidate that is not in the Health Care and Retirement that all the other government cronies are in. He is a person like the rest of us. He could help change this country. But what everyone has to realize is that hard decisions will have to be made in order for this country to get out of debt and get back to where it was 100 years ago. It is not about the rich. They are trying to pit the poor against the rich. Anyone can be rich if they want to do what needs to be done. they have to educate themselves, they have to be a business owner, they have to learn how to make their money work for them instead of them work for their money.They have to realize they can not sit on their butts and think other people are going to take care of them. There are so many people in this country who blame everyone including the government for their lives. It is the decisions we make that make our lives the way they are. So many people sit around feeling sorry for themselves and blaming everyone else for what is happening in their lives. So many people sit back and look for ways for the government to take care of them. They don't want to make the hard choices to change their lives. They don't want to take action to change their lives. WE as the PEOPLE can change this world. Do I think there aren't people out there getting rich the wrong way? Yes there are but most people who are getting rich are because they are going and learning what it takes to become rich the right way. Anyone has that right. It is just whether you want to take action and do something about your life. I lost my job and my husband and I didn't have any money. I started cleaning condos and we started a business. So don't tell me you can't make money, you can't start a business without money. The problem I have seen since doing my business is that there are too many people who really don't want to work and don't want to do what it takes to make money. They don't want to clean condos, they don't want to sweep streets, they don't want to do anything but cushy jobs that require them to sit at a desk and do the minimum to get a paycheck. Even when I had a job I never just did the minimum. I wanted to learn. We have been taken advantage of because we allowed ourselves to be taken advantage of. If people would realize that the bigger the government, the more government jobs created, the easier it is for the government to take us over. If they are paying us what do you think people are going to do? They are going to accept whatever the government says. Think about it!!!!! Everyone wants the government to create jobs. Why not start creating our own jobs and people working for a living. I worked for the government. I hated it. I hated that they controlled how much money I made, that I had to agree with the people in control or I got no where, I hated that you don't get promoted on your work but how well you take a test. I hated that you got promoted if you kissed butts. It was so political. I got out. I never saw so many entitled people in one place. I never saw so many lazy people in one place. Just do the minimum to get a paycheck. We wonder why we are in the situation we are today. Use your brains people. Think about how the government is slowly taking away all of our freedoms. Now we get searched before we get on a plane. They tell us it is for our own good and we believe them. WE the PEOPLE need to change in our own lives and then the world will change.

mbidding

February 24, 2012 8:18am

Your easy platitudes about personal choice and responsibility do not take into account the uneven playing field that tears apart communities across this country. Unequal access to quality educational opportunities, health care, job prospects, etc., directly impact the ability of individuals to pull themselves up by their bootstraps. Walk into an urban, inner city or a rural, Ohio-valley school and see for yourself the absolutely miserable state of affairs and the resultant lack of real opportunities compared to the environment you encounter when you walk into schools located in upper-income, suburban schools - even playing field, I think not. Likelihood that you'll make it out by your own gumption? Not great.

Further, while I don't dispute that work environments in the public sector are not ideal and that many people coast, in my experience I don't see any difference in the private sector. In the latter, some people work hard, some people coast . . . some people kiss butt, some people don't . . . some people are promoted for who they know, not what they know, others aren't. Basic human nature found in both the public and private sectors. Not ideal, not best, but typical. Pointing fingers at public sector workers only ignores that this is a societal issue overall.

As you point out, government is not the end-all, fix-all of our lives. However, neither is it the root of all evil. Private entrepreneurship is not the end-all, be all of meaningful, productive lives. Nor is it the root of all evil. Unless and until the American public once again views itself as citizens first, individuals second, until it once again asks itself not "what can my country do for me, what can I do for my country", and unless and until we stop and realize that we're all in this together and must seek common solutions to the problems and difficulties we all face, no one single prescription - Big Government vs Free Market Free For All - will begin to address the deep seated problems that threaten our country's, and our children's, future.

marvinisit

February 24, 2012 6:37am

You know there will be plenty of people who will say that all of this is bull.... Solely because they didn't hear about it on " Faux News". Mitt already said all I need to hear when he said " corporations are people too". I for one wish there never was a stock market or futures or speculation buying. Say what you will but the stock market is just a way for the rich to get richer. Do you personally know anyone who has made good money on stocks who didn't already have plenty in the banks? Headline on Sept 22 2011---" US stocks plunge amid widespread fears of second recession
Billions are wiped off stock markets around the world as US bond-buying effort fails to calm investors' nerves" Who wins here? Then just this week --" Wall Street closes mixed after Dow tops 13,000 first time since May 2008". Signs of improvement in the economy and stabilization of Europe's debt crisis have driven the Dow more than 20 percent higher since late last year, while the S&P has climbed more than 8 percent so far this year. But on the other hand --" Climbing oil prices gave investors a reason to sell Tuesday. U.S. crude oil prices rose to a nine-month high amid Iran supply worries." Headline --Saudis dismissive of Iran's oil blockade threats--A Saudi Arabian official attempted to undercut one of Iran's most potent threats to the world community Monday when he said in an interview that his country would make up for any oil production shortfalls caused by Iranian actions. Speaking to CNN, Saudi Oil Minister Ali al-Naimi said his country could boost production enough to meet that potential shortfall, and he also expressed doubt that Iran could succeed in closing the strait at all. So what happens----- oil goes up and who makes more money. Not you and I but the ultra elite 1% . Oh and how is it that the cost of a barrel of oil rises, and yet the major oil companies are still able to make record profits....................................................................

Greeneyes

February 23, 2012 11:26pm

When you own 80% of the news outlets, you can eliminate the info that you don't want out there (at least after it's first airing),

Traveler123

February 23, 2012 10:19pm

The only surprise to me is that Americans allow people like Singer, Paulson and Romney to walk the streets of their nation. They are obviously rabid and dangerous threats to the well-being and security of the nation, and should be confined in cages. If it's not for charity, it's for stupidity. FIND a law to put this sewage where it belongs.

DocJack

February 24, 2012 7:47am

We can't put them in prison. Our prisons are crowded with those "dregs of society" the pot brokers. Or, more than likely, its because the real dregs have investments in companies that are involved in running the prisons and thus curry favor with a government that encourages such investment.

The foxes are truly guarding the hen house.

Carl

February 23, 2012 10:05pm

Grannm, What part of this story puts Mitt Romney in any position to make decisions or profit from these transactions. The only thing I seem to learn from this story is that Paulson and Singer donated to the wrong candidate. I see the Obama administration doing all the negotiating during this Delphi problem. Any profit these guys made is a direct result of the poor quality of leadership on the other side of the transaction. If you had read Bloomberg's report on Mormons last year you would know that most Mormon Missionaries learn to negotiate and close a sale with much more difficult customers than these two financial wizards.

American Bolshevik

February 23, 2012 9:34pm

And if Romney is the Republican nominee, do you think that the Obama campaign will be making any of this public? I doubt it. The President will be too busy pushing his plan for giving even more tax cuts to corporations. By the way: "crony capitalism" is a redundancy. And so is "thieving capitalist".

DocJack

February 24, 2012 7:51am

If Obama doesn't bring that to the forefront, it'll be his insane idea that he must try to "make nice" to the Republicans. Compromise- I, for one, am sick of it.

Republicans want to roll in the mud, let's get on with it! It's the only thing their redneck supporters understand.

M Munn

February 23, 2012 8:52pm

As they say: "It wasn't against the Law"

the cretin right - write the law, make it right - even if it is oh so wrong

Jeffrey Kovitch

February 23, 2012 7:22pm

Shame is a concept none of these free market conservatives are acquianted with.

weneedrevolution

February 23, 2012 7:04pm

Corporate welfare recipients shouldn't be attacking public safety nets for citizens. Just sayin'..

anono

February 23, 2012 5:35pm

So the Devil stands there with the torch in his hands, convincing Americans that it was the kid bringing a bucket of water to douse the flames who set the house on fire, and Americans believe him. It's not that so many morons are telling so many lies, it's the fact that so many people are believing the lies these morons are telling that's the scary part. It's that santa claus bullshit we lied to our kids about coming back to haunt us.

mbidding

February 24, 2012 8:25am

Touche, Anono!

GG523

February 23, 2012 4:25pm

I used to think I lived in this great country! Boy was I naive. I am sure there have always been sharks in places of power - but I always thought that the blatant corruption was just what happened in Mexico and other third world countries...wow! These guys are worse than vampires. Truly disgusting. They would rob their own grandmother and not bat an eyelash. And yet the American people are so content with being able to watch their favorite TV shows on their 72" flat screen while enjoying the junk they buy at COSTCO or Sam's - we deserve what ever we get!!!

wildthang

February 23, 2012 4:20pm

it may be adding to world's triust in our bully market and the US product label in general. As for the wonders of free market capitalism and its profit locomotive gone loco, such wonders may cease and contribute to western civilizations demise, a top dog predator too eagerly feasting on itself.

Ogblofeld

February 23, 2012 4:01pm

Obama and Mittorum owned by the same people. The ruling elite get their money while their puppets put on a show half pretending to fight with each other (for prestige only, like in a High School debate class where the teacher picks what side you'll be arguing). This in turns divides the masses who watch the puppet show while our livelihoods are being plundered.

BozoAdult

February 24, 2012 4:05am

Romney is the face of unregulated predatory capitalism in the U.S.

Do you ever wonder how greedy someone is to be worth $200 million yet are still driven to crush the poor and working class to get ever more?

BozoAdult

February 24, 2012 4:00am

Nailed it.

grannm

February 23, 2012 2:52pm

Where's all the "Christianity" that Romney claims to practice as a Mormon? Doesn't being a "Christian" mean following the teachings and practices of Christ? Where in the history of Christ, the New Testament, does Romney find Christ exploiting, cheating, robbing, lying? Something's not right here.

mike morell

February 23, 2012 1:10pm

Right! witlessness can go hand in hand with greed. One-percent-Romney dreams of the presidency to protect the extra $100 million he made under the Bush's tax cuts and to continue sucking the money udder for years to come. His mentor, Paul Ryan, the House Republican ideologue, dreams of privatizing Medicare leaving millions of elderly Americans scrambling for medical care, and of dismantling Social Security stopping the monthly checks to the retired. And the rest of the GOP continue its relentless attack on the 99% and its protection of the wealthy 1%’s tax cuts. Vote for them at your own peril.

Robert W. Boyle

February 23, 2012 1:00pm

Intelligence is negated by greed or faith. We live in a world full of examples.

BruceB1

February 23, 2012 12:50pm

You would think that people who achieve a measure of success in the business world would be of at least average intelligence. Yet, when they enter the political arena, they start saying things they must know will come back to bite them. And they all do it, repeatedly. Maybe something happens in the brain that, when the political neurons take over, intelligence goes out for lunch.

OccWallSt

February 23, 2012 8:04pm

So you think it's gonna come back and bite them, do you really? What... you think they're worried about our hero here, Greg Palast? ... or about what all of us outraged Palast readers are gonna do about it after we shake our fist at the computer screen? Hardly. You think they're worried about losing the election? Again... hardly. Look how well they played President Obama the first time. No reason to think that will change. None of this will change without a BIG fight. Those bruisings in Zucatti Park and the UC Davis campus were nothing. (And by the way... "a measure of success" you call it? That's like calling Lake Erie a gallon of water.)
And intelligence has little to do with what moves THIS world.

harebob

February 23, 2012 4:02pm

I don't think that those who succeed in business are necessarily more intelligent than the rest of us. They are simply more greedy and willing to step on the rest of mankind in order to further their ends. These ends seem to be in the main to get more and more wealthy regardless of the utility of all that money. In other words, for most of us accumulating more and more billions seem to be somewhat counter-productive. There is only so much one can spend.

Josephine Rutledge

February 23, 2012 12:14pm

It is a shame how these people have taken advantage of the people.