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Showing blog posts tagged with Delphi Auto Parts

Unions, Good Government Groups File Ethics Complaint Against Romney for Failing to Disclose Big Auto Rescue Profit

Illustration by DonkeyHotey/Flickr

"Unions, Good Government Groups File Ethics Complaint Against Romney for Failing to Disclose Big Auto Rescue Profit" is a cross-post from UAW. 

A coalition of community, labor and good government organizations is calling on the U.S. Office of Government Ethics to investigate presidential candidate Mitt Romney for noncompliance with the Ethics in Government Act and compel him to either disclose his investments or divest them.

letter sent today to Don W. Fox, general counsel of the Office of Government Ethics, states that Gov. Romney “has not even attempted to meet the requirements for a federal blind trust with respect to his substantial equity holdings. The only way for this law to be enforced in a meaningful way is for your Office to act promptly to demand that candidate Romney disclose his stock holdings, or divest them if disclosure is not feasible.”

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Romney's Empire Built on Offshoring Jobs and Cutting Workers' Pensions

Photo courtesy of Gage Skidmore.

Mitt Romney’s bid for the presidency is built on the idea that his success in the leveraged buyout industry and the fabulous wealth he’s accumulated is evidence that he knows how to create jobs and foster economic growth. He argued in Tuesday night’s debate that we should just trust him when he says he can cut the deficit and cut taxes by 20% across the board because of his credentials as a leveraged buyout titan.

The problem with Romney’s argument is that the leveraged buyout business does not create jobs. The tax breaks that the industry relies on, like the discounted tax rate for capital gains and offshore tax shelters, add tens of billions of dollars each year to the deficit.

Today, The Nation is reporting on yet another example of how Romney and the shadowy private investment industry really makes its money—offshoring jobs, taxpayer subsidies and bailouts and cutting workers’ pensions.

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