The chameleon strikes again. While Mitt Romney continues to criticize the Auto Bailout he was making money off of the bail out.
When his support for letting Detroit go bankrupt became a liability in Ohio he then lied and claimed that the President did pretty much what he intended to do. Misinformation comes natural for this man.
How could any country trust someone of this character. It is fact that the work of the president is probative. The caricature made of him on the Right is but the GOP alternate state of reality. It is the world it keeps its followers in.
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GM Helped Bain Capital Profit By Giving Funding To Struggling Parts Supplier Owned By Investment Firm
Posted: 11/03/2012 3:52 pm EDT Updated: 11/03/2012 4:25 pm EDT
In 2000, a financially struggling plastics company that supplied car parts received emergency funding from auto manufacturers General Motors and Ford Co. The plastics company was owned by Bain Capital, the firm co-founded by Mitt Romney.
In other words, Romney, who has written against auto industry bailouts, profited via his involvement in Bain from a GM rescue of a car components supplier. Romney has recently come under fire from GM and Chrysler for airing dubious TV and radio spots suggesting the carmakers were shipping jobs to China.
Bain’s management of Cambridge Industries was chronicled in a June story in The New York Times, which noted that Bain reaped over $10 million from the plastic manufacturer even as it went through bankruptcy, wiping out some of the other investors. According to a 2008 Detroit Free Press story, which is only available for purchase, Cambridge’s bankruptcy meant more than 1,000 workers lost their jobs.
The full saga of Cambridge includes a political twist that The Times omitted: GM’s decision to provide funding to its supplier as Bain managers let the company swing. According articles in the Detroit Free Press and Plastics News from 2000 accessed via Lexis Nexis, both GM and Ford gave unspecified financial aid to Cambridge. As GM and Ford supplied capital, Bain was extracting $950,000 a year in "advisory fees" from the ailing plastics company, according to The Times.
Romney claimed that he was on a paid leave from Bain in 2000 while he was running the Salt Lake City Olympics, but multiple government and company documents suggest otherwise. He held and continues to hold a financial stake in the firm.
Cambridge’s cash infusion "is an indication that [GM] didn’t feel like they had any good near-term switching opportunities" for the company to use other suppliers, Daniel Luria, an economist at the Michigan Manufacturing Technology Center, told HuffPost.
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