Sunday, October 28, 2012

Bailout of Romney corp sends jobs to China: Ring of Fire 10.27.2012


After getting millions in the auto industry bailout and using that money to send jobs overseas, Delphi, a global electronics corp owned partly by Mitt Romney, is now running ads in Michigan blaming Barack Obama for the lost jobs.

RFJ Jr. 4 days ago from FB
Below is rough transcript of Robert Kennedy Junior interviewing Greg Palast author of Billionaires and Ballot Bandits on Ring of Fire Radio yesterday about jobs sent to China using auto bailout money and Romney is part owner of the company

Millions made on auto bailout by Romney and donors

Romney company used auto bailout to send jobs to China- Ring of Fire 10.27.2012

ROBERT KENNEDY:  The story is so sleazy, the transactions between Bain Capital and Delphi Auto Parts, a firm that Romney owned a piece of.  They used the money from the auto bailout and transferred thousands of workers off shore, the workers left in the U.S. were stripped of unions and pensions. 

[Transcript below, but first, I've got to say this:]

The shakiness is why I love to listen to Robert Kennedy Junior’s voice.  The damage in his throat from Spasmodic laryngeal dysphonia  evokes in me a sense of shared trauma. 

Everyone in my generation remembers the year 1968 when first Martin Luther King then Robert F. Kennedy were assassinated within weeks of each other, the dread that permeated the nation, and face it, the global corporate takeover that's happening in the USA today probably started with the assassinations of the 1960s.

Bobby Kennedy Junior’s damaged voice may not be a direct result of the trauma he experienced as a child when first his uncle the President then his father about to become president were assassinated.  But as he shakes over words and then is about to spill them out, describing the injustice happening daily in the USA today, I feel myself just as shaky as his voice as I sit in my apartment in a slum.  Not just RFK Junior’s words but the tone of his damaged vocal cords speaks to me deeply.

So I tune in to Ring of Fire radio almost every Saturday and if it's an interesting interview, I’ll also take notes and produce a City of Angels Winging It Transcript.  

A few weeks back we ran this story at Chill Hippie Blog about a Kennedy interview on Ring of Fire Radio concerning Wind Energy. 

Today, it's his interview with Palast, about 

this extraordinary disclosure, which Greg learned through top rank investigative reporting in The Nation Magazine


KENNEDY:  [It makes you cringe] when you see Romney in debates saying he’d have saved Detroit, when [if you pay attention] you can see exactly what he did.

PALAST:  Sad punch line, I just got a phone call from Michael Moore.  Mitt Romney’s syndicate, the auto parts division of General Motors and a vulture fund led by s silent partner of Mitt Romney, used [SOUNDS LIKE] Slim Plants to buy up entire auto parts company at low price.  Then told U.S. Treasury and G-M, said we will shut you down unless you give us money.

12.9 billion dollars from the U.S. government, once they got that money their shares went from 22 and shot up. 

They got the government to take over pensions

KENNEDY:  They stiffed their workers for seven billion dollars in pensions and we the taxpayers had to pay for it. 

PALAST:  All the 25,200 jobs left and they created 25,800 new jobs in China.  Closed 25 plants Delphi, Michigan and Ohio.  Today every part is made in China.  Because they got rid of the United Auto Workers contract, now also don't have to pay for health insurance.  All of it for profit for Paul the Vulture Singer and the Romneys. 

A hundred million in profit for the Romneys and they've emailed us saying our numbers are not inaccurate.

KENNEDY:  Robbing the American people of billions of dollars during the auto bailout, sending jobs overseas, now in ads blaming Barack Obama for that loss in pensions. 

K: I'm Robert F. Kennedy Junior and we will be right back. 


K:  We're speaking with Greg Palast author of Billionaires and Ballot Bandits, of which I wrote one chapter.

Today we are talking about the last chapter of the book which has this extraordinary disclosure, which Greg learned through top rank investigation reporting and the story is in The Nation Magazine this week.

Romney acting as silent partner to Paul Singer vulture capitalist, got billions of dollars from Obama’s TARP [by purchasing a] small company critical to getting parts for General Motors.  The company then threatened the entire operation of GM, unless they got these dollars, [in other publications they are] called The Barbary Pirates.

Then took all the jobs, stripped them of pensions, sent three quarters of the jobs to China, stripped the remaining of unions.

Now ads by Romney’s associate super PACs [are running] showing workers from those companies blaming Obama for stripping them of their pensions, when it was Romney and Singer who stripped their jobs.

PALAST:  It's Romney and Singer vulture capitalist who said “we don't have pension obligation anymore.”  Delphi was in bankruptcy court so they could.  Federal government now pays the pensions for Delphi workers, taxpayers pay it.  Republicans put limit on how much workers can get if pensions fail. 

Except in the case of General Motors who has no obligations to pay pensions still said ‘we will pay because of our contract with the unions.’  UAW had an agreement.

By the way, that's a good reason to join a union. 

KENNEDY:  And then they used some of those profits to buy a bunch of foreign parts companies from Bain Capital.

PALAST:  Yeah [LAUGHS] to move 25 thousand jobs to China, you need parts plants, so Delphi bought them from Bain.

Bain left America a long time ago. 

Romney in last debate said I would do nothing to harm. 

Obama brought it up obliquely about moving jobs to China

Romney said, I'm a son of Detroit.  His daddy is looking down on him with disdain.

All over the country there are billionaires making more billions and donating millions to the Romney campaign. 

Delphi has moved their headquarters from Detroit, from Michigan, to the Isle of Jersey off England coastline, so they don't have to pay taxes.

KENNEDY:  So there’s two more insults to the injuries.  One is the advertisements for Romney in Michigan where workers have been hoodwinked, do not understand the nature of the transactions, it's Romney who screwed them.  They're on TV saying Obama stole my pension.

In addition, Delphi has moved their headquarters from Detroit, from Michigan, to the Isle of Jersey off England coastline, so they don't have to pay taxes.  This is the level of Mitt Romney’s patriotism.

Delphi has moved their headquarters from Detroit, from Michigan, to the Isle of Jersey off England coastline, so they don't have to pay taxes. 

He’s moved the money to the Isle of Jersey, a notorious tax haven, where no profits get taxed. 


PALAST:  [Because he has not released his taxes] We don’t know how much Romney has made, but we've guessed a hundred fifteen million. 

PALAST:  If Romney is elected, he’ll be able to take profits from his auto profits company in China, and bring them back to USA tax free.  I have to tell you, I've done some weird investigations, Bobby, this is truly one of the weirdest. 

And Romney didn't deny it. 

He blamed it [conditions that allowed Romney to profit] on Obama, said if it were not for Obama and the bailouts, he wouldn't have made the money. 

That's what Romney told us responding to our inquiries. 

KENNEDY:  One of the top investigative journalists in the country today, Greg Palast, thank you for lifting up the rock over the Mitt Romney money pile. 

Palast's new elections guide book which includes a 48 page comic by Ted Rall exposing the attempt to Steal 2012 by a combination of billionaires' hidden cash ...
Oct 18, 2012 – The Romneys invested millions in a hedge fund that bought GM's autoparts division, and it paid off big time.


Wind Power: Bobby Kennedy Jr Segment on Ring of Fire RadioToday

Bobby Kennedy Junior’s damaged voice represents the condition of most Americans.  We share a sense of astonishment, what happened to us that a president whose politics would once have been called moderate republican is labeled a socialist.  What happened to our determination to fight a war on poverty?  Even Kennedy’s career seems to have been damaged by circumstances beyond his control, yet he shines.  His intelligence pours out of each sentence, always complex thought, always a grasp of issues that almost no national politician demonstrates. 

The audacity of presidential candidate Mitt Romney to profit from the auto bailout while making speeches maligning the rescue of the auto industry.

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