Getting screwed by Government Motors

[JustRalph]

http://www.dispatch.com/content/stories/business/2014/03/30/delphis-salaried-retirees-keep-pushing-for-pension-fix.html

Government picking winners and losers........Obama & Friends didn't even kiss em.......

[highnote]

Mitt Romney didn't get screwed by the gov't.

He put something like $5,000 into his IRA and invested it in Delphi and maybe other companies and got back $15 million.

Damn. If the pensioners could get a deal like that their retirement problems would be solved!

But at least U.S. taxpayer dollars are being used to create jobs in China.

http://www.clevelandleader.com/node/19143

Mitt Romney infamously and vehemently opposed the auto industry bailout, but "The Nation" reports that he and his wife Ann Romney made $15.3 million off of the taxpayer dollars that were used to save the auto industry. Furthermore, Romney's investment helped to ship former Delphi Automotive jobs to China.

Meanwhile, Ann Romney's blind trust also invested at least $1 million into Elliott before the fund began to buy Delphi for about 20 cents on the dollar. Elliott eventually took over Delphi at 67 cents a share. A mere two years later, shares of Delphi were trading at $22 each. Think about the profits they made with that deal - it's astounding.

Today, only four of the 22 Delphi plants that operated in the United States when Elliott began buying up control of the company actually remain. None of then employ even a single union production worker. Delphi now mostly makes most of the parts used by GM and other automakers in China. Delphi employs just 5,000 in the U.S., but 100,000 overseas.

I don't have a problem with Romney making big money off of shrewd investments. It is unfortunate for pensioners that these investments were not made available to them through their pension funds.

[JustRalph]

And what the hell that has to do with the subject of the thread.........I don't know........?But ok

[newtothegame]

lol neither does high (know what that has to do with the article).....

But hey, if we can blame the rich for being wise, why not? Let's not focus on the facts of the original story...let's focus on those evil rich greedy bastards!!! :lol:

[HUSKER55]

well, it seems to me if those people had done the same as Romney they wouldn't be worrying about their pension.

There is a point where people have to take responsibility for themselves.

That pension is yours and I think you can opt out and take your funds and invest else where.

Is that true or not?

[highnote]

well, it seems to me if those people had done the same as Romney they wouldn't be worrying about their pension.

There is a point where people have to take responsibility for themselves.

That pension is yours and I think you can opt out and take your funds and invest else where.

Is that true or not?

That was my point. When you rely on others to manage your money you may not be happy with your returns. Nothing is guaranteed when it comes to pensions. Ultimately, each and every pensioner has some responsibility for their benefits. They put all their retirement nest eggs in the Delphi basket. That's risky.

For example, if GE were to go belly-up, even the former CEO Jack Welch could lose some of his pension benefits. It probably wouldn't affect him as much as an assembly line worker at GM, but the concept is the same.

I don't have a problem with Mitt making money on the auto industry bailout. Mitt is obviously better connected and more astute then the average pensioner. My point about bringing Mitt into the conversation is that he found a way to benefit from the situation. Many of the pensioners did not find a way to benefit.

I just thought it was ironic that the gov't bails out the auto industry. Mitt Romney invests $5,000 in the auto industry and because of the bailouts he gets back $15 million. And after the bailout by our gov't with our taxpayer money the jobs go to the Chinese. If that isn't ironic then I guess I don't understand irony. It might be logical because that is the only way the company can survive and the gov't eventually gets their money back.

It's unfortunate that the pensioners couldn't have benefited the same way as Romney. I'm not blaming Mitt for being intelligent and connected. I doubt that many people who could have had the opportunity to invest would have turned it down.

Hopefully, this explanation connects the dots for why I made the post and you will understand that my line about U.S. taxpayer bailout money creating jobs in China was tongue-in-cheek. But as the saying goes, "If you have to explain it, it isn't funny." :D