The Ed Show | November 01, 2012
>>> and we are back. we've been telling you about mitt romney 's decision to double down on his lies about the automobile industry lately. i mean, he's been ripped by everybody in the media. nobody believes a word the guy says. today the united autoworkers, they decided, you know what, they've just had enough of this. the united autoworkers and the service employees international union and five other groups have filed an ethics complaint against mitt romney . the groups wanted united states office of government ethics to investigate romney 's finances. they say that romney has failed to disclose how much he profited from the automobile rescue. the allegations stem from romney 's investment in delphi , a major auto parts supplier for general motors . "the nation" magazine reports ann romney invested at least $1 million in delphi in a blind trust at the height of the financial crisis . the romneys bought stock at bargain basement prices. delphi shares were going for 67 cents a piece before the automobile rescue. today delphi shares closed at $32.53. good for them. it's a 4,000% gain on romney 's investment. now, we know the romney family made at least $15.3 million in the wake of the automobile rescue. but we don't know exactly how much romney made because he won't release his 2009 tax return . he won't tell us how much he actually invested. remember, mitt romney was against the automobile rescue. he wrote this op-ped in "the new york times" saying that we should let detroit go "now we're learning he made at least $15 million off the very policy he opposed. tonight the united autoworkers are demanding the truth. joining me tonight, bob king , president of the united autoworkers. mr. king, good to have you with us tonight. this is --
>> great to be with you, ed.
>> you bet. this is about conflict of interest. but what do you think mitt romney allegedly did that was wrong? why have you called for this?
>> well, because we're told by our legal department that he violated the government ethics laws and he did not disclose where he's got a conflict of interest, his investments in delphi corporation . it's so hypocritical, as you said, for him to criticize the loan and go in like a vulture capitalist and buy the stock at a low price and extort general motors , costing the taxpayers more money. he and his friends at the vulture capitalist made as you said 3,000% to 4,000% return on their investment in delphi by holding up general motors and costing the government more money.
>> all right. let's talk --
>> costing taxpayers more.
>> let's talk about this extort and hold up general motors . now, delphi is critical to the automobile manufacturing business. they, of course, manufacture parts that go into automobiles with general motors that they just couldn't make the vehicles without delphi 's assistance. is that correct?
>> right. if the parts don't come in, they can't build the cars.
>> okay. so what happened here? what did romney 's group do that was so terrible?
>> well, they bought up the stock at this really low price then they demanded much larger cost per part from general motors . much bigger payments from general motors in order to deliver the parts. at a point, they were willing to force general motors to go into liquidation. they didn't invest that much, and to get this unbelievable, really i would call it, immoral return, they held up general motors , said if you don't pay us these extra costs then we're not going to deliver the parts. without steering columns and brakes and other parts you can't build a car.
>> that, of course, would have halted the automobile rescue and the progress we have seen today. so, in other words, it was after general motors , the automobile industry , got this bailout money, or this loan money, and this is when delphi went to work and this is where mitt romney profited. do i have that correct?
>> that's right. that's exactly right. and then cost the taxpayer more money by what he did.
>> okay. and now his campaign, as he continues to double down with radio and television ads saying that, you know, he's taking credit for the automobile loan program that actually saved the industry. and i need your reaction because i know that your workers took a haircut. i mean, as far as pension and retirement and health care and also wages. i mean, uaw stepped up. so how does it boil with you tonight that mitt romney is fry trying to take credit for what was this turnaround?
>> well, you know, it bothers us even more. his reckless ads. he's attacking two companies. he's hurting their brand image saying they're moving work to china which is absolutely not true. and he knows it. and the ceo came out and said it. two statements by chrysler corporation . they're expanding jeep production here in the united states . they're spending billions of dollars in every plant that builds jeep products. in toledo, ohio, in belvedere, illinois, in detroit, michigan. they're doubling -- chrysler is doubling down on their investment and creating jobs in america. general motors , which romney claimed is taking a tax dollars to china, they invested $8.5 billion in the united states of america . in michigan, in ohio, in tennessee, all over this country. they're investing, creating jobs, helping us to get out of the doldrums that we've been in in the economy. the strongest thing in the american economy right now is the automobile industry . and for him to really drive customers away by making these reckless statements is really wrong. he said in the debate, i wouldn't do anything to hurt gm or chrysler. baloney. he's doing it right now. he's telling lies about these -- misinformation and lies about these companies that could potentially drive customers away. costing american jobs and hurting american companies . to me it's outrageous.
>> all right. bob king , president of the uaw. great to have you with us on "the ed show" tonight. thanks so much.
>>> there's a lot more coming up in the next half hour of "the ed show." stay with us.
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