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Romney Calls Auto Bailouts ‘Crony Capitalism on a Grand Scale’



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From Mitt Romney’s op-ed in the Detroit News today:

 

Instead of doing the right thing and standing up to union bosses,Obama rewarded them.

A labor union that had contributed millions to Democrats and his election campaign was granted an ownership share of Chrysler and a major stake in GM, two flagships of the industry.The U.S. Department of Treasury — American taxpayers — was asked to become a majority stockholder of GM. And a politically connected and ethically challenged Obama-campaign contributor, the financier Steven Rattner, was asked to preside over all this as auto czar.

This was crony capitalism on a grand scale. The president tells us that without his intervention things in Detroit would be worse. I believe that without his intervention things there would be better.

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American taxpayers have been left on the hook for billions to benefit unions and the union bosses who contributed millions to Barack Obama’s election campaign. Such a state of affairs is intolerable, and as president I would not tolerate it. The Obama administration needs to act now to divest itself of its ownership position in GM.

The shares need to be sold in a responsible fashion and the proceeds turned over to the nation’s taxpayers.

Romney is also reminding Michigan voters of his history in the state; he begins the op-ed by saying, “I am a son of Detroit.”



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