Mitt Romney Profited By At Least $15.3 Million From Auto Bailout: ReportQuicklink submitted by Amanda Lang Permalink
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|While Romney's political fortunes may have been shorted by the Obama's auto rescue, the bailout was a boon for his personal fortune.
A new report running Thursday in The Nation finds that Romney and his wife, Ann, made at least $15.3 million -- and perhaps tens of millions more -- as a result of bailout funds paid to General Motors. The story, an early copy of which was provided to The Huffington Post, is written by investigative reporter Greg Palast and was backed by the The Investigative Fund at The Nation Institute.
Romney's windfall from the bailout is directly tied to his relationship with Paul Singer, the billionaire hedge fund manager who donated $1 million to the Republican's presidential campaign in April. As The Nation reports, the Romneys invested at least $1 million with Singer's fund, Elliott Management, which is known for investing in distressed or bankrupt companies.
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