Obama Benefited Financially from the Auto Bailout
2:01 PM, Oct 19, 2012 • By DANIEL HALPER
Earlier today, the Obama campaign pushed around a story that they claimed proved Mitt Romney "was against the auto bailout...but personally [benefited] from it."
"Today, [deputy campaign manger Stephanie] Cutter and the Obama campaign were pushing an article in The Nation saying that Romney - who opposed bailing out the auto industry as carried out by Obama - actually made $15.3 million from the bailout through a $1 million investment with a hedge fund firm that put cash into GM supplier Delphi," the Columbus Dispatch reports. "'He was against the auto bailout...but personally [benefited] from it,' Cutter said, calling that 'hypocrisy.' 'It’s just an example of what’s good for good for Mitt Romney might not be good for everybody else. He plays by a different set of rules.'"
But Cutter did not mention how Obama himself financially benefited from the federally financed auto bailout he supported.
Obama, from his time as an Illinois state senator, is invested in the Illinois pension fund. Obama has between $50,000-$100,000 invested in the Illinois General Assembly Defined Pension Benefit Plan, according to financial disclosure forms.
And that pension fund is invested in the Delphi Corporation:
Delphi, a company that Obama's own financial investments support, received money federal money from the auto bailout--about $3 billion.
As the Detroit News reported, "Some retirees will lose up to 65 percent of benefits. Salaried retirees are expected to lose an estimated $400 million, PBGC has said. The federal government allowed GM to use nearly $3 billion of taxpayer funds to help Delphi exit from bankruptcy and let GM reacquire part of its former parts unit, which it has since resold."
So while Romney seems to have benefited by investments made by the controller of his blind trust (Romney does not control his investments) from a policy he opposed, President Obama pretty clearly financially benefited from policies that he supported.
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