Friday, November 02, 2012
Is Romney's Wall of Secrecy Crumbling?
Mitt Romney may have sailed into stormy seas. A complaint is being filed with the U.S. Office of Government Ethics under the Ethics in Government Act demanding that Romney be compelled to disclose details of his auto-bailout profiteering.
“The American people have a right to know about Gov. Romney’s potential conflicts of interest, such as the profits his family made from the auto rescue,” said UAW President Bob King. “It’s time for Gov. Romney to disclose or divest.”
In a Nation magazine cover story, investigative reporter Greg Palast reported that the Romney family personally profited at least $15.3 million from the auto loans of 2009 through his investment in the Delphi Corp. auto parts company. Yet Romney’s June 1, 2012, Public Financial Disclosure Report to the Office of Government Ethics did not reveal this windfall because he did not disclose the underlying holdings of his private equity and limited partnership funds.
“While Romney was opposing the rescue of one of the nation’s most important manufacturing sectors, he was building his fortunes with his Delphi investor group, making his fortunes off the misfortunes of others,” King added.
The groups sending the complaint letter, including SEIU, UAW, Citizens for Responsibility and Ethics in Washington, Public Citizen, Public Campaign, People for the American Way and The Social Equity Group, believe that Romney’s undisclosed stock holdings create serious conflicts of interest. They point to the auto rescue as a key example.