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Mitt Romney Charged With Ethics Violations for Hiding Profits From Auto Bailouts

Mitt Romney Charged With Ethics Violations for Hiding Profits From Auto Bailouts

Despite his many public pronouncements condemning President Obama’s auto bailout four years ago, Mitt Romney profited mightily from the automotive industry’s misfortune, the media reports. Worse, he hid those sizable profits in his wife’s name.

The United Auto Workers, the Service Employees International Union and other groups plan to file an ethics complaint against Mitt Romney for allegedly failing to disclose his profits from the auto bailout, which are at least $15 million, The Nation reports.


On the eve of the general elections, the groups are urging the U.S. Office of Government Ethics to investigate Romney’s alleged violation of the Ethics in Government Act, which requires presidential candidates to disclose their personal finances. The ethics complaint comes on the heels of a feature in the Nation which alleged that Romney has hidden his personal gains of at least $15.3 million from the auto bailout.


“He made his fortune off the misfortune of others,” Bob King, president of the UAW, told The Huffington Post on Wednesday. “Why should we have to find out from the media about this?”

The Romney campaign has not responded to repeated requests for interviews on this subject.


The UAW and the SEIU also charge Romney with blatant hypocrisy because he was a staunch critic of the auto bailout. Romney urged Obama to let the auto industry go bankrupt in an op-ed in The New York Times in 2008. The Romney campaign also disseminated misleading ads in October that claims Chrysler has moved all production of Jeeps to China following the auto bailout.

The Nation said Romeny and his wife experienced a colossal windfall from the auto bailout through their investments in the hedge fund Elliott Management, which held a stake in the auto bailout recipient Delphi Automotive. The return on this investment amounted to more than 3,000 percent, The Nation charges.

The UAW plans to hold a 2 p.m. press conference calling for the feds to investigate Romney on Monday.

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