Tuesday, October 30, 2012
asshole: Failed Bush FEMA director Michael Brown says Obama, FEMA acted too quickly in hurricane response #p2 #tcot
http://www.dailykos.com/story/2012/10/30/1152640/-Failed-Bush-FEMA-director-Michael-Brown-says-Obama-FEMA-acted-too-quickly-in-hurricane-response
Un-effing-believable. The entire GOP has been having a years-long allergic reaction to the very concept of "disaster relief," we've got Mitt Romney refusing to even mention whether or not he thinks FEMA is an abomination unto the budget gods, and now out here comes the head Katrina-botcher himself, back like a bad rash:
President Obama speaking at the Red Cross
Michael Brown, former President George W. Bush's former FEMA director who was criticized for his slow reaction to Hurricane Katrina in 2005, said on Monday that President Obama may have acted too quickly on Hurricane Sandy this week.Oh, eff you, Brown. Yes, how dare Obama and FEMA try to prepare people for a natural disaster beforehand, instead of sitting on their asses waiting for it to happen. Everyone knows you're supposed to have the press conference warning people about the hurricane only after they've already lost power and nobody can watch the damn thing. If that's not the most Republican damn thing I've ever heard, it's only because Brown didn't figure out a way to wedge the words "tax cut" in there.Brown said Obama's Sunday press conference with Federal Emergency Management Agency officials was "premature" because the effect of the storm was not felt until a day later.
He happily wedged in one of the far-right's current conspiracy theories, though, possibly because he is an unrepentant dumbass:
"One thing he's gonna be asked is, why did he jump on this so quickly and go back to D.C. so quickly when in...Benghazi, he went to Las Vegas?" Brown says. "Why was this so quick?... At some point, somebody's going to ask that question.... This is like the inverse of Benghazi."So … Brown is peeved that Obama disrupted his schedule in anticipation of something that was going to affect a large percentage of the entire U.S. population, unlike that time when something happened in Benghazi that nobody knew about until after it was already over? Wow. I think I may actually, seriously hate this guy.
It may be the continuing news coverage of flooded streets and homes in wreckage, but I have had about all I can take of these wretched little twerps. As his big relief contribution, we've got Mitt Romney collecting canned goods in Ohio (yes, that's what's going to help the entire northeast recover—a busload of canned soup), and the guy George Bush put in charge of the last gargantuan hurricane disaster is muttering about how political it is that Obama is, you know, actually effing doing stuff. A party whose biggest philosophical discussion about massive, multi-state disasters is whether our own government should really give a flying damn about them at all, and who thought it was preposterous for a war in a foreign land to be paid for at allbut mew about how "immoral," etc., it is to help our own citizens after a disaster unless and until we've written the right things on the right budget lines.
I may actually despise these people today. I think I'm going to have to proactively ignore everything these insufferable, amoral, sociopathic nitwits say for the next 12 hours or so, just to maintain some last shred of faith in humanity.
.@mittromney Romney Campaign Training Poll Watchers To Mislead Voters In Wisconsin #p2 #tcot please r/t
http://thinkprogress.org/justice/2012/10/30/1106961/romney-wisconsin-poll-watchers/
Mitt Romney's campaign has been training poll watchers in Wisconsin with highly misleading — and sometimes downright false — information about voters' rights.
Documents from a recent Romney poll watcher training obtained by ThinkProgress contain several misleading or untrue claims about the rights of Wisconsin voters. A source passed along the following packet of documents, which was distributed to volunteers at a Romney campaign training in Racine on October 25th. In total, six such trainings were held across the state in the past two weeks.
One blatant falsehood occurs on page 5 of the training packet, which informed poll watchers that any "person [who] has been convicted of treason, a felony, or bribery" isn't eligible to vote. This is not true. Once a Wisconsin voter who has been convicted of a felony completes his or her sentence, that person is once again eligible to vote.
The training also encouraged volunteers to deceive election workers and the public about who they were associated with. On page 3 of the packet, Romney poll workers were instructed to hide their affiliation with the campaign and told to sign in at the polls as a "concerned citizen" instead. As Kristina Sesek, Romney's legal counsel who just graduated from Marquette Law School last year, explained, "We're going to have you sign in this election cycle as a 'concerned citizen.' We're just trying to alleviate some of the animosity of being a Republican observer up front."
This packet could cause major problems if Republican observers across the state try to enforce such wrong and misleading information on Election Day. Even if they simply slow the voting process down, this could discourage voters waiting in line and drive drown turnout.
Here are four misleading or incorrect pieces of information disbursed by the Romney campaign:
| CLAIM: Any "person [who] has been convicted of treason, a felony, or bribery" isn't eligible to vote. (Page 5) | FACT: Once a person who has been convicted of a felony completes his or her sentence, including probation and fines, that person is eligible to vote. |
| CLAIM: Page 8 lists 10 items as "The ONLY Acceptable Forms of "Proof of Residency". | FACT: The list used is incomplete. There are many other documents people can use to prove residency that are not included, such as letters from public schools, student loan papers, correspondence with a Native American tribe in Wisconsin, vehicle registration, and food stamp correspondances. In addition, the list fails to mention thathomeless voters may use an affidavit from a public or private social service agency as proof of residency. |
| CLAIM: "If a handicapped voter is unable to come into the polls to vote, an assistant can deliver the ballot to the voter if the CEI verifies the elector's proof of residency." (Page 10) | FACT: Under Wisconsin law, the CEI (Chief Election Inspector)does not have to verify proof of residency so long as the voter is registered. |
| CLAIM: "Election Observers should not assist [voters]." (Page 10) | FACT: A voter can ask for assistance from anyone, including apoll watcher, so long as the voter initiates the request and does not engage in electioneering. |
Here are the documents in full:
.@mittromney Christie praises Obama, doesn’t ‘give a damn’ about Romney photo op #p2 #tcot
http://www.rawstory.com/rs/2012/10/30/christie-praises-obama-doesnt-give-a-damn-about-romney-photo-op/
The presidential candidates have canceled all campaign events on Tuesday, but Republican New Jersey Chris Christie seemed to be stumping for President Barack Obama by appearing several networks to praise the federal response to Hurricane Sandy.
In an interview on NBC, Christie called Obama "outstanding" for expediting relief efforts. He also told MSNBC that Obama "deserves great credit."
"He gave me his number at the White House and told me to call him if I needed anything," Christie said.
The New Jersey governor even took his message to Fox News, saying that Obama had helped "tremendously."
"I spoke to the president three times yesterday," he explained. "He called me for the last time at midnight last night asking what he could do. I said, if you can expedite designating New Jersey as a major disaster area that that would help us to get federal money and resources in here as quickly as possible to help clean up the damage here."
"The president was great last night," Christie continued. "He said he would get it done. At 2 a.m., I got a call from FEMA to answer a couple of final questions and then he signed the declaration this morning. So I have to give the president great credit. He's been on the phone with me three times in the last 24 hours. He's been very attentive, and anything that I've asked for, he's gotten to me. So, I thank the president publicly for that. He's done — as far as I'm concerned — a great job for New Jersey."
Fox News co-host Steve Doocy wondered when Republican presidential nominee Mitt Romney was going to get some of the same benefits from the hurricane with a photo op in disaster-stricken New Jersey towns.
"Over the last couple of months, you have appeared throughout the country, Governor, on behalf of Mitt Romney," Doocy remarked to Christie. "[W]e hear that perhaps Mr. Romney may do some storm-related events. Is there any possibility that Gov. Romney may go to New Jersey to tour some of the damage with you?"
"I have no idea, nor am I the least bit concerned or interested," Christie replied, immediately shutting down the idea. "I've got a job to do here in New Jersey that's much bigger than presidential politics and I could [sic] care less about any of that stuff."
.@mittromney Romney plows forward with Ohio "victory rally" disguised as "storm relief event." #p2 #tcot
http://www.dailykos.com/story/2012/10/30/1152457/-Mitt-Romney-attends-storm-relief-event-In-Ohio-Sponsored-by-his-campaign
Well that's a shock. Mitt Romney schedules his "storm relief" event to take place in the swingiest of swing states, Ohio. But it's not a campaign event, right? Nope, at least according to the GOP (as Tweeted by Mike Barbaro of The New York Times):
On local TV local GOP official says Romney event in Dayton this am.
"not a campaign event per se". #wiggleroom
— @mikiebarb via Twitter for iPad Hmm. Perhaps what he meant to say is that it's not a "victory rally," per se?
Press badge for today's "storm relief event" in Ohio:http://t.co/...
— @Ari_Shapiro via Camera on iOS Here's that press badge:
So ... victory rally or storm relief event? Well, if it's a storm relief event, it might have been useful if Romney had said something the press release about what he hopes to achieve at the event and what he wants his supporters to bring. But there's nothing of that nature in his press release. 
Romney campaign now playing their campaign video from the RNC at their charity concert in Ohio for Sandy victims.
— @ChrisLaibleFN via Twitter for iPhone 
Campaign video playing at "storm relief event" - there is an area roped off for supplies ... http://t.co/...
— @JFKucinich via Twitter for iPhone Sign at the Romney storm relief event in Kettering Ohio this AM. http://t.co/...
— @mikiebarb via Camera on iOS It says: "THE TRENT ARENA TRACK WILL BE CLOSED ALL DAY TUESDAY OCTOBER 30, 2012 FOR THE REPUBLICAN CAMPAIGN RALLY." (My emphasis.)
Yesterday, Mitt Romney's campaign floated the idea of doing a photo-op with New Jersey Governor Chris Christie to survey damage from Hurricane Sandy, but this morning Christie shot down the idea, saying he was not in the "least bit" interested in playing "presidential politics."
Combine that with Christie's praise for President Obama's hurricane response, and Mitt Romney's relevance just took a one-two punch from none other than his handpicked Republican convention keynote speaker. But if you're a Romney fan, don't give up hope—Mitt thinks he's figured out how to keep his campaign in the headlines:
attribution: Mitt Romney Campaign
On local TV local GOP official says Romney event in Dayton this am."not a campaign event per se". #wiggleroom
— @mikiebarb via Twitter for iPad
Press badge for today's "storm relief event" in Ohio:http://t.co/...— @Ari_Shapiro via Camera on iOS
Maybe the problem is that Romney doesn't know what to ask for: yesterday, in announcing the event, his campaign said they wanted to to collect "relief supplies." Only problem: the American Red Cross doesn't accept donations of physical goods for relief efforts like this.
Hopefully something good will come out of this event, but it sure seems Romney has done his best to make sure that it won't. Still, in the charitable spirit that Romney hopes to demonstrate, let me give him some credit with his response here: at least he didn't release a statement in the middle of the night attacking President Obama for sympathizing with and apologizing to Mother Nature.
7:24 AM PT: Hmmm:
Romney campaign now playing their campaign video from the RNC at their charity concert in Ohio for Sandy victims.— @ChrisLaibleFN via Twitter for iPhone
7:27 AM PT: So apparently the campaign is still trying to collect relief supplies even though the American Red Cross says it cannot accept physical goods "due to logistical constraints."
Campaign video playing at "storm relief event" - there is an area roped off for supplies ... http://t.co/...— @JFKucinich via Twitter for iPhone
7:43 AM PT: Another sign at the rally:
Sign at the Romney storm relief event in Kettering Ohio this AM. http://t.co/...— @mikiebarb via Camera on iOS
@GOP Gov Christie collaborates with POTUS: Christie Doesn’t ‘Give A Damn About Presidential Politics’ Now
http://huffpostpolitics.tumblr.com/post/34637273132/christie-doesnt-give-a-damn-about-presidential
New Jersey Gov. Chris Christie (R) told "Fox & Friends" Tuesday morning that he "could care less" about the presidential campaign in the wake of Hurricane Sandy. Christie was asked on the show if Republican presidential nominee Mitt Romney would be visiting New Jersey in the wake of the storm.
"I have no idea, nor am I the least bit concerned or interested," Christie said. "I have got a job to do here in New Jersey that is much bigger than presidential politics. And I could care less about any of that stuff."
After listing the damage around the state, including power outages and devastation along the Jersey Shore, Christie reiterated his indifference now to the presidential race.
"I have a job to do. If you think right now I give a damn about presidential politics, than you don't know me," Christie said.
Christie has been praising President Barack Obama regularly since Sunday, noting that he's had several phone calls with the president regarding the storm. He said that Obama has been "proactive" and that he appreciated Obama's leadership. He said that Obama has been quick to declare disasters in New Jersey and to provide him with assistance.
Christie has used several television appearances on Tuesday to praise Obama, including the "Fox & Friends" interview.
"He's done — as far as I'm concerned — a great job for New Jersey," Christie said.
.@mittromney Ann Romney on public education - "throw it out" - clueless of life for the average American #p2 #tcot
http://www.addictinginfo.org/2012/10/29/romney-throw-out-education/
In an interview with Good Housekeeping, Ann Romney gave some of her opinions on issues in the country right now. One of those covered was education. When asked, "Can you tell me, what campaign issue is closest to your heart?" her reply was:
"I've been a First Lady of the State. I have seen what happens to people's lives if they don't get a proper education. And we know the answers to that. The charter schools have provided the answers. The teachers' unions are preventing those things from happening, from bringing real change to our educational system. We need to throw out the system." (Emphasis mine.)
I agree with her on one thing — the system does have problems and it does need to be fixed. A huge problem is lack of money. A charter voucher system — something Mitt Romney has suggested — would not solve the monetary issues. Those children from higher income families would be able to afford better schooling (vouchers plus family supplement) and thus continue a trend of elitism, further separating the classes. Instead of that, why don't we pay teachers better and better fund the educational system overall? Smaller class sizes, updated textbooks, better access to technological aids for schooling; these things are all proven to benefit students.
Wait! I have a better idea! Instead, let's slash funding some more, and give the military an additional two trillion dollars that hasn't been asked for. Of course, the problems in the schooling system are all caused by teachers' unions; Ann Romney can speak on this with authority, given her complete lack of experience in both the educational system and administration. Also, isn't it interesting that she was interviewed by Good Housekeeping? I somehow doubt she cleans house very often; they probably have a few 47%-ers for that. Although, it wouldn't surprise me if the Romney household was misogynistic enough for her to actually have cleaning duties when there is no need.
To be fair, I also seriously doubt that Michelle Obama — also interviewed — cleans her own house. However, the Obamas don't have an upper-class millionaire heritage like the Romneys, and are much less out-of-touch with the thoughts and needs of everyday Americans. Barack, for example, worked as a community organizer, which seems a far cry from cannibalizing companies for profit.
Also in stark contrast were Michelle Obama's comments about education during her interview:
"Reinvest in education here in the United States so that we lay the groundwork to ensure that every child has access to a world-class education from preschool to beyond college." (Emphasis mine.)
Reinvest. Give every child a chance. That's a far cry from dismantling our public system in favor of charter schools. Investing in education is investing in the future of America; given that we are a government by the people and for the people (well, we used to be), the government has — and rightly so — direct stake in ensuring that the next generation of students comes out of the public school system with the best education possible.
Her comments regarding education are already well-publicized, however, and if you hadn't heard of them at the time of this reading I'm sure you'll see things about it during the next few days. In fact, the degree of attention paid to one astonishingly ignorant comment is sort of a shame; after all, there were a couple more that were equally fantastic (though none so spectacularly blind and offensive as her thoughts on military service).
I really dislike to make judgments about someone's intelligence when I've never met them, but Ann Romney is testing my self-imposed silence with the following excerpt from the Good Housekeeping interview:
GH:What are the steps your husband would take to improve the economy?
AR: Just his election itself is going to instantly turn up the gas and get people more optimistic, but he has five things that are simple for people to understand: One is to get rid of regulation; one is to start using our natural resources; one is to turn to human capital, which is education, and get that working again; and…oh, I'm not sure on the last two! (Laughs)
GH: Well, three is a very good start. A couple of years ago, we created the Green Good Housekeeping Seal as a way of helping consumers figure out what products are truly green versus what are just greenwashing claims. Are green issues something you think about?
AR: Everyone wants clean air and clean water. I mean, of course we all do. And then if you go to a country like China —
GH: Where there is no regulation...
AR: Where there is no regulation, and you see what's wrong there and how people are dying younger there. And the pollution and the air quality is just abysmal, and people are having to live in that. You understand how important it is, but you also have to recognize that we have to balance those things.
I've highlighted my favorite bits there. Emphasis mine once again. First of all, "his election itself is going to instantly turn up the gas and get people more optimistic" is a pretty interesting thing to say. Looks like the school she went to skipped out on economics. I'll leave that for you to think about yourself.
Now, in fairness, she never specifies which regulations she's against, but based on the fact that she can't even remember a list of five things, I'm guessing she doesn't happen to know, either. Let's recap:
"One is to get rid of regulation…" as a way to improve the economy. Because Wall Street does so fantastically well without regulation…does she not realize that the cause of the recession was due, in part, to a lack of Wall Street regulations that allowed them to privatize profits and socialize losses? Although the government bailouts are projected to cost less than expected, they are widely disfavored and viewed as a mistake. However, we've established that she thinks regulations are bad things. Let's move on.
With regard to China and green issues, she's suddenly all for regulation, even though her husband opposes such regulations because they are preventing access to more land and faster drilling for the oil companies (and coal, etc.). I really can't blame her — apparently she doesn't think she needs to worry about such things, because she literally has no idea what she's talking about. Excuse me, that statement was wrong; she has 60% of an idea of what she's talking about (3/5).
Monday, October 29, 2012
very handy: How to use Twitter when you lose Internet access
http://www.washingtonpost.com/business/technology/how-to-use-twitter-when-you-lose-internet-access/2012/10/29/e6214f12-21b9-11e2-8448-81b1ce7d6978_story.html?wpisrc=nl_tech
The bread is bought, the flashlights have fresh batteries and you're prepared to make the most of whatever Hurricane Sandy throws your way. But are you prepared to go days without Twitter?
It's a ridiculous question that would have sounded even more ridiculous just a few years ago, but Twitter (along with your traditional radio) is an important resource for breaking news when the world is going... to Sandy.
If you lose cable, broadcast signal and Internet, you can still receive tweets about the storm -- even if you don't have a Twitter account.
This also goes beyond Internet service. If you're without a WiFi connection, accessing just a few critical tweets instead of the whole stream is a good way to conserve your phone's battery and still get the information you need. It's also worth noting that this workaround requires cellular service.
FAST FOLLOW:
• You don't need a Twitter account to get important tweets sent to your phone. Just text the word "Follow [username]" to 40404 on a U.S.-based phone. For instance, if you want to receive tweets from@CapitalWeather and you don't have a Twitter account, text "Follow capitalweather" to 40404.
If you live around D.C., other Twitter accounts that might be good for this Fast Follow feature include @DrGridlock, @PepcoConnect, @CraigatFEMA, @EricFisherTWC,@MayorVinceGray and @BreakingStorm. We've got a whole Twitter list here.
• To turn off this feature, text the words OFF or STOP or LEAVE to 40404. To turn it back on, text ON to 40404.
• Keep in mind that standard messaging rates apply. Every tweet is a text.
If you do have a Twitter account, here are the basics:
CONNECT YOUR PHONE TO TWITTER:
• Text the word "START" to 40404.
• Twitter will send you text, reply to 40404 with the word "YES".
• Now text your username to 40404.
Do not use the @ symbol. For example, @WashingtonPost would be WashingtonPost.
• Finally, send your pasword to 40404. It is case sensitive.
Now do yourself a favor and save 40404 as a contact on your phone.
SEND TWEETS:
Text tweets by sending them to 40404. From Twitter:
• @[username] + message - shows your tweet as a reply directed at another person, and causes your tweet to save in their mentions tab.
• D [username] + message - sends that person a Direct Message that goes to their device, and saves in their web archive. You can also use M [username] + message to send a private message!
• RETWEET [username] - sends that user's latest tweet to your followers (also known as aRetweet).
• FOLLOW [username] - allows you to start following a specific user, as well as receive SMS notifications.
TURN OFF MOBILE NOTIFICATION, SAVE BATTERY LIFE
The flood of tweets you receive after connecting your phone to your Twitter account might be too much for your sanity and your phone's battery. To turn off Twitter notification via SMS, text the word "OFF" to 40404. If you want to pick and choose what kind of notifications you receive, here's a list of commands from Twitter.
Saturday, October 27, 2012
Meatloaf Butchers America the Beautiful for Romney (VIDEO) #p2 #tcot
http://samuel-warde.com/2012/10/meatloaf-butchers-america-the-beautiful-for-romney-video/
This was so bad it hurt. What a cast of clowns. And this guy want to run the country???
rest http://samuel-warde.com/2012/10/meatloaf-butchers-america-the-beautiful-for-romney-video/
This was so bad it hurt. What a cast of clowns. And this guy want to run the country???
Meatloaf joined country music stars Randy Owens, John Rich and Big Kenny, as well as Mitt Romney for a particularly painful rendition of "America the Beautiful."
rest http://samuel-warde.com/2012/10/meatloaf-butchers-america-the-beautiful-for-romney-video/
.@MITTROMNEY Mitt Romney tells homeless disaster victim to 'go home and call 211' #p2 #tcot
http://www.examiner.com/article/mitt-romney-tells-homeless-disaster-victim-to-go-home-and-call-211?cid=db_articles
rest http://www.examiner.com/article/mitt-romney-tells-homeless-disaster-victim-to-go-home-and-call-211?cid=db_articles
While touring the devastation of Hurricane Isaac Mitt Romney spoke with a victim of the hurricane who lost her home to the storm. When she asked Romney what she should do, he told the woman to "go home and call 211."
The Romney campaign has been taken to task for being out of touch, and Mitt Romney's recent interaction with an in-need American certainly helps to make that point even clearer.
This is coupled with the criticism, called by Sen. Harry Reid as "the height of hypocrisy, of Romney visiting Louisiana at all. He has no authority and his presence added little to no benefit to disaster workers. According to mediaite.com Republican Governor Bobby Jindal and Romney took pictures for an hour at the local post office. This is where Jodie Chiarello, 42, spoke with Mitt who bestowed on her his sagely wisdom. Chiarello has been quoted saying, "He just told me to, um, there's assistance out there. He said, go home and call 211."
rest http://www.examiner.com/article/mitt-romney-tells-homeless-disaster-victim-to-go-home-and-call-211?cid=db_articles
Thursday, October 25, 2012
Thursday, October 18, 2012
.@mittromney Romney has done a good job of concealing that he personally gained at least $15.3 million from the bailout #p2 #tcot
http://www.thenation.com/article/170644/mitt-romneys-bailout-bonanza#
(AP Photo/Evan Vucci)
This investigation was supported by the Investigative Fund at the Nation Institute and by the Puffin Foundation. Elements of it appear in Palast's new book, Billionaires & Ballot Bandits: How to Steal an Election in 9 Easy Steps (Seven Stories). Research assistance by Zach D. Roberts, Ari Paul, Nader Atassi and Eric Wuestewald.
Mitt Romney's opposition to the auto bailout has haunted him on the campaign trail, especially in Rust Belt states like Ohio. There, in September, the Obama campaign launched television ads blasting Romney's November 2008 New York Times op-ed, "Let Detroit Go Bankrupt." But Romney has done a good job of concealing, until now, the fact that he and his wife, Ann, personally gained at least $15.3 million from the bailout—and a few of Romney's most important Wall Street donors made more than $4 billion. Their gains, and the Romneys', were astronomical—more than 3,000 percent on their investment.
rest http://www.thenation.com/article/170644/mitt-romneys-bailout-bonanza#
(AP Photo/Evan Vucci)
This investigation was supported by the Investigative Fund at the Nation Institute and by the Puffin Foundation. Elements of it appear in Palast's new book, Billionaires & Ballot Bandits: How to Steal an Election in 9 Easy Steps (Seven Stories). Research assistance by Zach D. Roberts, Ari Paul, Nader Atassi and Eric Wuestewald.
Mitt Romney's opposition to the auto bailout has haunted him on the campaign trail, especially in Rust Belt states like Ohio. There, in September, the Obama campaign launched television ads blasting Romney's November 2008 New York Times op-ed, "Let Detroit Go Bankrupt." But Romney has done a good job of concealing, until now, the fact that he and his wife, Ann, personally gained at least $15.3 million from the bailout—and a few of Romney's most important Wall Street donors made more than $4 billion. Their gains, and the Romneys', were astronomical—more than 3,000 percent on their investment.
It all starts with Delphi Automotive, a former General Motors subsidiary whose auto parts remain essential to GM's production lines. No bailout of GM—or Chrysler, for that matter—could have been successful without saving Delphi. So, in addition to making massive loans to automakers in 2009, the federal government sent, directly or indirectly, more than $12.9 billion to Delphi—and to the hedge funds that had gained control over it.
One of the hedge funds profiting from that bailout— $1.28 billion so far—is Elliott Management, directed by Paul Singer. According to The Wall Street Journal, Singer has given more to support GOP candidates—$2.3 million—than anyone else on Wall Street this election season. His personal giving is matched by that of his colleagues at Elliott; collectively, they have donated $3.4 million to help elect Republicans this season, while giving only $1,650 to Democrats. And Singer is influential with the GOP presidential candidate; he's not only an informal adviser but, according to the Journal, his support was critical in helping push Representative Paul Ryan onto the ticket.
Singer, whom Fortune magazine calls a "passionate defender of the 1%," has carved out a specialty investing in distressed firms and distressed nations, which he does by buying up their debt for pennies on the dollar and then demanding payment in full. This so-called "vulture investor" received $58 million on Peruvian debt that he snapped up for $11.4 million, and $90 million on Congolese debt that he bought for a mere $20 million. In the process, he's built one of the largest private equity firms in the nation, and over decades he's racked up an unusually high average return on investments of 14 percent.
Other GOP presidential hopefuls chased Singer's endorsement, but Mitt chased Singer with his own checkbook, investing at least $1 million with Elliott through Ann Romney's blind trust (it could be far more, but the Romneys have declined to disclose exactly how much). Along the way, Singer gained a reputation, according to Fortune, "for strong-arming his way to profit." That is certainly what happened at Delphi.
* * *
Delphi, once the Delco unit of General Motors, was spun off into a separate company in 1999. Alone, Delphi foundered, declaring bankruptcy in 2005, after which vulture hedge funds, led by Silver Point Capital, began to buy up the company's old debt. Later, as the nation's financial crisis accelerated, Singer's Elliott bought Delphi debt, as did John Paulson & Co. John Paulson, like Singer, is a $1 million donor to Romney. Also investing was Third Point, run by Daniel Loeb, who was once an Obama supporter but who this summer hosted a $25,000-a-plate fundraiser for Romney and personally donated about $500,000 to the GOP.
As Delphi was in bankruptcy, making few payments, the bonds were junk, considered toxic by the banks holding them. The hedge funds were able to pick up the securities for a song; most of Elliott's purchases cost just 20 cents on the dollar of their face value.
By the end of June 2009, with the bailout negotiations in full swing, the hedge funds, under Singer's lead, used their bonds to buy up a controlling interest in Delphi's stock. According to SEC filings, they paid, on average, an equivalent of only 67 cents per share.
Just two years later, in November 2011, the Singer syndicate took Delphi public at $22 a share, turning an eye-popping profit of more than 3,000 percent. Singer's fund investors scored a gain of $904 million, all courtesy of the US taxpayer. But that's not all. In the year since Delphi began trading publicly, its stock has soared 45 percent. Loeb's gains so far for Third Point: $390 million. The gains for Silver Point, headed by two Goldman Sachs alums: $894 million. John Paulson's fund, which has already sold half its holdings, has a $2.6 billion gain. And Singer's funds and partners, combining what they've sold and what they hold, have $1.29 billion in profits, about forty-four times their original investment.
Yet without taking billions in taxpayer bailout funds—and slashing worker pensions—the hedge funds' investment in Delphi would not have been worth a single dollar, according to calculations by GM and the US Treasury.
Altogether, in direct and indirect payouts, the government padded these investors' profits handsomely. The Treasury allowed GM to give Delphi at least $2.8 billion of funds from the Troubled Asset Relief Program (TARP) to keep Delphi in business. GM also forgave $2.5 billion in debt owed to it by Delphi, and $2 billion due from Singer and company upon Delphi's exit from Chapter 11 bankruptcy. The money GM forgave was effectively owed to the Treasury, which had by then become the majority owner of GM as a result of the bailout. Then there was the big one: the government's Pension Benefit Guaranty Corporation took over paying all of Delphi's retiree pensions. The cost to the taxpayer: $5.6 billion. The bottom line: the hedge funds' paydays were made possible by a generous donation of $12.9 billion from US taxpayers.
rest http://www.thenation.com/article/170644/mitt-romneys-bailout-bonanza#
Wednesday, October 17, 2012
.@mittromney not the 1st dumb rich guy to feell like this: Tagg Romney Says He Wants To ‘Take A Swing’ At Obama #p2 #tcot
http://thinkprogress.org/election/2012/10/17/1038161/tagg-romney-says-he-wants-to-take-a-swing-at-obama/
Appearing on the Bill Lumaye Show, a North Carolina radio program, Tagg Romney — one of Mitt Romney's five sons — said that he wanted to rush the stage and "take a swing" at President Obama during the debates. Transcript:
BILL LUMAYE: I'm going to ask something I think a lot of people want to know, or at least I do. What is it like for you to hear the President of the United States call your dad a liar. How do you react to that?
TAGG ROMNEY: Jump out of your seat and you want to rush down to the debate stage and take a swing at him. But you know you can't do that because… Well, first there is a lot of Secret Service between you and him but also because this is the nature of the process.
Subscribe to:
Posts (Atom)
