suits using pleasure to welcome to the program the author of the new york times
bestseller is the best much democracy money can buy armed madhouse voters and his brand new are less a
billionaires and ballot how to steal an election in ninety ec
steps available at all all the outlets you would imagine from uh… greg house dot com a a grad
welcome to the program great to be ppm and now you’ve got a eight blockbuster
story which is the on the cover of the nation magazine uh… believe it’s the
november fifth edition uh… it’s available now at their side
of came out um… it’s about the uh… the g_m_ bailout and
particularly a specific subsets of that bailout n who um… managed to me millions upon millions of dollars from
that but it’s a it’s this is eighty stuff walk us through this we know that in broad strokes had it not been for the government providing essentially
what functions as a bridge loan our jeanne and perhaps chrysler and certainly all
the subsidiary companies that fee need and provide equipment for this
would have uh… gone out of business we would add millions of people unemployed it’s real simple if it turns out mister romney governor
romney who said uh… you know let detroit go bankrupt to
oppose the uh… he’s had detroit doesn’t need a check it turns out that uses silent partner three hedge fund billionaires they’re known as
vultures fund headed by his named owner paul singer known as we go with the vulture p_-three hedge fund billionaires made over so far over four billion dollars all from the u_s_ taxpayer and as it turned out in my
investigations i found out that one and around me uh… earned at least fifteen million
but more likely around a hundred million at the romney’s piece for the action uh… from the government bailout funds this is an act one of them we’re
discrete these stories i’ve ever been on campus it’s in the book doing it about that but
i expanded out and continued the hunt for the nation which came out today
they’re big cover story so the romney’s made tens of millions of dollars secretly complex financial structure to hide it three big donors including his main
donor uh… earned about a billion dollars and change each well that’s annually mara than i’ve made
it well in the first six months of i get a wait and see how the year ends out uh… daylight the w_t_o_ ok so much itu
let’s walk through the regulated i guess uh… the question exactly are you go ahead walk us through this now okay p it uh… unless simplified obviously conveyed their
trying that they don’t want to be simple but what happened was is that g_m_ advice split off the old telco auto
parts division into a company called delphi which went bankrupt okay which rom because a great idea member of let them go bankrupt okay and us so romney’s buddy uh… romney’s big donor paul uh… the
vultures finger uh… john paulson and handle opened this e mail bomb is
big backroom switched okay uh… they uh… they’ve bought up the
auto parts division but general motors how the bankruptcy court first sixty seven cents a share for peanuts they’ve been flipped it after they got
it in uh… about twelve billion plus in u_s_ money their sixty th seven cents was now worries twenty two dollars a share that the three thousand percent profit a
nice payday care of the u_s_ taxpayers they’ve been this without the end of it uh… whereas general motors i did its best please save jobs intentions delphi had um… the romney group had twenty nine u_s_ they shot down twenty eight of them and
move them to china there is not one single u_a_w_ worker in the auto parts division before all-party division of general
motors general motors gets its it’s parts from china from the romney operation and everywhere w member lost her job every single one twenty
five thousand two hundred u_a_w_ members in addition you were hearing and then they did is
chafing with the the delphi uh… uh… celery growth is nineteen workers lost big hunks of their pensions beacause the romney group simply cut them off if
it were not paying this is not and this was blamed i’ll
borrow money commercials these commercials that were split their
seven million dollars a commercial blaming obama for the loss of these pensions will be
spent just over seven million dollars don’t have it approximately a suicide is
bankruptcies is foreclosures this was done by rodney scoop that that would occur page and the government can’t be because of
the temple penalized if they don’t want to the government to pay those extra
maps right don’t get to write a law i guess
away so i guess i want to go back if you’re okay so we we’ve got uh… that
g_m_ is on the brink of of going under and i got steps in and says basically
with tarp funds and says okay we’re going to make sure
because the problem what that was facing jia it was twofold one is there on the brink
of bankruptcy if you had let them go into bankruptcy the idea that they could
have reorganized and come out of bankruptcy virtually impossible because into
because that one no one is going to buy it g_m_ car from
a company that is bankrupt because they don’t know if this companies can be
around in two years if their car breaks down and neighbors may make imparts form when you go into bankruptcy you need to
find somebody who is going to provide le and who’s going to be worked out a deal
with all the creditors and m_g_m_ because they get their parts from
literally thousands of small companies one of the u_n_ is a bigger company
adelphi um… that these creditors do have to arrange
with all these creditors to accept the terms of the bankruptcy and nobody was
gonna stepped in and provide a huge enough bridge loan so that there would
be time to work it out with all these credit is so you need it bassett
essentially a bridge loan entity like the u_s_ government to give everybody some sense of
assurance that they at best that g_m_ was gonna come out of
this so the government of the story does she the gum insist on it has to negotiate
with some of the biggest creditors was delphi yeah but here’s what happened they sat down with delphi and the kitty others here the the u_s_ treasury general motors with account plan to state the jobs at
delphi general motors is gonna buy back delphi okay okay what you’re hispanic irreverent spot off
in their in their desperately got raided they got rid of all the parties i got
rid of their finance unit now trying to buy back if i had seen it
and they’re all apart division they work out a deal with the u_s_
treasury which was phased about half the jobs in the u_s_ um… of the auto parts division here
state fourteen of those twenty-eight factories okay um… the um… and they work out a deal where is the nominal head of the company
we’d be dot com gory feed the billionaire who is the owner of the
detroit pistons he comes from flint michigan uh… where the delphi plant with it at
state so he said all you know i’m worth ten
billion all throught half a billion bucks into this to be at this time a michigan man so that you don’t want to know if you’re
finished and the u_s_ government g_m_ in and uh… they over the detroit pistons
that will buy back delphi will state most of the jobs union jobs it will keep
and basically it’ll be uh… back in general motors control feasible cher’s fund operators paul walters anger and he’s hitting
partner romney you obviously was into the room arkadi asylum parker limited partners the term uh… actually told the auto uh… told uh… the u_s_ treasury if you don’t give us the twelve billion
we want and right now right now we are shutting down all auto parts deliveries we will shut
down the industry that means whose general motors and
chrysler and if it turns out general motors
didn’t keep a steering wheel from steering column in inventory it was shut down in twenty four hours
some people season about to happen singer alone to a big piece of delphi
but he e of teamed up with and that would be to
other bolger cat of the vote getter and hedge fund guys and they quietly while
this deal was being announced bought out the rest of delphi so that they control
enough to basically quash this deal which would have saved about half the
jobs for americans well ad i gotta tell you get the picture
i have to be able to get a confidential deposition mccord avi chief financial officer adelphi who said senior the boulter swung game after the u_s_ g_m_ uh… detroit pistons deal was created afterwards publicly naps and it was done
and dusted job saved you know you know boldly after that it was announced he went and
bought a billion dollars of of old bonds you know from baker company
they cost nothing any bought them up in two weeks a
billion dollars in face value partici bought for peanuts andreotti and then suddenly said all by the way i happen to own the
company now pretty trivial got that that’s what it it’s of embedded
so what happened was that the eat it was a brilliant financial maneuver
done in coordination with these other uh… hedge fund operators enable to uh… near the bankruptcy
court had no choice is that there is the way that we are laws a bankruptcy word that it did these old bombs as if they were worth
their full value with the complex transaction call the credit bid buddy absolutely floored it to the although uh… team g_m_ everyone would completely stunned and
shocked that they pulled off the start especially because in it and then they
said and by the way so we’re gonna shut you down generously shutdown price only will be
shut down uh… this were taken over a basset and we want
this money we watch six billion dollars from the
pension benefit guaranty corporation which is the u_s_ government and we want another um… of a billion from g_m_ and synergy and that any money have to
come from park and by the way at that time u_s_ government on eighty percent of
g_m_ they said g_m_ vitality have to give us
uh… six billion and attention uh… guaranty
corporation a treasure you after you have to give it another six million thank you very much more we shut you
down aunt the u_s_ g_m_ u_s_ treasury just felt uh… uh… they federal extortion that the the word used by the uh… auto
bailout chief set of extortion but the admiral what do you think you at that point you
can allow nearly one point five million people because once g_m_ and chrysler
goes down all these other subsidiary companies go
down the guys who make the ball bearings in some small uh… company uh… in the you know
whatever reason ohio arena in michigan with twenty five mm please
whatever there’s there’s literally hundreds of uh… of of these type of small companies in
that area and it would have just been a it cascading of disaster yes and clothing i wish that the that obama handled that his
team to use the better teen mothers creepy your parts of this story which i and still going to break obama’s team should have done a much
better job than assumed that when they’re doing with creeps and i and i
don’t use that word very often okay as a as a bbc journalist which is where the
story started uh… i don’t often deal with old church
if you don’t get what i’d like to all singer you’d better be ready for the for
the worst type of financial flim-flam an attack but what i think shocked everyone is when uh… singer in the romney group shut every plan say goodbye we don’t want a single you would be made
a point of t_v_ issued a statement saying we are happy to announce we have
we we will not have one single u_a_w_ eset with incident at all to china and they moved on all of that that production bought it booklet all of it august ok it won’t be a parent operation
which i did not want wdw member left yes is there some play patiently waited
china hit a couple of other asian plant which
by the way the u_s_ some of the money that they got in the u_s_ government to buy other that when they did this
shift to buy eight uh… operating auto parts
plant from a company called bain capital okay pacific they give a billion people
off a billion tubing to buy uh… one of paint asian operation
defense send back parts to detroit there are no delphi parts pat one the
biggest at delphi remains the biggest the the provider parts to general motors
and chrysler none of its meeting in america anymore
it’s all chipped in mrs whom the for the romney group which definitely i started this if you going to do it you get the story
of this particular aspect of the deal marvin reaching story that out to be a
patient dot com but if you want like the full background
of a vulture in his lock-up with uh… with more on the and
the battle with opa amenities and hillary clinton that to me that the whole story jim
billionaires and ballot bandits which uh… for weeks payroll for weeks that
they’ve been on the new york times bestseller list because i think i have a comic book in
the middle by federal six but i like to think it from my
writing but the before starting up a step by started investigating the
vulture singer poor babies in the cargo this is reduced story began i was investigating
flim-flam in the congo uh… by these plato operators and i’m looking through fingers record to my feet and want me right one-fifth so that’s why i am eyes i started digging in and um… the it they’d nested it in all
these little you know creepy shelf they put the air and romney blind trust which is not so
blind but never told the evening because if i
can keep obviously mit romney concede he will feel the hedge fund you know how to
read the smile also know that mit romney famously said that these
blind trust you’re basically a ring orchestra brute right and chloe itself eventually what happens when this guy
when my give his money too uh… aileron because she didn’t have
anything if you would let me explain you’d have
to declare if the profit were over fifty million dollars which i’m quite certain
that is but because you put in anything wives who can be do not have the same disclosure
requirement they have for the candidates themselves
so we shifted the mighty and she gave it to the vulture and um… and then he put it into all these uh…
these the top place be calls for them adelphi uh… chrysler and now the g_m_ finance
unit allies and so this is only beginning of the tape from
uh… the tarp funds the iraqi family less and now we’re now with no we can’t
really know any exactly what the the exact dollar figure is right because
of course we’ve only seen uh… uh… year-and-a-half if that much of
the romney’s tax return well vacated they can make it even that
he he forgets i’ve asked him obviously again for their tax returns i’ve asked
all these people for gore information another day nearly fifty million dollars
but are read best estimate would be a hundred and fifteen
million dollars uh… implies aviva vulture operators move delphi inc
from troy michigan to uh… the i’ll ah… of ah… of jury
which is in the english channel two full tax even in the english channel delphi is is basically you know that lou living in
this uh… you know operate in this tax haven so i’m doing a cabal better explain that
one of the reasons or that this culture investors finger wanted to go afterall bomber is that as that one of
the big attacks with from the money by the way his on the nation of argentina this issue huge battle uh… which is hidden from the public romney and clinton did an unusual took an unusual step under the constitution they can go to
court will say that that that uh… assert certain actions of american operators are violation are are uh… undermining the foreign
policy united states so hillary clinton and secretary of
state obama’s president use this unusual constitutional step to try to put the vulture out of business and he’s gone berserk over this berserk this is not seem very much in the public
and i have to say that obama did this i’d like to get it because uh… you know he’s concern about the people
barge into your concern about the people the congo the parted with it the big banks like
bank of america citibank uh… are their skier of singer they believe he
can bring down the world financial work so that and so this guy’s going into basically
just open up a lot of dead at uh… uh… that low prices in indian students
looking at a central here but he got a true peace ransom
technique uh… for example with argentina just
grabbed un argent i’m failing ship you know i
can hold uh… you know two hundred year old
forget uh… and later like a pirate grab this
ship on the high seas and as claimed it and that’s the type of
thing that that clinton is said is as undermined a foreign policy united
states this guy trying to bring argentina to attack me and by lee romney we get a piece in it and and so that one of the questions you
have to ask yourself this if romney wins who become secretary of state that’s
vital to his operation secretary of state under the
constitution can actually stopping him hillary is really it hillary’s really big part of this
story she’s been trying to stop singer uh… because it undermined all our
diplomatic relations with our allies so who’s going to replace hillary
presumably the forum uh… policy by the chief adviser to rob
you died in camps in the war dance floors paint job is working for
polo vulture singer welfare and of course the identified no
it was a spokesperson for essentially uh… bushes illegal occupation an
invasion of iraq uh… and so and had this to you the the really stunning aspect of this
is you know how does a guy’s llegaron speaks of how tryna is undermining our
economy that’s that’s when it is the one thing i
can get over with with with romney here’s a guy who’s right or sheltering
all uh… his funds right uh… well but they’re like a prepared but i have
real screaming at me cuz i i do have to run for the getting called but let me tell you this i appreciate and i’ll be happy come back
and tell you the stories that are yet to come out and of from this whole story up who the
vulture is his connection to allow me and my belief that it picked out the
pauline for vice president i’d love to get into that with you can you do you
give me the chance to tell those real stories again in billion dollar bet you have the
whole thing between for the nation dot com and get this peaks of the year of the creepy romney story but i’ll
leave you with this fought there’s no question in my mind and again now here i have to speculate
so i i can’t help but that the reason marami put his money which
fingers everyone wanted fingers love but romuald something the other candidates
didn’t have his own checkbook right pretty with uh… seniors uh… creepy
stuff only deal with that see you again died
doing it by the dollar ballot bandits orgy has the information on the ebook of
course it’s everywhere right now uh… about bandits uh… dot or heard about that amanda pillar
padalecki and will put a link up on um… majority
dot f_m_ greg thanks so much for joining us you the best effect