Mitt Romney has been calling President Obama a “crony capitalist” on the stump lately, particularly in Michigan, saying that the president rewarded certain donors by going ahead with the auto bailout.
But Greg Palast points out that the biggest beneficiaries of the bailout are actually Romney supporters:
“Romney called the federal government’s 2009 bail-out of the auto industry, ‘nothing more than crony capitalism, Obama style’. In fact, the biggest rewards — a windfall of more than two billion dollars care of U.S. taxpayers — went to Romney’s two top contributors.” Read more »
And they were big beneficiaries. According to Palast and Bloomberg News, hedge fund managers John Paulson and Paul Singer (both million dollar Romney superPAC donors) turned a stunning 3,000 percent profit on their investment in Delphi, an auto parts unit formerly owned by General Motors, in November 2011.