Delphi was bought out by a hedge fund, Elliott International, during the crash at the end of Bush’s Presidency. The first thing the hedge funders did was fire every single one of its 25,000 unionized employees and move its work force to China. After the bailout, Delphi now has 100,000 workers in China and other countries and only 5,000 in the United States, none of them unionized.
In their 2011 and 2012 Federal Financial Disclosure filing, Ann Romney’s trust lists “more than $1 million” invested in Elliott International. That’s the same descriptor for all of her big investments, to meet the minimum disclosure required by law. The investment is in Ann Romney’s name, probably, so that her husband, Mitt Romney, does not legally have to disclose the real extent of the fortune he made on the buyout. But it was a fortune.
Although they were all fired, Delphi’s union workers’ pensions were guaranteed by GM (not the Federal government) as part of an agreement made by GM when they split Delphi off from themselves as an independent company in 1999. During the bailout, the Treasury Department could have pressured GM to change its existing agreement to cover Delphi’s non-union employees as well, but that would have meant using the power of the Treasury to coerce a company into altering an existing contract. They chose not to do so. On that point, you might well say politics came into play, but only in that the Obama Treasury failed to do something that Romney himself opposed.
Romney wasn’t in favor of the government stepping in to help any workers at all. If Romney had it his way, both the unionized and non-unionized workers would have lost their pensions, while he and his hedge fund buddies made off with the money like bandits into the night.
And what they did to that one American company is the same thing they’ll do to America itself if we’re foolish enough to elect them.