The Nation has revealed that Mitt Romney made a fortune off of the auto-bailout, by investing in a hedge fund's scheme involving an autoparts manufacturer called Delphi.
Delphi, now in the possession of its hedge fund creditors, told the Treasury and GM to hand over $350 million immediately, “because if you don’t, we’ll shut you down.”Delphi then off-shored its production to China, screwing tens of thousands of American workers in the process.[snip]
The automaker had left the inventory of its steering column and other key components in Delphi’s hands. If Delphi laid siege to GM’s parts supply, the bailout would fail and GM would have to be liquidated or sold off—as would another Delphi dependent, Chrysler.