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Unions, good government groups to file ethics complaint against Romney for failing to disclose his big auto rescue profit

10/31/12

Groups urge Office of Government Ethics to make Romney disclose or divest

WASHINGTON -- A coalition of community, labor and good-government organizations is calling on the U.S. Office of Government Ethics to investigate GOP presidential candidate Mitt Romney for noncompliance with the Ethics in Government Act and compel him to either disclose his investments or divest them.

"The American people have a right to know about Governor Romney's potential conflicts of interest, such as the profits his family made from the auto rescue," said UAW President Bob King. "It's time for Governor Romney to disclose or divest."

"While Romney was opposing the rescue of one of the nation's most important manufacturing sectors, he was building his fortunes with his Delphi investor group, making his fortunes off the misfortunes of others," King added.

The groups sending the complaint letter, including SEIU, UAW, Citizens for Responsibility and Ethics in Washington, Public Citizen, Public Campaign, People for the American Way and The Social Equity Group, believe that Romney's undisclosed stock holdings create serious conflicts of interest. They point to the auto rescue as a key example. 

The Nation recently reported that the Romney family personally profited by at least $15.3 million from the auto loans of 2009 through his investment in the Delphi Corp. auto parts company. Yet Romney's June 1, 2012, Public Financial Disclosure Report to the Office of Government Ethics did not reveal this windfall because he did not disclose the underlying holdings of his private equity and limited partnership funds.

Here are details of a joint news conference to be held Thursday in Toledo, Ohio: 

WHO: UAW President Bob King
           SEIU Executive Vice President Tom Woodruff
           Investigative reporter Greg Palast, author of "Mitt Romney's Bailout Bonanza" in The Nation, and                the book, "Billionaires & Ballot Bandits: How to Steal an Election in 9 Easy Steps."
           Delphi workers 

WHAT:
 News conference on Mitt Romney's conflicts of interest with his investments, including his profiting                from the auto bailout.

WHERE:   UAW Local 12, 2300 Ashland Ave., Toledo, Ohio 43620

WHEN:    Thursday, Nov. 1, 2 p.m.