UAW says Romney got $15M from auto bailout

Bob King, president of the United Auto Workers union, speaks at the UAW Local 12 hall in Toledo. He says the public deserves to know how much Mitt Romney bet against American workers with his investments.

The leaders of two unions on Thursday accused GOP candidate Mitt Romney of failing to disclose profits he made from the auto bailout and asked a federal agency to investigate his investments.

Tom Woodruff, executive vice president of the Service Employees International Union, and United Auto Workers President Bob King called on the presidential candidate to disclose his financial dealings in the investment group that purchased Delphi Corp., a former subsidiary of General Motors.

The two unions and other groups filed an ethics complaint outlining their accusations Thursday with the U.S. Office of Government Ethics.

“The law is very clear. It requires all federal candidates to report each asset over $1,000. Mitt Romney has not done that. He lists secret trust accounts, but not the stocks he holds in them. It is a clear violation and the remedy is clear. He must disclose or divest,” Mr. Woodruff said during a press conference announcing the action at the Local 12 United Auto Workers hall.

Citizens for Responsibility and Ethics in Washington, Public Citizen, Public Campaign, People for the American Way, and The Social Equity Group also joined in the letter sent to Don Fox, general counsel and principal deputy director of the federal ethics office.

Some of the allegations made by the group are based on an Oct. 17 article in the Nation magazine that reported the Romney family personally profited at least $15.3 million from the auto rescue of 2009 through his investment in Delphi, a supplier of auto parts to Chrysler and GM.

However, the group said in the letter that Mr. Romney’s June 1, 2012, Public Financial Disclosure Report to the Office of Government Ethics did not report the profit because he did not disclose the underlying holdings of his private equity and limited partnership funds.

“It’s time for Mr. Romney to follow the law. That’s really not too much to ask for someone who would be our president,” Mr. Woodruff said.

A spokesman for the Romney campaign could not be reached for comment.

Mr. King said the American people have the right to know about any potential conflicts of interest that might exist in Mr. Romney’s investments.

“Mitt Romney’s refusal to come clean on where he has his money invested is much more than an ethics violation,” he said. “The public deserves to know where, when, and how much Mitt Romney bet against American workers with his investments.”