"Help was given." That simple, three-word phrase, embedded unobtrusively in Mitt Romney's self-congratulatory statement about how he saved General Motors, reveals either Mr. Romney's ignorance or, more likely, his duplicity.
Romney's idea of "help" meant what he termed "managed bankruptcy," including privately financed recapitalization and reorganization or, if necessary, liquidation of the company that would have cost millions of American manufacturing jobs.
It was almost immediately evident that private capital was not available in the midst of a horrific economic collapse, and Romney should have recognized this. Romney's expectation that the private sector would take the financial risk to reorganize GM, i.e., provide the needed "help," was either so naive or so incredulous that one really has to question his ability to make decisions at a level beyond the size of a medium corporation.
The decision to provide government funding to GM, made by President Bush and implemented further by President Obama, was explicitly criticized by Romney in a New York Times op-ed piece as the wrong way to go. Events proved that Bush and Obama were right, Romney was wrong, and Romney's revisionist egotistical statement was evidence of a megalomania that should frighten every American.
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Cindy Mullins, Richland