Mitt Romney has twisted himself into knots over the rescue of Detroit’s auto industry (which he initially opposed, then tried to take credit for, and now opposes again) as the GOP presidential primary in Michigan approaches. “This was crony capitalism on a grand scale,” Romney wrote of the auto rescue in the Detroit Free Press this week. “The president tells us that without his intervention things in Detroit would be worse. I believe that without his intervention things there would be better.”
However, Romney’s opposition to the bailout didn’t stop him from fundraising yesterday at the office of the law firm that made hundreds of millions of dollars representing General Motors during its rescue, as Politico’s Ben White pointed out:
Mitt Romney was in NYC yesterday and held a fundraising event in which he and others dialed for dollars from the offices of mega law firm Weil, Gotshal & Manges, one of the biggest players in corporate bankruptcies. Weil Gotshal, in fact, represented General Motors in the bankruptcy and federal bailout that Romney has spent so much time criticizing. Weil earned hundreds of millions in fees off the GM bankruptcy.
Romney favored a “managed bankruptcy” for Detroit’s auto companies, without the bridge loans provided by the federal government. But as Yahoo! Autos reporter noted, Romney’s plan wouldn’t have worked because “before Obama was even sworn in, no one on Wall Street or anywhere else was willing to lend GM and Chrysler a penny — let alone the $81 billion they and their financial arms eventually needed.” And in the end, Romney is clearly fine with dialing for dollars from the offices of the lawyers that oversaw and profited from the whole episode.