Romney ‘Delighted’ GM is Profitable; Picks Up Mich. Endorsement
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J.D. Pooley/Getty Images(FARMINGTON HILLS, Mich.) — Hours after General Motors announced that it earned its highest profit in its storied history last year, Mitt Romney said he is “delighted” at its success, taking credit for the managed bankruptcy that helped to rescue the struggling corporation, saying he “recommended from the very beginning.”
“I love the businesses of this state, I love the auto industry I want to see it thrive and grow,” said Romney, speaking at a luncheon at the Greater Farmington-Livonia Chamber of Commerce. “I’m glad it went through a managed bankruptcy process which I recommended from the very beginning to shed unnecessary costs and get its footing again. I’m delighted it’s profitable.”
“In my view, this auto industry can continue to lead the world and must continue to lead the world to keep Detroit with a vibrant and prosperous future,” said Romney.
GM reported earnings Thursday of $85 billion in 2011, a 62 percent increase from 2010. The Bush Administration provided $25 billion in emergency assistance to the auto industry — $13.4 to GM, another $4 billion to Chrysler. The Obama administration added another $60 billion shortly after President Obama took office.
Romney, a long opponent of the auto bailout, has said the program was an example of “crony capitalism” by the Obama administration, which sought to reward union bosses at the expense of the bond holders.
Romney also officially received the endorsement of Michigan Gov. Rick Snyder during the luncheon, which took place just 17 miles from Bloomfield Hills, the suburb where Romney was raised.
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