Native son attempts to clarify bailout position in op-ed
This is the 2008 headline that topped a Romney Op-Ed piece that he is still trying to clarify today.
/ Mike Sanford
Mitt Romney is trying to make amends for a 2008 headline. In a Wall Street Journal Op-Ed he wrote the chosen headline was "Let Detroit Go Bankrupt". That headline ruffled some feathers in Michigan. Now, exactly two weeks from the Michigan primary, Romney has a new Op-Ed, this time in the Detroit News.
In it he says he stands by his position opposing the bailouts but tries to clarify that he did not want the industry to fail. He supported a managed bankruptcy but describes the bailouts as a "sweetheart deal" that unevenly benefited high end shareholders and union bosses, citing a UAW controlled trust fund that received a 55% stake in the firm.
Romney says about the bailout, "this was crony capitalism on a grand scale, The President tells us without his intervention things in Detroit would be worse. I believe that without his intervention things would be better."
You can read Tuesday's Op-Ed piece by Romney here.
