Mitt Romney on TARP and GM

Last Updated : Sep 15, 2011

Summary

Governor Romney opposed the use of TARP funds or any other funds to provide bailouts to auto manufacturers. In an op-ed in 2008 Governor Romney stated that GM should be allowed to go into a managed bankruptcy where it can shed the financial and structural obligations that are dragging down the company. He also called for the removal of the management that got the company into trouble.

In numerous TV appearances in 2009 and 2010, Governor Romney stood by his 2008 position that GM should have been allowed to enter bankruptcy on its own. He argues that instead, the company went into bankruptcy with the federal government involved. The result was that the Obama administration disregarded creditors and moved the company to the unions.

 

Let Detroit Go Bankrupt

In November of 2008, Governor Romney wrote an op-ed entitled "Let Detroit Go Bankrupt," that appeared in the New York Times.

 

Fox News Sunday Appearance

On May 31, 2009, Governor Romney appeared on Fox News Sunday with Chris Wallace. In that appearance, Governor Romney stated that GM should have been allowed to go into bankruptcy without government involvement. He states that it would have come out of the problem sooner and stronger.

 

Piers Morgan Appearance

In June of 2011 Governor Romney appeared on the Piers Morgan show on CNN and spoke about the GM bailout. He asserted that GM should have been allowed to go into bankruptcy sooner.

 

New Hampshire Debate

In June of 2011, Governor Romney participated in the Presidential debate in New Hampshire. He was asked about his previous statements on GM and a bailout and stated that GM should have been allowed to go into bankruptcy from the beginning.

 

CBS News

In June of 2011, Governor Romney appeared on CBS News and discussed the GM bailout. He notes that GM finally went through bankruptcy and that this was the path that he was advocating for all along.

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