Mitt Romney: Transcript of ABC/Yahoo News Exclusive Interview

GEORGE STEPHANOPOULOS: That was-- that was-- the decision from President Bush, but President Obama and his team required this-- this restructuring of the auto industry, in order to get further funds. That's just a fact.

MITT ROMNEY: And President Obama and President Bush-- by the way, my criticism was not labeled or was not directed towards just President Obama. It was also President Bush. I said, "Don't write checks. They need to go through bankruptcy." And that's finally what happened. And by the way, the fact they went through bankruptcy and President Obama had them go through bankruptcy and get restructured is exactly what I said had to happen in that op-ed. And the support that came afterwards was appropriate.

But let me tell you-- what-- what-- if they needed help for guaranteeing warranties, that would have been appropriate. But what was not appropriate was those first checks and then giving the-- the automobile companies to the U.A.W. And that was what happened under President-- under President Obama.

GEORGE STEPHANOPOULOS: Just one more question. But the-- the funds that were provided as a condition-- they-- they were conditioned on restructuring. You agree with those funds that were provided to the auto industry?

MITT ROMNEY: (LAUGH) George, I-- I disagreed with the first money that was given, the bailout money. Number two, I said they needed to go through a managed bankruptcy. Not one guided by the government, but one that was led by the companies themselves. And then afterwards, if they would have needed additional support from the government, guarantees, for instance, for warranties, that's something I could have supported. But the initial money was wrong and giving the companies to the U.A.W., that was wrong.

GEORGE STEPHANOPOULOS: Your-- your fellow frontrunner, Herman Cain, is facing a lot of questions, a firestorm of questions these days related to his time at the National Restaurant Association. His-- his accuser, this morning, was on Good Morning America. And she said that he is unfit to be president until he tells the truth. Do you agree?

MITT ROMNEY: These are serious allegations, George. And-- and they're gonna have to be addressed seriously. I don't have any counsel for-- for Herman Cain or for his campaign. They'll have to take their own counsel on this. But-- any time there's an accuser that comes forward with charges of this nature, you recognize this is a very serious matter and it should be taken seriously.

GEORGE STEPHANOPOULOS: So if they're true, they'd be disqualifying?

MITT ROMNEY: I-- I'm not gonna say more than that. I don't want to-- suppose truth or lack of truth. I just think that it's-- important to recognize that-- that-- a number of women have come forward with concerns. This woman's-- charges are particularly disturbing and-- and they're serious.

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