Romney ‘Delighted’ GM is Profitable, Credits Managed Bankruptcy

Feb 16, 2012 2:32pm
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(Image Credit: Jewel Samad/AFP/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 and took credit for the managed bankruptcy that helped to rescue the struggling corporation, saying he “recommended [it] 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 today earning $7.6 billion in 2011, a 62 percent increase from 2010. GM and Chrysler received approximately $80 billion in bailout money from the Bush and Obama administrations; each filed for bankruptcy in 2009.

Romney, long an 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.

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.

“This governor has put together a strong plan, a jobs and economic growth plan that I strongly support,” said Snyder in his endorsement. “Another great thing though that is just icing on the cake. We have the right man here to help lead our country, but there’s a special bonus. He was born and raised a Michigander. He understands our state. He’s one of us. And that’s another area of particular pride.”

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