Obama's Public-Equity Record | Karl Rove: "There are differences between Mr. Romney and Mr. Obama. Mr. Romney rescued companies with private money collected from investors including union pension funds, college endowments and private individuals. He had to go through the normal process of laws and courts. His principal focus was on long-term growth for companies in which he invested his company's reputation and money. And he had to make a profit to be successful.
Mr. Obama's story is very different. The auto industry was bailed out with taxpayer money. The president restructured GM and Chrysler by fiat and then forced them into bankruptcy, presenting the courts with a fait accompli.
The president wanted the auto industry to survive, but he also wanted to reward political allies—so he gave 20% of General Motors and 55% of Chrysler to the United Auto Workers union. He stood by as the UAW forced the closure of a plant in Moraine, Ohio, where workers had joined a rival union."
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