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Tuesday, June 5, 2012

Report: Romney vows to dump federal stake in GM quickly

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With a multi-volume list of issues that a presidential hopeful could discuss, we aren't sure why Mitt Romney keeps circling back to the auto industry bailouts, but here we are again. He's lately swinging his stick at the U.S. Treasury Department for not having sold its 26.5-percent stake in General Motors, accusing it of holding back on the stock sale to avoid having to report a multi-billion dollar loss before the election.

At GM's current stock price, the government would lose about $16 billion by sellings its 500 million shares, a number that hasn't much changed from several months ago. Romney said the government has "no reason" for not selling, and a report of his interview with The Detroit News says that "he'd sell the stock quickly if he wins the White House." A Treasury spokesman responded with "We have to balance maximizing recovery for the taxpayers with the speed of exit."

On top of that, Romney said that if he becomes POTUS, he would take another look at Corporate Average Fuel Economy standards, believing that "The best approach is to try and build vehicles that people want, rather than having the government telling the companies what they must make." It's a line we've heard (and even uttered) often, but the nexus of government regulations, consumer desires, viable business models and long-term industry concerns is a moving target shifty enough to confuse quantum physicists.

Either way, it's clearly fair to expect more jabs from Romney at President Obama and the auto bailout as the campaign season grinds toward election day.

Romney vows to dump federal stake in GM quickly originally appeared on Autoblog on Tue, 05 Jun 2012 11:32:00 EST. Please see our terms for use of feeds.

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Monday, June 4, 2012

Cain Velasquez TKOs Antonio Silva in a bloody UFC 146 battle (PHOTO)

Cain Velasquez wanted to make a statement in his first fight back after losing the UFC heavyweight belt to Junior dos Santos. He did that with a bloody, first-round TKO of Antonio "Big Foot" Silva.

Velasquez caught a Silva kick and took him down right off the bell. From there, Velasquez pounded away at Silva's face, opening a massive cut on Silva's nose. The cut gushed a ton of blood, more than is usually seen during a fight. It covered Silva's face and body, coated Velasquez's arms, and gathered in a pool next to them.The bout was stopped for a doctor to check the cut.

[Kevin Iole: Junior dos Santos rocks Frank Mir at UFC 146]

Silva tried to shake the blood off as the doctor looked at the cut. After the fight was allowed to continue, Velasquez kept throwing bombs at Silva's head until the bout was stopped at 3:36 in the first round.

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