President Barack Obama says U.
S. corporations that adopt foreign addresses to avoid taxes are unpatriotic. His own administration helped one $20 billion American company do just that.
As part of the bailout of the auto industry in 2009, Obama's Treasury Department authorized spending $1.7 billion of government funds to get a bankrupt Michigan parts-maker back on its feet -- as a British company.
While executives continue to run Delphi Automotive from a Detroit suburb, the paper headquarters in England potentially reduces the company's U.S. tax bill by as much as $110 million a year.