I’ll bet you heard this week that GM paid back 5 billion of their 50 billion or so, that it received in TARP bailout money…well, not so fast.
“Watchdog Neil Barofsky told Fox News, as well as the Senate Finance Committee, that General Motors used bailout money to pay back the federal government”
“The bottom line seems to be that the TARP loans were ‘repaid’ with other TARP funds in a Treasury escrow account. The TARP loans were not repaid from money GM is earning selling cars, as GM and the administration have claimed in their speeches, press releases and television commercials,” he wrote”
6 comments
Comments feed for this article
April 22, 2010 at 10:39 pm
The Blame it Obamas
GM is claiming they paid back in full with interest the loans they received?. This is a flat out LIE and I hope someone sues the living hell out of GM for false advertising. The truth is GM received over 50 BILLION dollars in TARP money and has not paid even one fourth of that money. This is not a win for GM or Obama, it is simply another lie and propaganda. Maybe they can just forgive the debt and let the tax payer pick up the rest yet again then they could claim with confidence they had paid back the loans and thank the American Tax payer for the unending free ride. You would be a sucker to buy a GM at this point seeing how you own the company. When you won it you don’t need to pay for it. I keep waiting for my new Truck to show up in my driveway but alas I am still waiting for that hope and change. Hey if nothing else I should at least get my dividen check right?
April 23, 2010 at 11:44 am
HistorianDude
Money is fungible.
April 24, 2010 at 2:45 pm
Interested Bystander
Hey All,
I will NEVER buy another GM product.
They should have been allowed to fail, or scrape their way back to being profitable, like Ford is doing.
April 25, 2010 at 5:40 am
mrje
IB
I hear you.
You would think with all the layers of labor laws we have in this country, there would be no need for UNIONS.
It was the UNION that BO bailed-out (GM).
It’s all about votes and pushing this insane ideology.
The mass of crap this administration is going to PUSH before November will make our heads spin faster, and more grotesque, than Regan in the Exorcist.
April 27, 2010 at 10:57 am
Magnet
When GM filed bankruptcy they screwed its retirees out of benefits and tripled deductibles and cost of any remaining benefits. Now they have the audacity to boast about a $5 billion payment of bailout funds!!!! What a slap in the face!!! And to boast about it on national TV. I even received a damn email bragging and thanking me for being a loyal customer. HA!! I drive a damn dodge!!!
April 27, 2010 at 12:28 pm
HistorianDude
You must not be listening to your Rush Limbaugh. He has declared just this week that these retirees (and he has specifically named GM) are the reason our economy is in trouble. He says that their retirement benefits are drains on their company’s until the day they die.
He is even harder on firefighters and police, insisting they do not deserve their pensions.
So… you should be proud of GM. They have fixed that awful problem that Rush is talking about.