Sunday, April 25, 2010

Another CON JOB: How did GM pay off its bailout loans? Was it with TARP money? Are the 'idiots' too busy celebrating to notice?

GM released a commercial that touted its paying back the taxpayers in full, with interest, 5 years ahead of schedule, except:

1) GM was loaned an other $49.5 billion in a TARP escrow account
2) GM used money from the TARP escrow account to pay back the TARP loan (aka - pay off one credit card with another)
3) They did it to get a $10 billion loan from DOE and not make it look bad

It is an utter fraud and lie. GM can't even cover its own expenses yet!

HotAir- The backers of the bailouts to General Motors cried with triumph this week when the automaker announced that they had repaid their bailout loans ahead of schedule. That amounted to proof of the wisdom of government intervention, the argument went, and wondered aloud why bailout critics didn’t acknowledge their errors. Perhaps it’s because the government essentially got paid off with even more government money:
During an April 20 hearing on Capital Hill, Sen. Tom Carper, (D-Del.) asked some pointed questions of Neil Barofsky, the “special watch dog” on the Wall Street Bailout, aka, TARP.

“It’s good news in that they’re reducing their debt,” Barofsky said of the accelerated GM payments, “but they’re doing it by taking other available TARP money.”…

“It sounds like it’s kind of like taking money out of one pocket and putting in the other,” said Carper, who got a nod of agreement from Barofsky.
“The way that payment is going to be made is by drawing down on an equity facility of other TARP money.”

This prompted a stern letter from Senator Charles Grassley (R-IA), who backed the bailouts, to Treasury Secretary Tim Geithner about the shell game being played by the Obama administration and GM (via Yid with Lid, emphases mine): READ MORE...

Where's the media on this? (Thanks FOX)

1 comment:

  1. I know this story. Its been told before lets see maybe early to mid 90's under BJ Clintons, so called balanced budget. Sound familar? If anyone cares to dispute this please go to the US Treasury website and look for yourself. You will see the public debt rise by almost the exact amount the governmental debt decreased.