WASHINGTON (CN) - General Motors repaid TARP loans with other bailout funds instead of company earnings, Republican Sen. Chuck Grassley claimed Thursday in a letter to Treasury Secretary Tim Geithner. The Iowa senator called the maneuver an "elaborate TARP money shuffle," saying the auto maker siphoned funds from a multibillion-dollar Treasury escrow account to repay its bailout debts.
"Treasury has merely exchanged a legal right to repayment for an uncertain hope of sharing in the future growth of GM," Grassley wrote. "A debt-for-equity swap is not a repayment."
Grassley's concern arose from a quarterly TARP oversight report issued Tuesday, which stated: "The source of funds for these quarterly [debt] payments will be other TARP funds currently held in an escrow account."
In a hearing Tuesday before the Senate Finance Committee, TARP overseer Neil Barofsky confirmed that GM was using Treasury funds to make the loan repayment. He said the government could see a huge loss from bailout funds paid to the auto industry, as the manufacturers' ability to repay depends on car sales.
"The taxpayers are still on the hook, and whether TARP funds are ultimately recovered depends entirely on the government's ability to sell GM stock in the future," Grassley wrote.
On April 21, GM announced that it repaid $6.7 billion in government loans five years ahead of schedule. The company touted the debt repayment in speeches, press releases and television commercials, the letter states.
The Treasury Department backed up the story.
More Here..
21 Year Old Kills Herself After She Was Rejected For 200 Jobs
More Here..
Now that's some REAL recovery news that they can spin and sell to the taxpayers!!
ReplyDeleteI just cannot wait til the market recovers.... (sarcasm) - more like they're using credit cards to pay off minimal payments with another credit card!!
I bet their MBAs have served them well!!
STFU newbs. The government is the governed is male is the female is the parent is the child is the husband is the wife. There is no seperation.
ReplyDeleteYou have psycho newbs governing you (through government, business, and entertainment) because you yourselves are psycho-newbs.
To top it all off, all of you have had lifetime after lifetime to get the sustenance out of the way in a logical manner which should have been done 100000s of years ago, which you failed to do and to keep your #s low (to not breed like psychopath sex robots because the planet has finite space with a finite regeneration rate).
Even though you choose your inverse genital target to start a family from the general population you (like pathetic weird psychopaths) failed to grasp that in fact the entire planet is one family and all wanted your own family unit to indulge in your bizzare fetishes. When master sages incarnated throughout history to point out your psychotic degenerations you wouldn't listen (because no one will give me orders - except an inverse genital target so I can acquire their genital stimulation, then you'll do anything to be accomodating, hilarious).
Like weird psycho-newbs you roam the planet destroying everything in your path trying to be a parasite. You then choose an inverse genital target to have an inverse non-pillaging relationship. Through successive lifetimes you swap genital roles and have at it again. It takes inverse genitals to lure you into not being a psychopath. Hilarious.
You have depleted the soil of nutrients, created chemical imbalances in the air threatning atmospheric collapse, increased desertifcation world wide, extracted too much oil causing earthquakes, extracted too many minerals therby sucking mana from the planet and therefore your bodies, etc, etc, etc - all because of your denegenerate obsession with over breeding (mini-me, more advanced pet fetishes).
Introduce strict birth bans for everyone, no exceptions or you will ultimately anhilate all ife on the planet. Any other attempts to solve your problems represent pitiful efforts that barely amount to a drop of water on on ever increasing hot stone.
First, we ban 4:23 from breathing our oxygen.
ReplyDelete4:23 your post should be deleted, it has nothing to do with the subject. You also need to seek psychiatric help. Also FYI, according to the UN, below-replacement fertility is expected in 75% of the developed world by the year 2050, so chill out.
ReplyDeleteall lies from the media surprise
ReplyDeletealso to get those bailouts then throw it in your face is saying we got more bonuses
and fu people were rich
no go by our crapy cars so we can steal more money
i only owned gm my whole life
trans ams vettes astros blazers
i will never buy gm again f y
you make crap
buy gold and silver and food
423 you must work for goverment were eles could you waist time and come up with crap or congress
thats were all the sick bastards are today
5:47
ReplyDeleteI'm with you - have owned GM all my life; No more.
2 months ago I traded my silverado for a Ford and will never buy anything but a Ford as long as they build a good truck and stay away from handouts.
Also; at this point you would have to be on some serious drugs to buy or own GM stock - that's like an alcoholic stocking up on Apple Juice.
GM's next commercial?
ReplyDeleteScene opens with strutting man walking toward camera while an out of control vehicle swerves every which way in background.
Strutting man speaks sincerely into camera:
"You should be buying GM because unlike TOYOTA
our cars don't leave until you're ready!"
My first car was 55 Chevy and the 2nd was a 57 Chevy. I have owned Chevys my whole life and have 2 in my driveway right now as well as a Toyota and a Ford. I will never buy another one (Chevrolet) of their junky cars again. Without a doubt the best car I have ever owned was a Toyota and a Honda. I cannot afford the constant parts for Fords and I hardly ever have to buy parts for my Toyota. My Camry has 200,000 miles on it and it runs better than anything I own. I recently learned that I can buy parts for my cars online for a fraction of what they cost from auto part stores.
ReplyDeletedollar for dollar toyota is the best car you can buy, has been for over 15 years, that is all I drive.
ReplyDeleteG.M. is building fine cars these days, Toyotas go out of control and kill innocent people. Now I agree what they have done with their repayment is disgusting. Good for Senator Grassley to bring it out. Nothing about it on MSN.
ReplyDeletetoyotas do not go out of control, remember the us govt owns gm, so they are blowing one problem up to make it look like toyotas are problems, to make themselves look better, the usa govt cant put lipstick on a pig (gm), even though they try to, also applies to that pig palin
ReplyDeletedon't forget about the billions they sucked from GMAC or what ever they call it now....just one big scam..i din't here any news about gmac repaying any of the 10 billion or so they sucked from the taxpayers
ReplyDeleteand yes the CEO of GM is a pompous jackass
gm another sham company in bed with the govt, used to make good cars until the 80s, now make shit
ReplyDeleteWhen are we going to get it. We here are a minority. Most people believe the media. they will go out n buy GM because of it. What a scam the way they tried to kill toyota.
ReplyDeleteBend over, 4:23. I need to reproduce.
ReplyDeleteI will bore you a new hole shiny and new.
I will insert my ovipod sperminjectors into your medulla oblongta and reprogram your little shitstain brain to the bliss of a fish in a warm summer bay, you retarded self educated pissant.
I find it amazing…here we are 120 years after the invention of the internal combustion engine still using the old technology. I look forward to the information available to the public after the revolution…when we get the politicians and oil bastards out of the way of progress. Man oh man how we have all been held back!
ReplyDeleteTesla
"A lot of you werent supportive of the bailout we recieved..frankly I can appreciate that sentiment.But Hey Weve paid it off fully with interest.We are the new GM.A smaller more streamlined company but still the best Dog and Pony racket in town." Boy this Gm propaganda is unbelievable.Joe Six pack aka Bubba the average Brain dead - dumbed down American sheeple have become active participants in the great American new reality show."The Pied Piper of Washington.As Timmy'Ben'Barrack and the rest of the amoral corrupt cabal of bottom feeding scumbags amused themselves over the gullibilty and stupidy of Mainstreet.
ReplyDeleteWe need the clean house a paradigm shift is required.Without such The handwriting for America is on the wall...Every growing corporate facism ,middle class impoverishment and violent insurrection followed by state sponsored supression of freedom and abandonment of the key precepts of the American Constitution.
Once Americans get over Palin and other such exploiters of economic suffering .We can get the real purge underway.
As a Canadian watching on the sidelines I really feel for the average American and how the mainstream elitist backed press is playing that group like a fiddle.Hope we avoid this is Canada.
Good luck American hope things work out for your once great Country.
Thanks Johnny Canuck.As a patriot average Joe Blow American I agree with you 100%.We need to expedite the purge asap before its too late.I love my country.It makes me sick to my stomack to see phonies like Obama and others of his elk bring this once great counry to its knees.We need a MR Smith Goes to Washington movement en masse NOW!!!!!.Its not to late.let remove the fox from the Hen house....God bless American.
ReplyDeleteJohnny Canuck, the US goes down so does CANADA. What world are you living in? The bailout money was used in CANADA too for GM!
ReplyDeleteI hope GM goes busted; the filthy scum scammed the taxpayers. We switched to Hyundai when we heard they were having problems and after over 30 years, would never touch another GM car again!! They've cheapened their suv's and are way overpriced. Only a sucker would buy their crap! Ford is the only US car I'd consider, but it too is overpriced..Hyundai and Nissans reign!
ReplyDeleteI have contacted four GM dealers asking them to demand Whitacre's resignation for lying about the loans. I hope everyone reading this will do the same. You might suggest that if we can't trust GM, how can we trust its dealers. That will get their attention. I wonder how much these fat cats chipped into Obama's campaign.
ReplyDeleteThis lie should come as no surprise. GM is Obama's car company, and all he does is lie.
ReplyDeleteAnonymous said...
ReplyDeleteFuck Obama Fuck Gm Fuck Congress Fuck The Banksters and corporate servants the SEC and CFTC..
God Bless the United States of America.
Hey hang on a bit !
That IS The United states of America.
America as we know and love it.
Whats Good for G. .M. is good for America.
America has big shares in GM now and anti G.M. talk harms the national interests.
Thats an economic crime.
You should read and behave like a good American according to the Patriot Acts and end this subversive talk now before you get into trouble with Homeland Security.
Obama is acting in a completely patriotic non-partisan way, only implementing the “Saving of America” programme as put in place by the Republican President “Mission accomplished’ Bush and his republican appointed Goldman Sach Treasurer Paulson , the majority of Congess and the Senate .
Obama and his Democratic appointed Goldman Sach Treasurer Geithner ,The SEC etc., are merely continuing to co-operate with the Feds Bernanke just like last year under the Republicans In the national interest.
This kind of talk is very disrespectful to the elected POTUS and Your Commander in Chief and the financial coup leaders.
That is America!
Be a good sheeple and shut your anti -american mouth.
The best truck/suv ever built was a Toyota FJ60/FJ62.
ReplyDeleteThe best car ever built was a Mercedes 560SEC.
From way over here in New Zealand, all this squable is quite an eye opener. I have to agree with the bulk of the coments posted. If you have not got buyers, you are not going to sell cars - seeme to me that is what we have got. - by the way - I also have to agree with 4:23. His/her?? riddles were a "gas". and for me hit the nail on the head----- But to hit the nail on the head you have to first be able to comand the hammer. cheers--- as we say over here
ReplyDelete