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Posted on 05/01/2010 10:35:44 PM PDT by GVnana
ReasonTV — April 30, 2010 — General Motors CEO Ed Whitacre has bragged in TV commercials and newspaper columns that GM has paid back its bailout "in full and ahead of schedule."
As with the Pontiac Aztek, an ugly exterior masks an ever darker problem: Whitacre is being fanciful to the point of deceit. GM received $50 billion in TARP funds (never mind that TARP was only supposed to cover financial institutions). About $7 billion of that came in the form of a straight-up, low-interest loan. And about $13 billion came in the form of an escrow account.
So how has GM, which lost $38 billion in 2007 even as it sold 9.4 million cars, paid back its debt? It took money from the escrow account to pay back the $6.7 billion loan.
(Excerpt) Read more at youtube.com ...
can the SEC charge GM ceo for fraud?
The US and Canadian governments own about 75% of GM. The SEC might not do much.
It seems to me like the CEO is extremely guilty of giving out false material information concerning a publicly traded stock. That should be jail time and extremely large fines.
Considering that the current regime put this CEO in power, you tell me...
the infowarrior
Raise your hand if this information surprises you.
No way will I ever buy a Government Motors car. Thieves don’t deserve to keep what they steal, even when they get the government to do the stealing for them!
...can the SEC charge GM ceo for fraud?”
The GM ceo would be Obama.
No surprise whatsoever...
the infowarrior
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It is the modern day equivalent of kiting a check.
Eight billion? The taxpayer invested 80 billion of TARP money into GM and Chrysler, most of that to GM. How does $8 billion pay that off? It doesn’t. What it bought us is 61% ownership in the new GM and a block of stock for the UAW. Previous shareholders and bondholders got virtually nothing. So what is that stock worth? General Motors recently reported a LOSS of over $4 billion dollars, not a great return on the tens of billions taxpayers “invested” in the car companies (not voluntarily, no sane private investor would have invested which is why government had to). With profits like this,the share price will surely fail to rise to the historically high levels needed to insure a return of taxpayer money. The problem could get even worse long term. The GAO has reported that the pension funds (for 900,000 workers) are underfunded by $17 billion. Payments of about $15 billion have to be made in the next few years to the pension funds. Hard to make these payments with no earnings. The company continues to liquidate itself, this time losing taxpayer money. The government’s clear preference for unions in all these dealings suggests that more taxpayer money will ride to the rescue in the years to come. If the company was doing something of value (to us) and doing it well (making money), we might be happy to see the debts being repaid out of earnings. But that’s not happening and may never happen. William Dunkelberg is Economics Professor, Temple University. GM is running TV ads claiming that they have repaid their government TARP loan of $8 billion and change early.
Using the TARP fund for automakers (GM and Chrysler), unfortunately started by President Bush with $15B "loan" and progressing to Obama's full government takeover, was economically insane and morally hazardous and wrong.
They should have been forced into pre-packaged bankruptcy, with bondholders taking over most assets and wiping out union contracts and liabilities. Now U.S. government / taxpayers "own" these liabilities, most of which are UAW retirement pension and health care plans.
Government Motors is nothing else than a very expensive taxpayer-funded public works program to "save or create" union jobs and benefits.
That would be the Govt prosecuting itself. Anyone who tried to do this at the SEC would join the unemployed.
No way will I ever buy a Government Motors car. Thieves don’t deserve to keep what they steal, even when they get the government to do the stealing for them!
***********************
To the extent that I am able and aware, I am boycotting all union products and services under any label.
They are diligent in eroding my prosperity and my liberty. They are my natural enemy.
Agreed.
GREAT INFO ON GOVNMT MOTOS!
he's more believable than a staccato sounding Yankee like Jim Cramer for example
but a liar nonetheless and a traitor to his kind.. me
and he's a Boy Scout national leader..what about scout's honor Ed?
Same here.
I agree with CitizenUSA. I too will not purchase anything, if possible, from unions because they are wrecking this county.
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