Posted on 05/01/2010 3:46:27 AM PDT by scottfactor
Normally you can’t believe anything a politican says. In this case, it’s a CEO that’s lying, not the politican. Here are the facts: GM borrowed money from the taxpayers, lots of money. Most of that money was traded for stock in the new GM company that was formed during the bankruptcy proceedings. Some of that money was considered a cash loan. The portion that was considered cash, GM paid back. GM has NOT paid back the more than $50 million worth of stock that the government still owns. They would have to buy that stock back, or the government would have to find a private investor to buy the stock. Then and only then will the taxpayers be off the hook.
GM is lying, and it’s disappointing to see Obama and his pack of clowns allow this to happen.
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GM paid off the Bailout Money with TARP money... they paid their Mastercard with a VISA Card.
As Government Motors Corp (GMC) is still losing money per unit, paying back the TAXPAYER is Unlikely, and as long as the UAW is running things... never.
So here’s the curious thing. If they paid with TARP money...then they still aren’t making any real profit. Ford on the other hand...didn’t take any money, and is making profit. Seems to me...we can all skip Chrysler and GM...and head to Ford.
ALLOW this??? Obama WANTS this. The last thing Obama wants is to let GM slip out from under his thumb.
You sure it’s only $50m ? If so, it’s not worth mentioning.
I think you mean $50 Billion. Millions would be a minor rounding error in the bailout.
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