Posted on 05/02/2010 9:33:40 AM PDT by Para-Ord.45
Taxpayers are naturally eager for news about bailout repayments. But what neither G.M. nor the Treasury disclosed was that the company simply used other funds held by the Treasury to pay off its original loan.
Truth seekers the nation over, therefore, are indebted to Senator Charles E. Grassley, Republican of Iowa, who in recent days uncovered what he called a government-enabled “TARP money shuffle.” It relates to General Motors, which on April 21 paid the balance of its $6.7 billion loan under the Troubled Asset Relief Program.
AS we inch closer to a clearer understanding of the products and practices that unleashed the credit crisis of 2008, it’s becoming apparent that those seeking the whole truth are still outnumbered by those aiming to obscure it. This is the case not only on Wall Street but also in Washington.
(Excerpt) Read more at nytimes.com ...
With Obama, Obamamedia and the minions it’s Alway, ALWAYS about deception.
Was from the first with Obama, still is.
GM hasn’t made a profit since they went belly up. Where do people THINK they got the money to “pay” off the loan.
I wonder what the writers of their Financial Pages were doing?
I guess the payback story wasn't in the DNC daily talking points...:^)
Thank you Sen Grassley. The story, when told properly, is easy enough for anyone to understand, and too hard for the NYT to spin....:^)
I've driven GM's most of my life. I'm still driving one because it ain't dead yet. But the last one I bought really is the last one I bought.
Government Motors is a socialist company now.
The ad copy seemed contrived and somewhat desperate in the way it emphasized how they were paying the bailout and working to regain our trust... blah blah blah. It was as if they realized how many millions refuse to buy their cars after Maobama took them over, fired their CEO, gave 1/3 ownership to the UAW and completely f***ed over the bondholders.
Now we catch them in the act of telling outright lies to their consumer base and taxpayers, as if all of us are St00PiT.
Government Motors MUST die.
Exactly.
It was bad enough that GM in cahoots with fed.gov ripped off taxpayers and bondholders, but the CEO going on National TV and telling such blatant (and easily discredited) lies only served to rub salt in the wound.
It's enough to make one completely detest the company on a permanent basis.
Glenn Beck used buckets of money to demonstrate in the video below what this article just proved.
He also said exactly the same thing MarineBrat just said. Then he challenged the GM CEO directly.
His whole week of programs (last week) is worth a watch.
Monday, 4/26 show Part 1:
http://www.youtube.com/watch?v=UQitjq2CXS0
4/26 show Part 2:
http://www.youtube.com/watch?v=e7zKCaSLISQ
IIRC, what this TARP swap accomplished was 1) to insulate GM from the potential TARP tax and 2) get out from under the strict repayment conditions that accompanied the original TARP loan into a much more relaxed set of conditions that accompanied the escrow account. This is borderline criminal.
This is borderline criminal.”
Thje “bankruptcy” that NObama & his minions engineered in the first place WAS criminal.
They shut down dealerships that had paid franchise fees that were not refunded.
They closed dealerships run by Republicans on the basis of ‘non-performing’ & gave those dealerhships to Democrats who ha d donated to Democrat campaigns.
They stiffed the holders of SECURED BONDS.
They stiffed the vendors on Accounts Payable.
They stole stock from stockholders (pensions-401-K’s-etc) and gave the stock to the Unions.
All criminal activities.
Glenn Beck used buckets of money to demonstrate in the video below what this article just proved.”
Wish I could get Beck.
I am still confused how this was all orchestrated.
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