GM even bragged that it was able to “repay the taxpayers in full, with interest, ahead of schedule, because more customers are buying [GM] vehicles.” There was great fanfare, including expensive, around-the-clock GM TV commercials nationwide. But, the hype is not the reality. In fact, GM did not repay the loans with money it earned from selling cars. Instead, GM repaid the TARP loans with money it withdrew from another TARP fund at the Treasury Department.”So, they paid off one credit card using another credit card.
I think there's a name for that practice. :^)
“So, they paid off one credit card using another credit card.
I think there’s a name for that practice. :^) “
I think that’s called “leverage” in deadbeat society.