Grassley Slams GM, Administration Over Loans Repaid With Bailout Money

http://www.foxnews.com/politics/2010/04/22/grassley-slams-gm-administration-loans-repaid-bailout-money/ ^ | 4/22/10

[HD1200]

"It appears to be nothing more than an elaborate TARP money shuffle," Grassley, the ranking Republican on the Senate Finance Committee, said in a letter Thursday to Treasury Secretary Timothy Geithner. The bottom line seems to be that the TARP loans were 'repaid' with other TARP funds in a Treasury escrow account. The TARP loans were not repaid from money GM is earning selling cars, as GM and the administration have claimed in their speeches, press releases and television commercials," he wrote.

[HD1200]

I knew it was too good to be true. GM paid back loan money with more tarp money!

[clintonh8r]

Hell, yeah! Did you think they had positive cash flow?

[Melchior]

If it seems to good to be true, it probably is. I wonder how Obama would respond if this company were still in private hands?

[edcoil]

The President of GM was broadcasting a new commercial on radio here in California today that they “fully paid their loans off with interest”, hired new engineers and are developing the cars of the future.

The President of GM would not lie to us would he?

[onyx]

Grassley needs to scream his findings, because he’s right.

[chs68]

GM had a FULL PAGE ad it today's print-version Wall Stree Journal crowing about how they had repaid their loan five years ahead of time, and with interest.

They really are very slimy.

[Nachum]

The list, ping

[aphid]

They ran a slick TV ad boasting the same last night. I saw it on Fox.

[Oldexpat]

Somebody should sue to stop the advert. It is miss leading. They are still loosing money. There is a huge payment coming on their retirement obligations. When and if they are sold to the public...the USG will not get it’s money back. This is all propaganda from the Regime to convince people that the bailout was a great and wonderfull thing.
A bond holder should sue.

[Para-Ord.45]

Too late see,

the NARRATIVE has been written and has gone around the world twice before the truth even wakes up.

What`s the narrative?

” GM has repayed ALL loans back to the govt. “

[denydenydeny]

The bottom line seems to be that the TARP loans were 'repaid' with other TARP funds in a Treasury escrow account.

Madoff Motors.

[Nachum]

A bond holder should sue.

That's racist!

[timetostand]

They can lie and they can scam and they can fudge the numbers but reality will catch up and the whole s*** pile will hit the fan someday -— soon!!!

[Gapplega]

Absolutely pathetic, and so we taxpayers paid for the ad in the NY times to celebrate gubmint motors paying back loans to the govt via funds from the taxpayers! OH my, it’s time for me to start drinking!

This kind of socialist Newspeak is what turned the soviet block into a bunch of hopeless alcholics.

[Albertafriend]

They had the same ad in the Edmonton Journal too so I suspect It was all over Canada and the US

[BARLF]

We are proud to announce we have repaid our government loan – in full, with interest, five years ahead of the original schedule. We realize we still have more to do. Our goal is to exceed every expectation you've set for us. We're designing, building and selling the best cars and trucks in the world. Like the award-winning Chevy Malibu, the all-new Buick LaCrosse, the versatile Cadillac CTS Sport Wagon and the innovative GMC Terrain, just to name a few. We invite you to learn more about the new GM and join our community, by visiting gm.com

I received this notice by email a few days ago.

[edcoil]

A lie goes round the world before the truth can get its pants on.

Truth needs to hurry up.

[MinuteGal]

I think it was Rush, not sure, but someone on our side on radio stated day before yesterday that GM is full of BS....it DIDN'T pay back the entire loan, only 13%.

The misinformation and disinformation from the the Evil Empire minions controlling Washington is truly terrifying. As Glenn said today, they have become so brazen they don't even try to hide it anymore.

Leni

[ffusco]

When I was a kid, my entire family drove GM. My first car was a 76 Cutlass Supreme. I have restored a 68 and 69 Pontiac Lemans.

I will never buy another GM product. I drive a Ford.

[Titus-Maximus]

Reporters need to go after Obama on this - it is a blatant lie and he should be called on the carpet. Don’t bet on it.