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How The Hell Did GM Pay Back Its Loans "in Full And Ahead of Schedule"? Well, It Didn't.
ReasonTV Channel, YouTube ^ | 4/30/2010

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 ...


TOPICS:
KEYWORDS: auto; automakers; bailout; fraud; gmbailout; gmloan; gmpayment; scam; tarp
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Video at link.
1 posted on 05/01/2010 10:35:44 PM PDT by GVnana
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To: GVnana

can the SEC charge GM ceo for fraud?


2 posted on 05/01/2010 10:39:30 PM PDT by 4rcane
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To: 4rcane

The US and Canadian governments own about 75% of GM. The SEC might not do much.


3 posted on 05/01/2010 10:41:16 PM PDT by GeronL (http://libertyfic.proboards.com << Get your science fiction and fiction test marketed)
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To: 4rcane
can the SEC charge GM ceo for fraud?

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.

4 posted on 05/01/2010 10:42:22 PM PDT by politicket (1 1/2 million attended Obama's coronation - only 14 missed work!)
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To: 4rcane
can the SEC charge GM ceo for fraud?

Considering that the current regime put this CEO in power, you tell me...

the infowarrior

5 posted on 05/01/2010 10:42:54 PM PDT by infowarrior
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To: infowarrior

Raise your hand if this information surprises you.


6 posted on 05/01/2010 10:49:48 PM PDT by Lurker (The avalanche has begun. The pebbles no longer have a vote.)
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To: GVnana

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!


7 posted on 05/01/2010 10:50:49 PM PDT by CitizenUSA (Governor Palin paid her dues to Juan McPain and is backing away (and that's very encouraging!))
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To: 4rcane

...can the SEC charge GM ceo for fraud?”

The GM ceo would be Obama.


8 posted on 05/01/2010 10:52:23 PM PDT by Huskrrrr
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To: Lurker
Raise your hand if this information surprises you.

No surprise whatsoever...

the infowarrior

9 posted on 05/01/2010 10:56:03 PM PDT by infowarrior
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To: GVnana
Let's get the FReepathon over!


Dare to give a damn!

Go to the FReepathon thread and give it a bump if you've already donated.

OR

Adopt a Liberal if you'd like to do something more.

10 posted on 05/01/2010 10:56:37 PM PDT by jellybean ( Bookmark http://altfreerepublic.freeforums.org/index.php for when FR is down)
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To: GVnana

It is the modern day equivalent of kiting a check.


11 posted on 05/01/2010 11:10:51 PM PDT by Nahanni
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To: GVnana
GM: Who Do You Think You Are Kidding? Repaying Us With Our Own Money? - CNBC, 2010 April 27, by William Dunkelberg

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.

12 posted on 05/01/2010 11:31:32 PM PDT by CutePuppy (If you don't ask the right questions you may not get the right answers)
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To: GVnana

13 posted on 05/01/2010 11:32:04 PM PDT by RonDog
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To: 4rcane
can the SEC charge GM ceo for fraud?

That would be the Govt prosecuting itself. Anyone who tried to do this at the SEC would join the unemployed.

14 posted on 05/01/2010 11:49:01 PM PDT by Rocky (REPEAL IT!)
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To: CitizenUSA

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.


15 posted on 05/01/2010 11:58:19 PM PDT by Psalm 144 (Is it sedition to defy usurpation?)
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To: Psalm 144

Agreed.


16 posted on 05/02/2010 12:06:14 AM PDT by GVnana
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To: CutePuppy

GREAT INFO ON GOVNMT MOTOS!


17 posted on 05/02/2010 12:10:37 AM PDT by TomasUSMC ( FIGHT LIKE WW2, FINISH LIKE WW2. FIGHT LIKE NAM, FINISH LIKE NAM)
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To: GVnana
and they got a soft talking southerner.. Ed Whitacre.. to lie for them on TV

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?

18 posted on 05/02/2010 12:12:25 AM PDT by wardaddy (it's wrong to enforce immigration law on brown peoples /s)
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To: Psalm 144

Same here.


19 posted on 05/02/2010 12:19:11 AM PDT by TigersEye (0basma's father was a British subject. He can't be a "natural-born" citizen.)
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To: CitizenUSA

I agree with CitizenUSA. I too will not purchase anything, if possible, from unions because they are wrecking this county.


20 posted on 05/02/2010 12:22:32 AM PDT by MrMarbles
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