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Thread: Grassley: GM Uses ‘TARP Money Shuffle’ to Pay Loans

  1. #11
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    Re: Grassley: GM Uses ‘TARP Money Shuffle’ to Pay Loans

    Quote Originally Posted by misterman View Post
    Now it's a conspiracy to ask whether something a POLITICIAN said is true?
    You could always try to prove them wrong.
    Did you read his statement? What exactly did he say that was incorrect?
    Did the pay back come from GM's profits or did they come from a different bailout fund?
    GM posted a $4,300,000,000 LOSS in the last 6 months. I doubt the money came from profits.

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    Re: Grassley: GM Uses ‘TARP Money Shuffle’ to Pay Loans

    Quote Originally Posted by misterman View Post
    Now it's a conspiracy to ask whether something a POLITICIAN said is true?
    Asking and denying are two different things.
    Our Constitution was made only for a moral and religious people. It is wholly inadequate to the government of any other.

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    Re: Grassley: GM Uses ‘TARP Money Shuffle’ to Pay Loans

    Quote Originally Posted by keymanjim View Post
    You could always try to prove them wrong.
    I never said they were wrong.

    This is hilarious - suddenly a politician must be trusted without question.

    Did you read his statement? What exactly did he say that was incorrect?
    I have no idea if any of it is incorrect. Or correct.

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    Re: Grassley: GM Uses ‘TARP Money Shuffle’ to Pay Loans

    Quote Originally Posted by texmaster View Post
    Asking and denying are two different things.
    I haven't denied anything. I don't think anyone on this thread has, though I can't speak for them.

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    Re: Grassley: GM Uses ‘TARP Money Shuffle’ to Pay Loans

    my initial inclination was to question the veracity of grassley's statement
    after all, he is now campaigning on the benefits of the health care reform bill - the one he opposed

    but it does appear his concerns about the source of the "repayment" are sound:
    the Inspector General for TARP, in its quarterly report to congress (04/20/10) @ page 115:
    http://www.sigtarp.gov/reports/congr...o_Congress.pdf

    [emphasis added below]
    "Debt Repayments

    "GM has made several payments on its outstanding loan to Treasury and expects to pay it in full by June 30, 2010. The source of the funds for these quarterly payments will be other TARP funds currently held in an escrow account."
    exhibit 99.1 of the form 8K filed by GM with the SEC (11/16/09); GM admits that the source of funds for GM’s debt repayments was a multi-billion dollar escrow account at Treasury—not from earnings:

    General Motors Co - FORM 8-K - EX-99.1 - NEWS RELEASE DATED NOVEMBER 16, 2009 AND FINANCIAL STATEMENTS - November 19, 2009

    "As of September 30, 2009, cash and marketable securities totaled $42.6 billion. Included in this amount was $17.4 billion held in escrowed funds from the United States Treasury (UST) and Export Development Canada (EDC), with $8.1 billion of this amount allocable for future repayments of the UST and EDC loans, $2.8 billion for the recently completed Delphi settlement and $900 million for healthcare in Canada, leaving a remaining escrow cash balance of $5.6 billion.
    ....
    "GM plans to repay the United States, Canadian and Ontario government loans in quarterly installments from escrowed funds, beginning next month with an initial $1.2 billion payment to be made in December ($1.0 billion to the UST and $192 million to the EDC), followed by quarterly payments. Any escrowed funds available as of June 30, 2010 would be used to repay the UST and EDC loans unless the escrowed funds were extended one year by the UST. Any balance of funds would be released to GM after the repayment of the UST and EDC loans."
    we are negotiating about dividing a pizza and in the meantime israel is eating it
    once you're over the hill you begin to pick up speed

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    Re: Grassley: GM Uses ‘TARP Money Shuffle’ to Pay Loans

    If you look at the article, GM doesn't deny it. They just say it was publicly disclosed.

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    Re: Grassley: GM Uses ‘TARP Money Shuffle’ to Pay Loans

    Quote Originally Posted by misterman View Post
    I haven't denied anything. I don't think anyone on this thread has, though I can't speak for them.
    Your statement:

    I wonder if the whole story has been told by this blog entry.
    and you base this suspicion on what?
    Our Constitution was made only for a moral and religious people. It is wholly inadequate to the government of any other.

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    Re: Grassley: GM Uses ‘TARP Money Shuffle’ to Pay Loans

    Quote Originally Posted by misterman View Post
    If you look at the article, GM doesn't deny it. They just say it was publicly disclosed.
    but what is not explained is why the GM grandstanding?
    any ideas about that?


    i think it was Obama driven to push an agenda painting a positive picture about the fortunes of the economy. but then i tend to be overly skeptical
    we are negotiating about dividing a pizza and in the meantime israel is eating it
    once you're over the hill you begin to pick up speed

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    Re: Grassley: GM Uses ‘TARP Money Shuffle’ to Pay Loans

    Quote Originally Posted by texmaster View Post
    and you base this suspicion on what?
    It's not a suspicion. I just wondered it. I wasn't claiming that the whole story wasn't told, just wondering if it was. Do you see the difference? If I said "I'll bet the whole story isn't being told" that would be different.

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    Re: Grassley: GM Uses ‘TARP Money Shuffle’ to Pay Loans

    Quote Originally Posted by justabubba View Post
    but what is not explained is why the GM grandstanding?
    any ideas about that?
    Well, grandstanding.

    i think it was Obama driven to push an agenda painting a positive picture about the fortunes of the economy. but then i tend to be overly skeptical
    I think it was GM driven to push an agenda painting a positive picture about the fortunes of GM.

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