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

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

    Regardless of whether GM’s loan payoff indicates success, taxpayers are still out more than $45 billion on the auto bailout.
    Politicians Battle -- Does GM's Loan Payoff Mean Success? - U.S. News Rankings and Reviews

    GM is still government owned. The only way we're going to get that money back is when GM starts to sell stock, and last I looked, GM was still bleeding billions.

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

    Quote Originally Posted by misterman View Post
    Well, grandstanding.



    I think it was GM driven to push an agenda painting a positive picture about the fortunes of GM.
    since GM is supposed to offer IPO's for the 'new GM' beginning july 10, maybe this was their attempt to piss on our leg and tell us it is raining
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    Re: Grassley: GM Uses ‘TARP Money Shuffle’ to Pay Loans

    Quote Originally Posted by texmaster View Post
    A top Republican says General Motors’ announcement this week that it will repay its federal loans early is “nothing more than an elaborate TARP money shuffle.”

    In a letter to Treasury Secretary Tim Geithner, Sen. Charles Grassley of Iowa fumes that the source of the funds for the $4.7 billion repayment is not GM earnings, but rather a Treasury escrow account. He chides the company and the administration for suggesting in recent statements that the money is coming from GM earnings.

    Grassley writes that GM’s early repayment of the federal loan is aimed at diverting attention from another uncomfortable issue – the big break the car company would get on a proposed tax to recoup TARP losses. GM is expected to generate some of the biggest losses in the TARP program, but it won’t have to pay any money under the so-called TARP tax the Obama administration wants to impose on large financial institutions.

    Treasury and GM officials don’t dispute that the money to repay the loan is coming from TARP funds. But they said that’s been clearly disclosed.


    Grassley: GM Uses ‘TARP Money Shuffle’ to Pay Loans - Washington Wire - WSJ


    So not only did GM not repay the full loan (only 40 billion short) the money they did use to pay back the part that would cost them interest on they use MORE taxpayer money!!!
    People always only quote one side of the story....from the linked blog:

    A Treasury spokesman said, “It’s been public knowledge that GM would use these funds to repay the loan if it did not otherwise need them for expenses.”He added: “The important fact is that GM has determined that it does not need the funds to pay expenses and can repay the loan early. That is a positive sign for the company, and a great development for the taxpayer.”
    The money was GM's, held in escrow. GM was to use it if needed, and if not, use it to pay off the loans. It did not need to use the money for expenses, sales are climbing, it used the money to pay off the loans. I am not sure what the story here is, other than a politician spinning things.
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    Re: Grassley: GM Uses ‘TARP Money Shuffle’ to Pay Loans

    Quote Originally Posted by texmaster View Post
    A top Republican says General Motors’ announcement this week that it will repay its federal loans early is “nothing more than an elaborate TARP money shuffle.”

    In a letter to Treasury Secretary Tim Geithner, Sen. Charles Grassley of Iowa fumes that the source of the funds for the $4.7 billion repayment is not GM earnings, but rather a Treasury escrow account. He chides the company and the administration for suggesting in recent statements that the money is coming from GM earnings.

    Grassley writes that GM’s early repayment of the federal loan is aimed at diverting attention from another uncomfortable issue – the big break the car company would get on a proposed tax to recoup TARP losses. GM is expected to generate some of the biggest losses in the TARP program, but it won’t have to pay any money under the so-called TARP tax the Obama administration wants to impose on large financial institutions.

    Treasury and GM officials don’t dispute that the money to repay the loan is coming from TARP funds. But they said that’s been clearly disclosed.


    Grassley: GM Uses ‘TARP Money Shuffle’ to Pay Loans - Washington Wire - WSJ


    So not only did GM not repay the full loan (only 40 billion short) the money they did use to pay back the part that would cost them interest on they use MORE taxpayer money!!!
    Doesn't surprise me. The government panders to big corporation. They have no problem taking our money and giving it to the corporations and banks which acted improperly and had suffered for their actions to remove from them the consequence of those actions at our expense. None of the "stimulus" has been aimed at the middle class. There were token gestures here and there; but that was about it. The real concern was Wallstreet and how to make it better. Pandering to the aristocracy by robbing the people.
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    Re: Grassley: GM Uses ‘TARP Money Shuffle’ to Pay Loans

    Quote Originally Posted by misterman View Post
    It's not a suspicion. I just wondered it.
    LOL Oh please.

    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.
    Wow. you just couldn't be honest enough to admit you doubt it because a republican said it.
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    Re: Grassley: GM Uses ‘TARP Money Shuffle’ to Pay Loans

    Quote Originally Posted by texmaster View Post
    LOL Oh please.



    Wow. you just couldn't be honest enough to admit you doubt it because a republican said it.
    Can you honestly tell me if roles were reversed, and a democrat had said it, you would have believed it?

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

    Quote Originally Posted by texmaster View Post
    LOL Oh please.
    If you can't tell the difference, that's your problem.

    Wow. you just couldn't be honest enough to admit you doubt it because a republican said it.
    I've told you what I believe. I expect you to take me at my word, like I do to you. If you want to go down this route more, expect to be reported.

    (For the record, I respect Grassley and would probably vote for him if I were in his state. And I never thought he was lying, especially given that GM admits it in the story. Oops.)
    Last edited by misterman; 04-27-10 at 12:33 PM.

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

    Quote Originally Posted by misterman View Post
    I never said they were wrong.

    This is hilarious - suddenly a politician must be trusted without question.
    Only if they're a Republican. Democrats are assumed to be lying even when what they say is proven to be true.
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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?


    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
    Quote Originally Posted by misterman View Post
    Well, grandstanding.



    I think it was GM driven to push an agenda painting a positive picture about the fortunes of GM.
    It's important to keep in mind the Administration's officers have no problem using the GM payback as a sign of recovery. Just this past week Geithner touted it at every stop of his tv tour.

  10. #30
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    Re: Grassley: GM Uses ‘TARP Money Shuffle’ to Pay Loans

    Quote Originally Posted by Jetboogieman View Post

    Well if a Republican said it, it must be true. Sorry bud I've looked around a couple of sites and can't find another story like this, were it true the press would have a field day. So until it appears on a credible news site, since I don't think Wall street Journal blogs is one, than we can talk about this stuff.
    Right, the WSJ does have credilbility but we cannot any blog whether it is Libruls Are Us site or 'Friends of FAUX News '
    “I do not recall the Viet Cong asking me if I was a natural born or Naturalized American before they shot at me, they just shot at all of us “ f107HyperSabr

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