Lie to again, why am I not surprisedA top Senate Republican on Thursday accused the Obama administration of misleading taxpayers about General Motors' loan repayment, saying the struggling auto giant was only able to repay its bailout money by dipping into a separate pot of bailout money.
Sen. Chuck Grassley's charge was backed up by the inspector general for the bailout -- also known as the Trouble Asset Relief Program, or TARP. Watchdog Neil Barofsky told Fox News, as well as the Senate Finance Committee, that General Motors used bailout money to pay back the federal government.
\"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.
GM announced Wednesday that it had paid back the $8.1 billion in loans it received from the U.S. and Canadian governments. Of that, $6.7 billion went to the U.S. treasury.
SO apparently GM didn't repay the bailout $$$ afterall
Moderators: Tunnelcat, Jeff250
-
CUDA
- DBB Master
- Posts: 6482
- Joined: Thu Jun 07, 2001 2:01 am
- Location: A Conservative Man in the Liberal bastion of the Pacific Northwest. in Oregon City. Oregon
SO apparently GM didn't repay the bailout $$$ afterall
things that make you go HRMM
-
Will Robinson
- DBB Grand Master
- Posts: 10136
- Joined: Tue Mar 07, 2000 3:01 am
In civilian business if you take a debt and count it as an asset on your balance sheet to make it look like you are in better financial shape the government will put you in jail.
In government they can do that anytime they want, it is exactly why the social Security funds they have been collecting for decades are non existent, they spent the money replacing the funds with IOU's then they count the IOU's as an asset instead of a deficit on the books so the budget looks better.
And almost all of you will vote for them next election so quit your complaining or quit your enabling, you don't get to have it both ways....
In government they can do that anytime they want, it is exactly why the social Security funds they have been collecting for decades are non existent, they spent the money replacing the funds with IOU's then they count the IOU's as an asset instead of a deficit on the books so the budget looks better.
And almost all of you will vote for them next election so quit your complaining or quit your enabling, you don't get to have it both ways....