American Elephants

Robbing Peter to pay Peter? by The Elephant's Child
April 25, 2010, 7:21 pm
Filed under: Capitalism, Economy, Politics | Tags: , ,

A very big deal was made of Government Motors paying-off its bailout debt.  Senator Charles Grassley (R-Iowa) has accused the Obama administration of ‘misleading’ American taxpayers about General Motors’ loan repayment, saying the struggling auto company was only able to repay its $8.1 billion bailout money by dipping into a separate pot of bailout money.

The charge was backed up by the Inspector General of the Troubled Asset Relief Program (TARP), Neil Barofsky. Barofsky told Fox News, as well as the Senate Finance Committee that GM used bailout money to pay back the federal government.

Grassley wrote to Treasury Secretary Timothy Geithner asking why this appeared to be nothing more than an elaborate TARP money shuffle. He called on Geithner to provide more information on why the company was allowed to use bailout money to repay bailout money. The TARP loans were not repaid with money GM earned selling cars as the administration and GM have claimed in speeches, press releases and television commercials.

2 Comments so far
Leave a comment

I saw this new banner this morning.

They are so eager to shed the GOVERNMENT MOTORS
stigma it’s not funny.

Still yet their is only a few chevy vehicles
I would want and I would have to special order
What a crock and a lie moving tarp funds
around to claim the loans are paid off.

It makes me sick.


Comment by Ron spins

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: