American Elephants

Representative Renee Ellmers Takes On Sec Tim Geithner! by The Elephant's Child

Representative Renee Ellmers R-NC questioned Treasury Secretary Timothy Geithner at a hearing on the Small Business Committee, on June 23, 2011. Congress should have paid more attention to Mr. Geithner’s failure to pay his taxes. That’s not just a minor oversight.

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.

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