GM paid off its bailout loans with more Govt money

[ericire12]

Yep, TARP loans were repaid with more TARP money. Its all a giant shell game. Robbing Peter to pay Paul score political points. Transparency you can believe in!:

http://hotair.com/archives/2010/04/23/how-did-gm-pay-off-its-bailout-loans/

During an April 20 hearing on Capital Hill, Sen. Tom Carper, (D-Del.) asked some pointed questions of Neil Barofsky, the “special watch dog” on the Wall Street Bailout, aka, TARP.
“It’s good news in that they’re reducing their debt,” Barofsky said of the accelerated GM payments, “but they’re doing it by taking other available TARP money.”…
“It sounds like it’s kind of like taking money out of one pocket and putting in the other,” said Carper, who got a nod of agreement from Barofsky.
“The way that payment is going to be made is by drawing down on an equity facility of other TARP money.”

[twyacht]

I read they only paid 8billion of the 60billion back,....

[seeker_two]

....and I heard that GM paid some of that back in GM stock....giving the gov't more stake in the company.... 

[MikeBjerum]

http://news.yahoo.com/s/ap/20100421/ap_on_bi_ge/us_gm_loans

I didn't catch if any of this money was from TARP funds, but it does talk about saved money from several factors.  It is just 8.1, but it is to both Canada and the U.S., and it is ahead of when it was slated to be repaid.  Both govts. still hold a large amount of ownership in stock, but the article also talks about them being able to cash some of that when a public stock offering is made.

Is it perfect - No; Is it a step in the right direction - Yes; Do we let them off the hook - No; Do we cut them some slack - Yes

They are making progress, they have changed their ways, and they are restoring many dealerships that were taken away last year.

[Timothy]

"We the People" own 61% of GM at the moment and the monies repaid were the "loan" amount we gave the company.  It is my understanding that the money repaid did in fact come from more TARP funds.  A bit of slight of hand that the FTC is investigating because of GM's most recent commercials.  "Truth in Advertising" or some such hooey!

Sorry M58, GM will never get a pass from this consumer, neither will Chrysler.  I didn't want their products before the bailout and certainly don't want them now!

[Sponsor]

[twyacht]

Until they can seriously deal with pensions, unions, retirement benefits, and a decent product that is marketable, they have work to do.

I am optimistic for them, the new GMC trucks are very nice.