General Motors paid back its bailout loan alright! With the their TARP money!

government_motorsWith all the hoopla and commercials about General Motors announcement that they were repaying $4.7 billion of $6.7 billion in loans that it received from the federal government everyone was happy. General Motors brags in it’s latest commercial how the partial repayment was being made some five years earlier than expected. Great right? Well not really. According to Radio Vice Online, there are some important details that were left out of the fanfare:

What you weren’t told was that GM was able to repay the money by drawing down on a line of credit that it had from TARP! In other words, GM took funds still available to it through TARP and used those funds to repay the loan it received from the government. Of course, it now owes $4.7 billion on its line of credit with TARP, but, that doesn’t make for good news, so it wasn’t reported.

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April 22, 2010 · Filed Under General Motors


Comments

  • democratsarefascists

    I will never buy an American car again unless it’s a Ford. And if they climb into bed with Obama like these traitors, I won’t buy their vehicles either.