GM Repayment Fraud Details

Yep, Governemnt Motors repayment fraud and how it was accomplished is below. Now how can you trust the GM CEO?
And know this is only GM.new, GM.old and GMAC are still sucking ahrd
too. Total GM price tag is closer to $100 billion and counting.
http://www.washingtontimes.com/news/2010/apr/23/government-motors-repayment-fraud /
General Motors lost $3.4 billion in the fourth quarter of 2009 and is still struggling to reorganize so the company can try to eke out a profit. This grim reality didn't stop GM from making hay last week for supposedly paying back a $6.7 billion government loan five years ahead of schedule. What was left unsaid was that the automaker used another kitty of taxpayer cash to pay off the earlier government loan. This is an accounting shell game, not progress.
Previously unreleased documents supplied to The Washington Times reveal that GM specifically used funds it received from the Troubled Asset Relief Program to pay off the government loan. According to Neil Barofsky, the special inspector general for TARP, $4.7 billion of $6.7 billion - 70 percent - of what GM paid back came from TARP money the company received. "The one thing a lot of people overlook with this is where they got the money to pay the loan," Mr. Barofsky told Fox News' Neil Cavuto on Wednesday. "It isn't from earnings." The numbers are based on a quarterly report Mr. Barofsky's office provided to Congress last week.
Jared Bernstein, chief economist and economic policy adviser to Vice President Joseph R. Biden Jr., disputes the special inspector general's findings. "That is not correct, I don't think that is correct," Mr. Bernstein told The Washington Times. "[General Motors] repaid with funds from their own cash accounts, from their own earnings." The cash used by GM to pay back the loan "is the property of General Motors, there is no question about that," he insisted. Some of the money used to pay off the loans may have originated from TARP funds, but "it is really hard to know," he equivocated, because the funds are mixed together and "it is like trying to put an omelet back together again."
The Treasury Department's press office also disagreed with Mr. Barofsky's characterization that GM paid off one credit line with another credit line. The watchdog, however, won't budge. When asked how to tell whether the $4.7 billion used to pay off the government loan came from TARP funds and not some other source, a spokesman for the Special Inspector General's Office explained: "We have a letter from General Motors requesting that they take the money out of escrow and pay the other debt down. And the money in the escrow was clearly TARP funding." That letter has been released by the Special Inspector General's Office.
Despite misleadingly rosy propaganda fed to the press, the sad saga of General Motors' transformation into Government Motors continues. As a ward of the state, GM has to do the bidding of its Washington masters and stay in lock step with the Democrats' claims about the company's condition. The truth is that GM's condition remains poor.
The only reason the company has been able to pay off its government loan is because the Obama administration has given GM more money than it has been able to spend. Hence, proceeds from one loan are sitting around to be used to pay down another loan. That's hardly evidence that GM has been a good investment. To the contrary, the shell game makes clear that the Obama administration is wasting billions of taxpayer dollars on a carmaker that is careening toward a cliff.
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Smart socialists know they need capitalists to pay for it.
Trouble is there are not that many smart socialists.
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http://www.washingtontimes.com/news/2010/apr/23/government-motors-repayment-fraud /
Every couple of week you keep bringing up the same old shit to complete your trolling line hate to reply but if you loan me 7 bucks then loan me another 50 bucks and the 7 has to be paid back with interest and in 8 month business is good enough I no longer need all the money I pay it back you now have 7 bucks you didn't have and didn't know if you would get it back or not and I still owe you 50 bucks witch you will get all or more back when I sell some stock, maybe gm should have kept it and paid it out in bonus money like AIG, you're a troll and and idot. Grow up and join the human race. Your turn AHole
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On 30/05/2010 11:16 AM, tc wrote:

Get GM losers out of our pockets and I will be happy to go away. Until then, GM is stuck with the stigma of being a corruptive force, taxing people for GM/UAW/CAW gross negligence and incompetance. GM/UAW/CAW are now tainted as greedy selfish grubs.
If you don't like the stigma, change your ways. _ /'_/) ,/_ / / / /'_'/' '/'__'7, /'/ / / /" /_\ ('( ' /' ') \ / '' _.7' \ ( \ \ GM, GMAC, Carlyle, Chrysler, Cerberus, CAW-UAW, get your selfish greedy hands out of our pockets! We don't steal from you! Why do you steal from us?
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Smart socialists know they need capitalists to pay for it.
Trouble is there are not that many smart socialists.
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Once again our friend Canuck57 is telling us the sky is falling. LOL

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if you loan me 7 bucks then loan me another 50 bucks and the 7 has to be paid back with interest and in 8 month business is being fooled so I get more than enough I no longer need all the money I pay it back you now have 7 bucks you didn't have and didn't know if you would get it back or not and I still owe you 50 bucks witch you will never get all back when I sell some stock, maybe gm will keep most of it and pay it out as bonuses to AHoles.
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Obviously you were not an Economics major LOL

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Once again our friend Canuck57 is telling us the sky is falling. LOL

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