LIKE A CROCK - How The Hell Did GM Pay Back Its Loans "In Full And Ahead of Schedule?" Well, It Didn't

GM Payback Lies - Like A Crock

The original commercial from is above.  GM fails to mention where they acquired the funds to make the shifty payback claim.  It's common street fraud.

1) GM was loaned a separate $49.5 billion thru a TARP escrow account.

2) GM used money from the TARP escrow account to pay back the TARP loan.

3) The PR campaign was cover for an additional $10 billion loan from the DOE.

GM still owes taxpayers approximately $50 billion, though you would never know that from the lies they've been telling.

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The truth...

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Text from Reason TV Youtube page -- As with the Pontiac Aztek, an ugly exterior masks an ever darker problem: Whitacre is being fanciful to the point of deceit. GM received $50 billion in TARP funds (never mind that TARP was only supposed to cover financial institutions). About $7 billion of that came in the form of a straight-up, low-interest loan. And about $13 billion came in the form of an escrow account.

So how has GM, which lost $38 billion in 2007 even as it sold 9.4 million cars, paid back its debt? It took money from the escrow account to pay back the $6.7 billion loan.  Do you remember when you were a kid and your parents gave you $20 to buy them a Christmas present? You bought them something worth $3 and pocketed the rest? That's what GM has just done.  Oh, and do you remember when you hit your parents up for college? GM has applied for a $10 billion, low-interest loan from the government to modernize its plants so its cars will meet new federal mileage standards.

If you think all this constitutes paying back their debt in full and ahead of schedule, you might want to check out the new line of GM cars. And hope that the company's safety engineers are better at math than their CEO.

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Don't skip this one.

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Comments

[john]

That's why I own a FORD.

[DailyBail]

GM's Phony Bailout Payback
The company is setting the stage for another taxpayer shakedown

http://reason.com/archives/2010/04/27/gms-phony-bailout-payback

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good choice john...henry ford was a bastard, but at least he never robbed taxpayers...at least overtly...

[HCG]

Well, GM made a profit - interestingly it is about the same amount of losses the made in Europe. GM always makes only profits abroad and transfer it to the US.

Secondly - UBS Bankers warned their customers of the coming GM IPO - so they could get rid of the worthless GM shares in time.

[Cheyenne]

Anyone who believes GM paid back all its bailout money or is profitable should seriously consider investing in Chrysler and its Turbo Encabulator technology...

http://www.youtube.com/watch?v=MXW0bx_Ooq4

[DailyBail]

brilliant clip cheyenne...

[tangel476]

Well, it does not matter anyways b/c every car they sell, they lose $2500.

[DailyBail]

@tangel...i know they benefit from so many subsidies that it can be difficult to determine their actual profitability...the volt is one example...

[DailyBail]

• Shimkus's most famous moment came at a March 2009 hearing on energy and climate change, in which he cited as evidence against global warming none other than Genesis (the first book of the Bible, not the prog-rock band), and the story of Noah's flood to demonstrate that only God can destroy the planet, not man.

http://tpmdc.talkingpointsmemo.com/2010/11/meet-john-shimkus-anti-climate-science-goper-who-may-head-house-energy-panel.php

[Jacob]

Obviously "robbing Peter to pay Paul". Who is Peter - nobody else but the texpayer.

Perhaps this is the corporate version of Quantitative Easing.

[Texas Dar]

The "Wizzered of Obama Oz" made everything look good for the Sheeple..............Swaller the Pill, and everything will be good in the mornning for the American Sheep....................

Ask Questions, you will be no more......Its like the Circus, what you see, may not be what you thought you saw.............?

[Texas Dar]

I reamber a clip a year back about how GM took the 2nd bail out and payed back the first bail out makking it look like GM has payed all of the money back.

We have a VW Diesel Jetta.....58 mpg, and 38 city driving. But I would like a new Ford Diesel Duelly...........

[Texas Dar]

If you have friends that don't understand what is going on in this country regarding federal spending limits, send them the below link. This video explains it so anybody can understand.

http://www.youtube.com/watch?v=Li0no7O9zmE

Yr gona love this one DB....

[John]

UPDATE:


Treasury freezes pay for CEOs at Ally Financial, GM, AIG

http://www.reuters.com/article/2012/04/06/us-usa-treasury-pay-idUSBRE8350EI20120406

[Texas Dar]

Must be real nice to get a Bail Out from the American People, to pay the first bail out Obama gave GM out of our money. If I got a Bama Bail Out to buy a brand new Airplane and inclosed trailer. Then get a bail out to pay the American People back for the first bail out, would I owe the People any more money, or are we evan..................?

Acordding to Obama, and Solyndra, I wouldent need the 2nd bail out....!

[Texas Dar]

"'Awwwwwww Crapppppppp", Dar killed 2 more hot threads, again.........! Whats Wrong With Me........?

[John]

Warren Buffett just bought 10mm shares of GM.

http://finance.yahoo.com/news/buffetts-firm-buys-10m-share-stake-gm-235333923--finance.html

[standa]

About $7 billion of that came in the form of a straight-up, low-interest loan. And about $13 billion came in the form of an escrow account. to pay the first bail out Obama gave GM out of our money. I reamber a clip a year back about how GM took the 2nd bail out@
https://standaviet.com/cach-lap-dat-on-ap-standa-10kva/