{"id":365,"date":"2010-06-17T11:06:00","date_gmt":"2010-06-17T16:06:00","guid":{"rendered":"http:\/\/www.patrioticfederalist.com\/Wordpress\/?p=365"},"modified":"2010-06-17T11:39:52","modified_gmt":"2010-06-17T16:39:52","slug":"365","status":"publish","type":"post","link":"http:\/\/patrioticfederalist.com\/wp\/?p=365","title":{"rendered":"GM twists the truth on paying back the TARP loan (and sued for it)."},"content":{"rendered":"

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We have all seen the ads with GM\u2019s (Government Motors) CEO telling the world how his company has paid back the TARP loans.\u00a0 In case you havent, here ya go: http:\/\/www.youtube.com\/watch?v=SSNPFVLIWjI&feature=player_embedded<\/a><\/p>\n

Perhaps some of us have wondered how the company managed to do this when they haven\u2019t been selling very many cars?<\/p>\n

Well, the truth from GM\u2019s CEO is an \u201cObama truth\u201d, or the truth as he wants the people to believe it and not as it is.<\/p>\n

General Motors CEO Ed Whitacre has bragged in TV commercials and newspaper columns that GM has paid back its bailout \u201cin full and ahead of schedule<\/a><\/span>.\u201d<\/p>\n

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<\/a> 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.<\/p>\n

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<\/a>. (ie Some of the $50 Billion the government already had loaned them was used to pay back $6.7 billion)<\/p>\n

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\u2019s what GM has just done.<\/p>\n

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.<\/p>\n

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\u2019s safety engineers are better at math than their CEO.<\/p>\n

Here is one lawsuit against GM for misleading the public.<\/a><\/p>\n

Another article on same subject.<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Full Text We have all seen the ads with GM\u2019s (Government Motors) CEO telling the world how his company has paid back the TARP loans.\u00a0 In case you havent, here ya go: http:\/\/www.youtube.com\/watch?v=SSNPFVLIWjI&feature=player_embedded Perhaps some of us have wondered how the company managed to do this when they haven\u2019t been selling very many cars? Well, … Read more<\/a><\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10],"tags":[124,125,126,127,128,129,571],"class_list":["post-365","post","type-post","status-publish","format-standard","hentry","category-politics","tag-afl-cio","tag-auto-industry-bail-out-2008","tag-congress","tag-democrats","tag-gm-bailout","tag-gm-pays-back-tarp-loan","tag-politics"],"_links":{"self":[{"href":"http:\/\/patrioticfederalist.com\/wp\/index.php?rest_route=\/wp\/v2\/posts\/365","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/patrioticfederalist.com\/wp\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/patrioticfederalist.com\/wp\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/patrioticfederalist.com\/wp\/index.php?rest_route=\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"http:\/\/patrioticfederalist.com\/wp\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=365"}],"version-history":[{"count":13,"href":"http:\/\/patrioticfederalist.com\/wp\/index.php?rest_route=\/wp\/v2\/posts\/365\/revisions"}],"predecessor-version":[{"id":378,"href":"http:\/\/patrioticfederalist.com\/wp\/index.php?rest_route=\/wp\/v2\/posts\/365\/revisions\/378"}],"wp:attachment":[{"href":"http:\/\/patrioticfederalist.com\/wp\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=365"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/patrioticfederalist.com\/wp\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=365"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/patrioticfederalist.com\/wp\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=365"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}