sarge87 Posted April 23, 2010 Share Posted April 23, 2010 It was with great fanfare yesterday that General Motors the UAW announced that it was repaying some $4.7 billion of $6.7 billion in loans it received from the federal government. And, with even bigger fanfare, it was announced that this partial repayment was being made some five years earlier than expected. Too good to be true? Well, it is. What you weren't told was that GM the UAW was able to repay the money by drawing down on a line of credit that it had from TARP. In other words, GM the UAW 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 for the bailout of GM the UAW, so it wasn't reported or fact checked by the media. Link to comment
Hingle McCringleberry Posted April 24, 2010 Share Posted April 24, 2010 Fox reported it. Link to comment
carlfense Posted April 24, 2010 Share Posted April 24, 2010 It sounds like GM might be in a little "Truth in Advertising" trouble over this fiasco. Can't say that I'm surprised. Link to comment
huskertim Posted April 27, 2010 Share Posted April 27, 2010 Is my memory failing, or didn't GM get something like 62 billion between US and Canada. Hey, I'd like the kind of loan where I get 62 b and payback 8 b, nice job GM! Link to comment
Hingle McCringleberry Posted May 10, 2010 Share Posted May 10, 2010 Is my memory failing, or didn't GM get something like 62 billion between US and Canada. Hey, I'd like the kind of loan where I get 62 b and payback 8 b, nice job GM! Your right, but most of that is in stock. For the most part this loan was just a down payment for the Unions and such. GM is still owned by us, and that looks to not change anytime soon. Link to comment
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