The Right Scoop
In GM's case, I was able to identify that the post-bankruptcy $6.71 billion "loan" was "paid back" with TARP money, specifically with repurposed DIP financing. I classified that as a "flash money" loan and didn't include it in either what was given to them or what was returned to the Treasury. There also was an unknown amount of interest on the GM loans that was "paid back" with TARP money.
In Chrysler's case, it is a bit clearer. They effectively refinanced $3.5 million in TARP loans with lower-interest-rate Energy Department loans that were orignally designed to modernize assembly plants for fuel-efficient/"green" cars. However, both Fiat and former owner Cerebus did plunk down actual cash to pay back the parts of the Chrysler loans the Treasury wanted repaid (which wasn't exactly the entire amount), and the interest paid post-bankruptcy was from Chrysler/Fiat's pockets.
I also do not know the source of the payments on the warranty-related loans made to both GM and Chrysler.
A minor correction on the rush transcript is in order. It certainly sounds like Rattner said "...all but $14 billion" in between an off-camera cough.
LOL- I'm not Catholic NY, but I'd have him say them before he could go to bed, you can bet on that!
More marxist math. If this maroon was in my homeschool- he'd be standing in the corner with a dunce cap on. Then, at the end of the day, he'd write, "I will never lie again.." 5 thousand times on the chalkboard. Then, for the rest of the evening, he'd recite the 10 Commandments and write a 10 000 word composition describing what the Lord meant by THOU SHALT NOT STEAL.
This twerp's name says it all. Also, don't be shocked when death panels show up in obummer care.
Only $4 Billion of the $20 Billion obama seized from BP has been accounted for the oil cleanup costs. Did he give the rest of it back? No.
I thought it was funny when GM ran a commercial touting they paid back all the taxpayers money a few months back. I guess $4 Billion is nothing these days. The USA is doomed to failure if Government is going to pick the winners and losers as it is doing today.
We borrow Trillions from China then turn around and give them foreign aid, just as ridiculous. We pay interest on borrowed $ and give it away to the nation we borrowed it from? How stupid do they (Govt) think we are? Apparently very stupid.
Let the indoctrination continue!
So many lies from this administration, that they can't keep up either... Right now, I would vote for a skunk before I ever thought about voting for anyone with a "D" next to their name.
The last time I ran the numbers, the Treasury was due to lose somewhere north of $12 billion on Government Motors. The stock has slipped since then.
BTW, tomorrow, the UAW will have officially turned a profit in driving GM into bankruptcy and government ownership.
And - You are surprised at yet another lie?
The Republican candidate should simply run ads about all the lies and BS Odumbo
has stated
This should be a no-brainer!
Comment Policy: Please read our new comment policy before making a comment. In short, please be respectful of others and do not engage in personal attacks. Otherwise we will revoke your comment privileges.