Haven’t You Noticed All Those New GMs On The Road?
on April 27th, 2010 at 9:25 am
Corporate media is at it again. This time they are trying to convince you that happy days are here again and the proof is in GM (Government Motors).
GM is paying back taxpayers–NOT!
“At least the government will be receiving actual cash dollars for its Citi stake — unlike the much-ballyhooed GM repayment last week.
It seems that GM just shuffled money among bailout accounts, essentially using one bailout fund to repay another, according to a Fox News report citing U.S. Senator Charles Grassley (R., Iowa) and the Inspector General for the bailout.
In a letter sent last week to Treasury Secretary Tim Geithner , Grassley expressed concern that GM used money from a Treasury escrow account to repay TARP debt instead of money from the carmaker’s earnings.
GM itself acknowledge in an SEC filing that it received $6.6 billion from an escrow account immediately after repaying its obligations under the UST Credit Agreement.
This rush to show GM repaying taxpayers is just as much a travesty as the delay in taking repayment for the Citi bailout.”
