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GM Repays loan ahead of schedule

  • ts1227
    Writerbuckeye wrote: This administration is the biggest bunch of liars and thieves to occupy the White House -- ever.
    They all lie equally as bad, it's simply a matter of how much they get away with it.
  • assumption
    fish82 wrote:
    Manhattan Buckeye wrote: For those who are skeptical, you aren't alone:

    http://www.qando.net/?p=8059
    Oops. :cool:
    OOPs is right. This so-called link is nothing more than a blog operated by a bunch of neo-libertarians. Believe what you want.
    I'll take Reuters.
  • Manhattan Buckeye
    Even Reuters points out that the repayment was just on the direct loans to GM, the bailout was a heckuva lot higher than the $6B or so pricetag. And that's just to GM, not to GMAC.
  • IggyPride00
    Manhattan Buckeye wrote: Even Reuters points out that the repayment was just on the direct loans to GM, the bailout was a heckuva lot higher than the $6B or so pricetag. And that's just to GM, not to GMAC.
    They don't consider the other money given to GM as loans, because they received company stock in exchange for the money. At some point GM will have a big IPO, at which time the government will recoup what it can of the money they gave them (likely won't be all of it though).
  • Manhattan Buckeye
    From the OP's Reuters article:

    "In addition to the nearly $7 billion in direct loans to GM, the U.S. Treasury extended $43 billion in bailout cash in 2009 -- for a total $50 billion investment."

    Remember that at one point GM's market value was what, around $1.2B. The taxpayers put in $50B for a enterprise that had a market equity valuation of about 1/50th of that. I don't know what is debatable about the article I posted. It made it clear its good that GM doesn't have to pay interest on the debt, but its obvious they paid back the taxpayer funded debt with other taxpayer funded money.
  • Manhattan Buckeye
    IggyPride00 wrote:
    Manhattan Buckeye wrote: Even Reuters points out that the repayment was just on the direct loans to GM, the bailout was a heckuva lot higher than the $6B or so pricetag. And that's just to GM, not to GMAC.
    They don't consider the other money given to GM as loans, because they received company stock in exchange for the money. At some point GM will have a big IPO, at which time the government will recoup what it can of the money they gave them (likely won't be all of it though).
    yeah but its still money, and I'm guessing "likely" isn't the term, its "certainly".
  • QuakerOats
    U.S. Sen. Grassley: Asks about GM repaying TARP loans with other TARP funds
    4/22/2010
    http://www.iowapolitics.com/index.iml?Article=193944
    Note: Remember to add links: ptown

    For Immediate Release

    Thursday, April 22, 2010

    WASHINGTON --- Senator Chuck Grassley is asking the Treasury Secretary to justify claims that General Motors has repaid its TARP loans when GM is using other TARP funds to repay the loans.

    “It looks like the announcement is really just an elaborate TARP money shuffle,” Grassley said. “The repayment dollars haven’t come from GM selling cars but, instead, from a TARP escrow account at the Treasury Department.”

    Grassley said his concern is based upon the most recently quarterly report from the Special Inspector General for TARP. Mr. Neil Barofsky testified before the Finance Committee this week and stated that the funds GM is using to repay its TARP debt are not coming from GM earnings.

    Grassley said it’s a matter of the Treasury Department being straightforward with taxpayers about its management of the $700 billion taxpayer funded TARP program. Click here to read Grassley’s letter of inquiry to Secretary Timothy Geithner.

    The Special Inspector General for TARP was created at the urging of Grassley and Senator Max Baucus of Montana, and when the Treasury Department changed the focus of the program less than a month after it began, Grassley worked with Senator Claire McCaskill of Missouri to retool the Inspector General’s authority and empower the office to adequately scrutinize TARP spending and management.

    Grassley has gone to bat for the Inspector General throughout the year, when the White House and Treasury Department put up barriers to the Inspector General asking questions and collecting information about where the money has gone. Grassley has been an outspoken critic about the lack of transparency with how TARP funds have been used. Last fall, he cosponsored legislation to end the program.
  • ManO'War
    American Taxpayer=Suckers
  • believer
    bases_loaded wrote: IT doesn't matter if it works, it still was/is wrong. Ford survived and is thriving without taking tax payers money to do it.
    DING!
  • I Wear Pants
    bases_loaded wrote: If GM would have failed, another company would have filled the void(if there is one created) in the manufacturing of cars. That company(if needed) would have to hire people too.

    Its just like when an animal becomes extinct, its niche isn't left vacant another more stable animal moves in.
    What American company even has the money to start a new car business?
  • jhay78
    "With this administration, question everything. Heck, with any administration, question everything – but it seems it is an especially important thing to do with this one. And when it comes to politics take nothing the press says at face value – ever."

    Like I stated on the thread about financial reform, "how convenient"! What better way to score political points regarding bailouts than to trumpet a supposed GM success story?

    We're only seeing the beginning of this type of stuff- they're going to really ratchet it up before November.
  • Footwedge
    Belly35 wrote: Where is the pay back money and interest going ..once it is paid back?
    Anyone know the answer? What will it be used for and applied against?
    This is a great question.
  • Footwedge
    Writerbuckeye wrote: This administration is the biggest bunch of liars and thieves to occupy the White House -- ever.
    LOL. Obama has a really long way to go to catch this guy...

    http://alumnus.caltech.edu/~richard/reflect/lies.html
  • Manhattan Buckeye
    Don't know if anyone saw the GM commercial last night that aired during the NFL draft at least once (maybe a couple of times), the CEO of GM is mentioning that they've paid back every cent of the money they borrowed, I guess it is technically "correct" the way it was stated but the tenor of the commercial was highly misleading without mentioning the rest of the $50B taken from the taxpayers and/or the taxpayers' equity stake in the company.

    Another negative result of this is the government's infringement on competition, if I was the CEO of Ford and I saw that commercial I would be calling up my ad agency to create a response that explained what was really happening, now that your biggest competitior has the power to tax, regulate, etc. you I'm sure Ford is a bit wary of raising the ire of the government.

    The whole thing is unsavory, if Joe Q. Public sees that commercial much of the them will believe the taxpayers have been made whole, which of course is far from reality.
  • Writerbuckeye
    Manhattan Buckeye wrote: Don't know if anyone saw the GM commercial last night that aired during the NFL draft at least once (maybe a couple of times), the CEO of GM is mentioning that they've paid back every cent of the money they borrowed, I guess it is technically "correct" the way it was stated but the tenor of the commercial was highly misleading without mentioning the rest of the $50B taken from the taxpayers and/or the taxpayers' equity stake in the company.

    Another negative result of this is the government's infringement on competition, if I was the CEO of Ford and I saw that commercial I would be calling up my ad agency to create a response that explained what was really happening, now that your biggest competitior has the power to tax, regulate, etc. you I'm sure Ford is a bit wary of raising the ire of the government.

    The whole thing is unsavory, if Joe Q. Public sees that commercial much of the them will believe the taxpayers have been made whole, which of course is far from reality.
    And, of course, there is no longer an honest media around to set the record straight.

    Imagine if this had been tried under Bush. The howls from the MSM would have broken glass in Hawaii.
  • cbus4life
    Writerbuckeye wrote:
    Manhattan Buckeye wrote: Don't know if anyone saw the GM commercial last night that aired during the NFL draft at least once (maybe a couple of times), the CEO of GM is mentioning that they've paid back every cent of the money they borrowed, I guess it is technically "correct" the way it was stated but the tenor of the commercial was highly misleading without mentioning the rest of the $50B taken from the taxpayers and/or the taxpayers' equity stake in the company.

    Another negative result of this is the government's infringement on competition, if I was the CEO of Ford and I saw that commercial I would be calling up my ad agency to create a response that explained what was really happening, now that your biggest competitior has the power to tax, regulate, etc. you I'm sure Ford is a bit wary of raising the ire of the government.

    The whole thing is unsavory, if Joe Q. Public sees that commercial much of the them will believe the taxpayers have been made whole, which of course is far from reality.
    And, of course, there is no longer an honest media around to set the record straight.

    Imagine if this had been tried under Bush. The howls from the MSM would have broken glass in Hawaii.
    Can't argue with that, in this case...
  • QuakerOats
    Manhattan Buckeye wrote: Don't know if anyone saw the GM commercial last night that aired during the NFL draft at least once (maybe a couple of times), the CEO of GM is mentioning that they've paid back every cent of the money they borrowed, I guess it is technically "correct" the way it was stated but the tenor of the commercial was highly misleading without mentioning the rest of the $50B taken from the taxpayers and/or the taxpayers' equity stake in the company.

    Another negative result of this is the government's infringement on competition, if I was the CEO of Ford and I saw that commercial I would be calling up my ad agency to create a response that explained what was really happening, now that your biggest competitior has the power to tax, regulate, etc. you I'm sure Ford is a bit wary of raising the ire of the government.

    The whole thing is unsavory, if Joe Q. Public sees that commercial much of the them will believe the taxpayers have been made whole, which of course is far from reality.
    And isn't it ironic how hard the feds came down on Toyota recently, with benefits thereof inuring to Government Motors.
  • ManO'War
    They have been running these commercials on the radio all day here in Pittsburgh.
  • QuakerOats
    It is stunning that the left-stream media continues to bury the REAL story as it runs interference for the obama regime.

    Thanks God for Fox News:

    http://www.foxnews.com/politics/2010/04/22/grassley-slams-gm-administration-loans-repaid-bailout-money/?test=latestnews
  • Manhattan Buckeye
    Writerbuckeye wrote:
    Manhattan Buckeye wrote: Don't know if anyone saw the GM commercial last night that aired during the NFL draft at least once (maybe a couple of times), the CEO of GM is mentioning that they've paid back every cent of the money they borrowed, I guess it is technically "correct" the way it was stated but the tenor of the commercial was highly misleading without mentioning the rest of the $50B taken from the taxpayers and/or the taxpayers' equity stake in the company.

    Another negative result of this is the government's infringement on competition, if I was the CEO of Ford and I saw that commercial I would be calling up my ad agency to create a response that explained what was really happening, now that your biggest competitior has the power to tax, regulate, etc. you I'm sure Ford is a bit wary of raising the ire of the government.

    The whole thing is unsavory, if Joe Q. Public sees that commercial much of the them will believe the taxpayers have been made whole, which of course is far from reality.
    And, of course, there is no longer an honest media around to set the record straight.

    Imagine if this had been tried under Bush. The howls from the MSM would have broken glass in Hawaii.
    I'll give the USA Today credit on this, on the couple of articles/blog stories I've read on their website (I don't have their print newspaper so don't know what is in it), they have made the point that the money being repaid is also coming from taxpayer money.

    The more I think about it the more the commercial bothers me. If this was your average business there would be an investigation regarding the incredibly misleading nature of the claims. Whitacre should be ashamed....and I wouldn't be surprised if this ends up hurting GM in the long run. People may have been fooled/ignorant for a couple of days, but the truth is coming out. I know I'm done with GM.
  • assumption
    QuakerOats wrote:
    Manhattan Buckeye wrote: Don't know if anyone saw the GM commercial last night that aired during the NFL draft at least once (maybe a couple of times), the CEO of GM is mentioning that they've paid back every cent of the money they borrowed, I guess it is technically "correct" the way it was stated but the tenor of the commercial was highly misleading without mentioning the rest of the $50B taken from the taxpayers and/or the taxpayers' equity stake in the company.

    Another negative result of this is the government's infringement on competition, if I was the CEO of Ford and I saw that commercial I would be calling up my ad agency to create a response that explained what was really happening, now that your biggest competitior has the power to tax, regulate, etc. you I'm sure Ford is a bit wary of raising the ire of the government.

    The whole thing is unsavory, if Joe Q. Public sees that commercial much of the them will believe the taxpayers have been made whole, which of course is far from reality.
    And isn't it ironic how hard the feds came down on Toyota recently, with benefits thereof inuring to Government Motors.
    A Toyota driver, maybe? Are you aware of where the profits made at Toyota go? I'm old school, but it would be fair if the American workers made $$ for American owners. Tell me Toyota didn't deserve the scrutiny they deserved. Amazing how short sighted we have become. The're autos were severly defective. Caused deaths.
  • Belly35
    GM ......Government Motor via the Obama Administration Bail-out with taxpayer money is now paying back the money plus interest 5 year sooner with TRAP money via the taxpayer provide by the Obama Administration .....OK

    I was in the market for a truck I was looking for used but have decided to go new really liked the Chevy Crew Cab ....... I will not be going to any Chevy dealer and when those that call me ...Sorry I'm taking my business to Ford, Nissan, Toyota
  • I Wear Pants
    I agree with that Belly. If I was in the market for a new vehicle I don't think I'd be able to buy a GM made one. I'd go with Ford honestly, they've been making some nice stuff and seem to have learned the right lessons.
  • Manhattan Buckeye
    http://www.forbes.com/2010/04/23/general-motors-economy-bailout-opinions-columnists-shikha-dalmia_print.html

    The truth eventually comes out.
  • CenterBHSFan
    I finally caught this commercial last night.

    Did they actually think, when making the video, that the truth would never come out?