Anyone seen the commercial with the new GM exec stating they paid off their government debt? Is it false advertising when they had to use GOVERNMENT money to pay it off?
Is this a Political Shell Game?
Charles Grassley:On Tuesday of this week, Mr. Neil Barofsky, the Special Inspector General for TARP, testified before the Senate Finance Committee. During his testimony Mr. Barofsky addressed GM’s recent debt repayment activity, and stated that the funds GM is using to repay its TARP debt are not coming from GM earnings.
Instead, GM seems to be using TARP funds from an escrow account at Treasury to make the debt repayments. The most recent quarterly report from the Office of the Special Inspector General for TARP says “The source of funds for these quarterly [debt] payments will be other TARP funds currently held in an escrow account.” See, Office of the Special Inspector General for TARP, Quarterly Report to Congress dated April 20, 2010, page 115.
Answer by grlygrlz2 at 3:01 PM on Apr. 23, 2010
Answer by Anonymous at 3:14 PM on Apr. 23, 2010
Sounds sort of like saying you paid off a credit card just by transferring a balance to another card. It is a shell game and they seem to be pro's at it.
Answer by QuinnMae at 4:48 PM on Apr. 23, 2010
Answer by mancosmomma at 7:16 PM on Apr. 23, 2010
Answer by sopranomommy at 10:09 PM on Apr. 23, 2010
Answer by itsmesteph11 at 9:57 PM on Apr. 24, 2010