WTF has the truth got to do with it?

[Nethead]

From www.leftlanenews.com:

Top Republican questions GM/administration over TARP funds used to pay back loans
04/22/2010, 10:56 PM By Mark Kleis

Or: How could ANYONE even consider buying a vehicle from these assholes?

A top Senate Republican, Charles Grassley, questioned the Obama Administration regarding the recent announcement by General Motors that all federal loans had been repaid. Grassley believes that the loans were in fact paid back with other federal bailout funds ? not from profits due to the operation of the automaker.

GM announced on Wednesday that it had fully repaid the $6.7 billion in loans from the U.S. government, and $1.4 billion in loans to the Canadian government. Today, according to Fox News, a Republican Senator has questioned the legitimacy behind that announcement.

Senator Charles Grassley accused both the Obama Administration and GM of misleading taxpayers about the true status of the automaker?s government-sourced loans. Grassley accused the automaker of using funds from a different part of the government funded bailout in order to pay back its loans.
Grassley?s charge was verified by the inspector general behind the bailout, who oversees the Trouble Asset Relief Program (TARP) funding. Special inspector general of the TARP program, Neil Barofsky, told the Senate Finance Committee and Fox News that GM used bailout money out of an escrow account in order to pay back other government loans. Grassley mentioned in his letter to treasury secretary Timothy Geithner that a form filed with the Securities and Exchange Commission (SEC) showed $6.7 billion worth of taxpayer funds were sitting in an escrow account available to GM.

Grassley questioned Geithner, asking for public clarification about why GM was allowed to use taxpayer funds from the escrow account in order to pay back a taxpayer-funded loan. ?It appears to be nothing more than an elaborate TARP money shuffle,? said Grassley in his letter.

Following GM?s triumphant announcement on Wednesday, Vice President Joe Biden said the repayment was a ?huge accomplishment.?

?The bottom line seems to be that the TARP loans were ?repaid? with other TARP funds in a Treasury escrow account. The TARP loans were not repaid from money GM is earning selling cars, as GM and the administration have claimed in their speeches, press releases and television commercials,? wrote Grassley.

References
1. ?Grassley slams GM, Administration?? view
2. ?Neil Barofsky: Why he matters?? view

[giant_mtb]

Holy motherfucking almighty .

[GoCougs]

Shame - GM's making the best product coming out of Detroit but this whole nationalization fiasco will soon put a stop to that.

What a nightmare this administration is.  Just a nightmare.

[AutobahnSHO]

Wow.
I've never liked GMs, but I'm pretty sure I will never ever buy one.

[Payman]

Erm... Canada thanks you? 

[S204STi]

Interesting... there is an ad being aired on national commercial radio stating that GM paid back their loans in full... turns out they didn't mention that they used other government money to do so.

[giant_mtb]

Interesting... there is an add being aired on national commercial radio stating that GM paid back their loans in full... turns out they didn't mention that they used other government money to do so.

Yeah...I just saw an ad like that today.  Pretty much wanted to punch out my TV at the douchebag on screen.

[TBR]

I knew something fishy was going on, no way they could raise that much money that quickly.

[Tave]

I knew something fishy was going on, no way they could raise that much money that quickly.

Especially when they're still losing money hand over fist. I guess credit is looser now than it was at the time of the bailout, but still...

[Jon?]

If there's any justice the '08 model CTS will drop in value and be cheaper to pick up pre-owned.