Thursday, April 29, 2010

GM Did Not Pay Back TARP

Special Inspector General for TARP, Neil Barofsky, a Democrat, stated the below, which can also be found on NewsBusters.org:

"I think the one thing that a lot of people overlook with this is where they got the money to pay back the loan. And it isn't from earnings. ... It's actually from another pool of TARP money that they've already received," he said Wednesday. "I don't think we should exaggerate it too much. Remember that the source of this money is just other TARP money."

This ponzi scheme is well summarized on HotAir.com:

"In other words, this is just a shell game. As Jim Vicevich points out, it’s akin to paying off your Visa credit card with your Mastercard — and then bragging about your financial condition. Taxpayers are still on the hook for GM. Nothing at all has changed."

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