On Sat, Apr 24, 2010 at 3:02 PM, Michael Oke, II <oke...@gmail.com> wrote: > Care to elaborate on how they did that?
http://bit.ly/bfmInX - - - General Motors announced this week that it repaid its multibillion-dollar taxpayer-backed TARP loans. GM even bragged that it was able to “repay the taxpayers in full, with interest, ahead of schedule, because more customers are buying [GM] vehicles.” There was great fanfare, including expensive, around-the-clock GM TV commercials nationwide. But, the hype is not the reality. In fact, GM did not repay the loans with money it earned from selling cars. Instead, GM repaid the TARP loans with money it withdrew from another TARP fund at the Treasury Department. The day before the GM story broke, Neil Barofsky, the government TARP watchdog, testified before the Senate Finance Committee. He explained that GM did not use earnings to repay its TARP debt. The April quarterly report to Congress from his office stated: “The source of funds for these quarterly [debt] payments will be other TARP funds currently held in an escrow account.” GM filings with the SEC reveal that GM was paying 7 percent interest on a $6.7 billion TARP debt. The filings also confirm that the source of funds for GM’s debt repayments was a multibillion-dollar TARP-funded escrow account at Treasury; that means it was taxpayer money — not earnings. - - - Even the father of modern corporate and government accounting, Bernard Madoff, couldn't come up with a better way to paper it up. But a fraud is still a fraud, even when it has the government seal of approval. - Publius > > ::michael > > On 4/24/10, Publius Maximus <publius.b.maxi...@gmail.com> wrote: >> It repaid the government loans with... government money. >> >> IOW, it's a joke. >> >> - Publius >> >> On Sat, Apr 24, 2010 at 2:14 PM, Carl Lindner <c...@bdos.com> wrote: >>> I was quite surprised with the GM turnaround - they had a lot of debt. >>> The >>> following is from a Corvette mailing list... >>> >>> On 4/24/2010 12:02 PM, Mike M..... wrote: >>>> So what happened to the old GM? Is it something we don't talk about? a >>>> Mulligan? a Gimmie? >>>> >>> >>> ----- The reply by David K... was incredible-------- >>> >>> The GM of old went bankrupt and changed its name to "Motors Liquidation >>> Company". Their new web site is here: >>> >>> https://www.motorsliquidation.com/ >>> >>> A new company was formed (Vehicle Acquisition Holdings LLC) and bought the >>> rights and assets to GM's products, conveniently neglecting to take it's >>> debt. GM changed it's name to Motors Liquidation and then Vehicle >>> Acquisition LLC changed it's name to "General Motors Company". >>> >>> >>> Carl Lindner >>> >>> [excessive quoting removed by server] _______________________________________________ Post Messages to: ProFox@leafe.com Subscription Maintenance: http://leafe.com/mailman/listinfo/profox OT-free version of this list: http://leafe.com/mailman/listinfo/profoxtech Searchable Archive: http://leafe.com/archives/search/profox This message: http://leafe.com/archives/byMID/profox/t2q56f880751004241205ib7926180qa883372b47027...@mail.gmail.com ** All postings, unless explicitly stated otherwise, are the opinions of the author, and do not constitute legal or medical advice. This statement is added to the messages for those lawyers who are too stupid to see the obvious.
