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Politics : Liberalism: Do You Agree We've Had Enough of It? -- Ignore unavailable to you. Want to Upgrade?

To: Kenneth E. Phillipps who wrote (82856)	4/21/2010 1:47:29 PM
From: JakeStraw	4 Recommendations Respond to of 224722

To: Kenneth E. Phillipps who wrote (82856)	4/21/2010 2:43:12 PM
From: TideGlider	2 Recommendations Read Replies (1) \| Respond to of 224722

GM paid a small % of what they received from the government. That was very deceptive spouting today.

To: Kenneth E. Phillipps who wrote (82856)	4/21/2010 3:29:19 PM
From: longnshort	1 Recommendation Read Replies (1) \| Respond to of 224722

no they didn't they have now paid 13% of their loans. and with idle money By TBlumer on Taxes & Government BIZZY BLOG From GM's Ed Whitacre in the Wall Street Journal: >>>The GM Bailout: Paid Back in Full The investment of U.S. and Canadian tax dollars worked.<<< No Ed. The government ripped off disfavored creditors and dumped something like $45 billion into new GM stock. It then "cleverly" lent your company far, far more than it needed to get going after walking away from tens of billions of dollars in debt bankruptcy. Now we're supposed to be impressed that your company paid back a bunch of money that has been parked doing almost nothing (except creating smaller reported losses, thanks to interest) since it emerged from bankruptcy. Big freakin' deal. ________________________________________________ UPDATE: No true accounting for the cost of the GM government bailout is complete without taking GMAC into account, and the government in essence admits to that fact: >>>GMAC was treated more like banks that received bailouts without having to explain what they were doing with the money, the report says. The report was released Thursday by the Congressional Oversight Panel overseeing the $700 billion financial bailout that Congress passed in October 2008. "Treasury missed many opportunities to improve accountability and protect taxpayer money," panel chair Elizabeth Warren said in a conference call with reporters. She said Treasury didn't make GMAC show how it would return the taxpayer money, or how the investment would increase credit to consumers. "These decisions mean that Treasury is now struggling to deal with a GMAC that is not financially rehabilitated, Treasury has no exit strategy and taxpayers are not fully protected," Warren said. The Treasury Department responded by reiterating that backing GMAC was necessary to preserve dealer financing for GM. It disputed the report's core finding, that alternative approaches might have saved taxpayer money and provided better transparency.