I suspect not:
A top Senate Republican on Thursday accused the administration of misleading taxpayers about General Motors’ loan repayment, saying the struggling auto giant was only able to repay its bailout money by dipping into a separate pot of bailout money…
…Sen. Chuck Grassley’s charge was backed up by the inspector general for the bailout — also known as the Trouble Asset Relief Program, or TARP. Watchdog Neil Barofsky told Fox News, as well as the Senate Finance Committee, that General Motors used bailout money to pay back the federal government.
“It appears to be nothing more than an elaborate TARP money shuffle,” Grassley, the ranking Republican on the Senate Finance Committee, said in a letter Thursday to Treasury Secretary Timothy Geithner…
When I first saw the “we paid it back” GM ad, I smelled a rat. After all, GM is still losing money, so the only way they could possibly pay us back was by not paying someone else. Didn’t think they’d have the nerve to use government money to pay the government back, but that might well be what happened.
But even if it isn’t, it still stands that GM hasn’t paid anything back. After all, GM only exists because Obama forced through a screwing over of GM’s creditors while cutting sweat heart deals for the UAW. The whole thing with the money makes Enron look honest – Madoff is wishing he had just hung around long enough to be “too big to fail”.
We can expect more of this as time goes on – the Obama Administration is shot through with the rankest sort of political dishonesty and they will continue to pull fast ones.
Blogs For Victory 