GM Pays Back TARP Loans With…TARP Loans!

Have you driven a Ford lately? That might be a good idea, as it seems that GM's claims to have repaid its TARP loans in full and ahead of schedule are, well, bullshit. Sen. Charles Grassley (R-Iowa) has sent a letter to Treasury Secretary Tim Geithner pointing out that GM has apparently paid back its TARP money with…more TARP money. Here's some of Grassley's query:

During his testimony [Inspector General for TARP Neil] Barofsky addressed GM's recent debt repayment activity, and stated that the funds GM is using to repay its TARP debt are not coming from GM earnings. Instead, GM seems to be using TARP funds from an escrow account at Treasury to make the debt repayments. The most recent quarterly report from the Office of the Special Inspector General for TARP says "The source of funds for these quarterly [debt] payments will be other TARP funds currently held in an escrow account."…

Therefore, it is unclear how GM and the Administration could have accurately announced yesterday that GM repaid its TARP loans in any meaningful way. In reality, it looks like GM merely used one source of TARP funds to repay another. The taxpayers are still on the hook…

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. When these criticisms were put to GM's Vice Chairman Stephen Girsky in a television interview yesterday, he admitted that the criticisms were valid:

Question: Are you just paying the government back with government money?

Mr. Girsky: Well listen, that is in effect true, but a year ago nobody thought we'd be able to pay this back.

Girsky, you magnificent bastard! If you managed to say that line without laughing, you deserve all the unsold Pontiacs in North America.

Whole thing here. Via Real Clear Politics via Reason stalwart Manny Klausner.

And, needless to say, Grassley isn't even raising the massively important issue of whether the freaking bailout via TARP funds was legal. Spoiler alert: It wasn't.

But don't worry, GM loses money hand over fist and is poised to lose even more money when the market rebounds and they start selling more units. That's what happened in 2007, a record-setting year for GM when it sold 9.4 million cars worldwide and lost $38 billion. Check it out, why don't you?:

This post, incidentally, was written by a very satisfied owner of a used Buick.

Update: Fox News reports that TARP IG Barofsky told them on Wednesday: "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…I don't think we should exaggerate it too much. Remember that the source of this money is just other TARP money."

Fox News unconvincingly hypothesizes "the TV spot [touting its early payback of loans] may land GM in hot water with the Federal Trade Commission over its truth-in-advertising laws, which prohibit ads that are 'likely to mislead consumers.'"

Comments

[Ragin Cajun]

GM is repaying its TARP loans the same way Obamacare is going to reduce the deficit.

[x,y]

Thanks for posting this. I heard the commercial with this claim yesterday and almost jumped out of my seat, shocked that I was that this bold statement must be true. Now I see my reaction was justified because these assholes have no shame.

[R C Dean]

Mr. Girsky: Well listen, that is in effect true, but a year ago nobody thought we'd be able to pay this back.

Still lying. They haven't paid anything back. Say I owed $4,000 on my credit card with my bank, and went out and bought a car on one of those cash-back "rebate" deals where I got $4,000 cash back. My new car is financed by my bank, and use the $4,000 cash back they financed to pay back the credit card.

In what sense have I paid back my bank?

[Big B]

Or even more simply...

You transferred the $4,000 to another, existing credit card. The debt is still there, its just on another account now. Sure, the Visa is paid off, but the Discover Card now has a $4,000 balance.

This is all an accounting trick.

[kinnath]

Worse yet, someone is making money off the transaction fees.

[Tman]

Don't worry!!!

The Chevy Volt will save GM!!!

ALL IS WELL*!!!!!!!!

*Kiss that $50 billion goodbye kids.

[SIV]

The Chevy Volt will save GM!!!

Yes it will

[creech]

Everyone, save these quotes to use when the regressives start peppering your Letters to the Editor column with new hosannas for Obamanomics.

[Enjoy Every Sandwich]

No doubt we'll soon hear from one of those fellows with Obama's ball-prints on his chin, about how this is actually a vindication of His Excellent Plan. "Tactics, comrades, tactics!"

[Max]

And, of course, the U.S. and Canadian governments still have in the neighborhood of 58 billion "invested" in this company.

[Pro Libertate]

A scam within a scam within a scam.

[Episiarch]

Send a third stage Guild Accountant to Washington to demand details from the President. The cash must flow...

[JW]

I sense the work of Feyd-Rautha, I mean Rahm Emmanuel.

[Pro Libertate]

What is GMCHOAM but the weather vane of our times?

[Groovus Maximus]

Reverend Mother Pelosi and Barney Vladimir Frankonnen will keep imprinting the House to keep doing the bidding President Shaddama II.

[Nipplemancer]

Now I have an image of Barney Frank wit a float-belt. "Bring me another young one Pitr!"

[Pro Libertate]

Pelosi is no reverend mother. She's a Face Dancer.

[Zane]

That....may be the funniest thing I have ever read.

[Brother J]

So they've learned the trick of paying off their Mastercard with their American Express card. Great.

[robc]

Worse than that, Mastercard and AE arent from the same bank.

If you ever read the final details on the "conveniece checks" a credit card sends you, you cant use them to pay off a balance on another credit card issued by the same bank. While you can surf from card to card, you have to change banks.

The US government isnt as sophisticated as Chase.

[Big B]

Its so easy to game that rule it might as well not even be one. You have to have an IQ under about 50 not to get around it.

Deposit the funds into your checking account - write the check to yourself - and then make an electronic payment to Chase.

[robc]

Well, yeah, Im just saying they do prevent you from doing it directly.

[Hazel Meade]

See, this is why it IS a good idea to close old credit card accounts. Nobody is going to issue you a new card and let you transfer a balance at a 0% interest rate if you already have an account open.

I managed to carry about $3,000 in credit card debt without paying a penny in interest for 3 years this way.

[Pablo]

Yeah and most consumers who use one card to pay the amount due on another eventually delcare bankruptcy.

[robc]

Is that actually true?

Anyone who does it regularly probably does, but a few years back I surfed everything to 0 or low interest cards and then paid them off (and canceled the cards). It was part of a get out of debt effort - it only made a marginal difference in interest I paid, but enough to still go thru the bother.

[Pablo]

Sure, everyone's different but I read that MOST people who do this aren't just seeking minimal interest--they owe more than they can afford to pay back and are just prolonging the inevitable.

[Hazel Meade]

Did the same thing, until they started charging 3% for balance transfers. Then I paid off the debt.

[John]

And just think, if we put GM into bankruptcy and let them walk away from their union contracts and got rid of the absurd CAFE standards, they would probably be one of the most profitable car companies in the world.

[CoyoteBlue]

John please, this is GM. They're still fuckheads.

[John]

Seriously. GM makes lots of money off of trucks and SUVs and luxury cars. GM loses money on small cars. The only reason it loses money on small cars is because its union costs raise the fixed price of making a car. The only reason they make, and lose money, on small cars is to meet the CAFE standards.

Get rid of the union contracts and their fix costs go down and they can compete. Get rid of CAFE and they are free to only make those cars that make them money.

[Jersey Patriot]

The only reason it loses money on small cars is because its contractually-agreed-upon union costs raise the fixed price of making a car.

Just in case we forgot how those union costs got there.

[Pro Libertate]

I don't know enough about union relationships with GM to know for sure, but are those negotiations done without the government acting to tip the scales in favor of the union?

[Jersey Patriot]

No, but are you sure the government's thumb isn't on the scales in favor of GM, either? I'm not.

Labor/management relations in the country aren't anything remotely resembling a free market. Neither I nor anyone else knows what would happen in a free labor market. But in this imperfect world, I'm going to side with labor over management most of the time. I'm also going to point out that management did not use its mix of freedom and compulsion wisely, whereas many other firms (including Ford) did.

[John Thacker]

No, but are you sure the government's thumb isn't on the scales in favor of GM, either? I'm not.

Then you're blind. Perhaps originally, yes, when the contracts were signed the government favored GM. But after seeing what happened to shareholders and bondholders versus the union in bankruptcy, I think it's very clear that government is on the side of labor here.

Bankruptcy does usually dissolve plenty of unsustainable contracts.

[robc]

Yep - however lets also point out the distinction between private union negotiations (what GM did, although see below) and public union negotiations (government employees).

However, this is the see below I referred to, how much were the negotiations affected by laws that grant unions certain negotiating benefits?

[robc]

Also, also, part of the point of bankruptcy is to get rid of nasty contracts you should have never agreed to. 🙂

[John]

So what? Yeah they were stupid and agreed to a bunch of contracts that bankrupted them. That is why we have bankruptcy.

[TrickyVic]

""So what?""

Some people just will not recognize union negotiations as collective bargining.

""Yeah they were stupid and agreed to a bunch of contracts that bankrupted them. That is why we have bankruptcy.""

I agree 100 percent. In a way, the government is usurping freedom. The freedom to make a choice comes with the freedom to suffer the consequences. GM should have been allowed to reap what they sowed.

[TrickyVic]

""Seriously. GM makes lots of money off of trucks and SUVs and luxury cars. ""

Until gas was $4 a gallon. They focused their efforts on the above and didn't have anything really great that was small and efficent. That has nothing to do with unions and everything to do with predicting the consumer, or failure thereof in this case.

[Phil]

I still love me chevys.

[robc]

I wanted a Honda Corvette.

[Pro Libertate]

Throw the NSX under the hood, and voil?!--instant success!

[robc]

I have no doubts that after Honda bought the corvette assets from the bankruptcy court, they would have left the plant in Bowling Green, KY, meaning no real change (Im sure there would have been a marginal change one way or the other, and lots of contractual changes) in jobs.

[Pro Libertate]

Ever see an NSX? You know what they called it when it came out? "The reliable Ferrari." Hot, fast, and a Honda. Fuck yeah!

Anyway, I'm sure the best possible result for consumers who don't work for GM would've been for it to fail. Other companies would've picked up the brands and other assets and we'd be over all this crap. Instead, we had to socialize part of an industry. Ask Toyota whether that's been a good thing or not.

[J sub D]

No. They would not. They'd possibly soon be profitable but they'd be a whole lot smaller if they had to go through an honest bankrupotcy proceeding (which they might not have survived).

[John]

Look at the profit margins they have on SUVs and trucks. And don't forget their overseas division, which do quite well. GM is losing money because the federal government has turned it into a welfare program for union members, not because it can't sell cars. It sells millions of cars.

[TrickyVic]

This is from 2006

http://www.bloomberg.com/apps/.....ectoldpage

[alan]

I've noticed it too, creech. Every few days there is a letter to the editor in the local fishwrap by some liberal retard claiming the success of TARP, and how that 'success' proves 'market fundamentalist' wrong.

I never thought that being given a competitive advantage over your competition would prove to be anything other than a success for those bastards at Goldman, Chrysler, GM and Bank of America in the first place. That the liberal retards did not understand that point in the first place speaks volumes about the depth of their ignorance.

Goddamn, they need to be culled from the breeding stock of the human race. Thank you, Tony for doing so voluntarily.

[ed]

I saw a GM TV ad today wherein the executive explained to me how I and all of America could be (and should be!) proud of GM again. Pure tribalist, collectivist bullshit.

[Episiarch]

I still don't get people who will only "buy American" and give a shit where their car comes from. And I know some pretty intelligent, sensible people who do this.

[ed]

They see it as a form of patriotism. American car, Stars and Stripes waving from a stick on the front porch, Rush Limbaugh on the radio...

Shit. I just described my parents.

[TrickyVic]

Baseball, hot dogs, apple pie and Chevrolet.

[alan]

They save the really big splurge on the 56 inch screen HD sets coming from Japan.

If japan is willing to trade those things for some green dyed paper with pictures of ugly old guys on them, I can't see how I could refuse.

[Tulpa]

Do they also think that "To Tell The Truth" is a real game show? I mean it does have Alex Trebek on it.

[JW]

You know. I really hate the magnitude of which I have become cynical.

When I heard this news the other day, all I could think was "Bullshit. There's more to this than they're telling us. How much do you want to bet that this is little more than a shell game." Viola!

Of course, my cynicism is completely warranted, given the behavior of our masters, but I still hate the fact that reality has been twisted enough to make this amount of cynicism possible.

[ed]

I wonder how many mainstream news media will challenge their Hero President with these inconvenient facts?

[J sub D]

I wonder if the Detroit Free Press (which had the "payback" on a front page banner headline) will even report it.

[Pro Libertate]

Excuse me. Who is Viola?

[JW]

Progressive Flo's sister. She sells for Lloyds.

[Pro Libertate]

You seem very excited about her, what with the exclamation mark and all.

[JW]

If you ever met her, you'd understand.

[Episiarch]

I thought what turned you cynical was she who sleeps next to you at night.

[JW]

No, no, that's bitter and grumpy; gritter.

[BakedPenguin]

Oh. I thought it was that guy who used to pitch for the Twins.

[Pro Libertate]

There's Pedro Viola.

[KWebb]

I've found my cynicism and general pessimism has allowed me to occasionally be pleasantly surprised at the outcome of events.

Unfortunately, I am very rarely surprised.

[JW]

You get surpirsed?

You lucky, lucky bastard.

[Warren]

You embedded you're own video after you disabled embedding? Hilarious.

[Taxpayer]

Can I sell my shares of GM now?

[?]

I still hate the fact that reality has been twisted enough to make this amount of cynicism possible

This.

The demented shit I have to come up with to lunge back and forth across the sanity horizon with every other comment is wearing my ass out.

[Episiarch]

I don't have any sanity problem, because I expect this behavior from the scumfuck parasite thieving politicians.

[Jon]

Hey, don't hate the player, hate the game.
I would do the same thing if somebody gave me $50 billion and only required me to pay back $5 billion.

[R C Dean]

Hey, don't hate the player, hate the game.

Hey, I have plenty of hate to go around. Hate 'em all, I say.

[ed]

I hate the NFL Draft?.

[greyGoose]

God Nick Gillespie is such a douchbag. If only those greedy Detroit auto workers could make a living bitching and moaning on a blog....

At least Detroit has given America its wheels. What the fuck have you done for the country, Nick?

[Taxpayer]

Detroit is in Japan now?

[Greygoose]

God, Mark Twain is such a douchbag. If only those greedy Dayton buggy makers could make a living bitching and moaning writing for print journals....

At least Dayton has given America its wheels. What the fuck have you done for the country, Mark?

[Jordan]

Nick doesn't force anyone to pay his salary.

[maynardKee]

Nick doesn't force anyone to pay his salary.

To be honest I'm not sure why he's complaining. Nicky boy is employed by a tax exempt organization. How ironic.

[John Thacker]

How ironic.

I don't think you know what that word means.

There is neither irony nor hypocrisy. Corporate tax incidence mostly falls on labor. Good thing that Reason is against the corporate tax, unlike people who are glad to benefit from loopholes while opposing others joining them.

[Alannis Morrisette]

How ironic.

I don't think you know what that word means.

It's ten thousand spoons when all you need is a knife?

[Rethuglican Jesus]

Do you even know what that means or are you just a big fat ugly dum dum

[Pro Libertate]

Detroit didn't give me any wheels. I've got a Honda, a Toyota, and a Mitsubishi.

It's true, I'm hoping to restore the Shogunate.

[John]

There is a good chance that at least one of those cars was made in the US.

[Pro Libertate]

The Accord was made in Marysville. My previous Accord was made in Canada. Not sure about the other cars.

[Warty]

DONT PUT MIE FLAG ON YOR FURRIN CAR

[Pro Libertate]

I have the Culpeper Minutemen flag as a tag on the front. Is that okay?

[Warty]

I hear those are racist.

[Pro Libertate]

Years ago, someone I worked with made a half-joke about me being in a militia 'cause I had that tag. I told him that I got it after 9/11, to preemptively say screw you to the attackers and to my government for the overreaching I figured it would do afterward.

[Warty]

Same story with my Gadsden flag.

[Episiarch]

The yellow of the Gadsen probably goes really well with the color of your riced up piece of shit car, and with the stain in your underwear. You do have a rice burner, don't you?

[Pro Libertate]

I'd prefer it if you'd insult Warty without insulting the flag. Which, incidentally, should be our national flag. Snakes scare people.

[Warty]

THE WHISTLES GO WOO WOOOOOO

[Ken Shultz]

I used to think government employees were more of a threat to my paycheck, but that was before Barak Obama gave all those UAW parasites my future earnings to feed on.

The UAW mascot should be a tapeworm, the kind with a hook on its head.

[hmm]

Like him or not Mulally is one calm, cool, collected, quite, asskicking ginger in the auto world. To come this far in under 4 years, most of which were economically disastrous years, means the man is either the luckiest businessman alive or a fucking genius. He's my new man crush after driving a new SHO and restoring my faith in the blue oval.

[J sub D]

He's a ballsy dude. Ford mortgaged everything* to keep the fires burning while he directed the turnaround.

* Including the blue oval trademark.

[Pro Libertate]

Yeah, gotta give some love to Ford.

[Enough About Palin]

My 1994 Ford F-150 4x4 still runs like a brand new truck. That's why I love Ford.

[hmm]

300 inline six I assume.

[R C Dean]

Ford isn't as bad as the welfare car companies, but its still infested with the UAW, and thus a major host for one of the more virulent infections in the body politic.

I don't buy American cars for the same reason I don't buy Cuban cigars. Both purchases would put money in the pocket of kleptocrats whom I despise.

[Pro Libertate]

Which is why Ford can only get "some" love.

[hmm]

Working within the framework required while not appealing for most is far from a sin in this case. Last I heard Mulally was working on reducing the strangle hold the UAW has and doing so in a fairly civil manner. I have no love for unions and the backing they get from government and law.

[Chef Remnanti]

greyGoose|4.23.10 @ 3:57PM|#

God Nick Gillespie is such a douchbag. If only those greedy Detroit auto workers could make a living bitching and moaning on a blog....

At least Detroit has given America its wheels. What the fuck have you done for the country, Nick?

Yes, yes. keep sucking at that hogs teet, little birdie. Get nice and fat. No one keeping score but a few unhinged ideologues who dress up Ben Franklin. Please, keep telling yourself that.

Some goose liver p?t? is what's on the menu when the Revolution comes.

[wylie]

may land GM in hot water with the Federal Trade Commission

Great, so they can also spend TARP funds fighting an FCC case. PLEASE, let me pay for the right hand to sue the left hand, i didn't want to buy beer anyway.

[wylie]

errrr, FTC. And FCC case woulda been funnier though: "GM is in court today regarding the 'GM, Fuck Yeah!' Advertising Campaign."

[Mrs. Obama]

Beer is fattening. You will not be needing any beer.

[Mean Guy]

Your ass looks like you've chugged a keg or two in your day.

[cynical]

But what will he do if causes a racial incident?

[Hacha Cha]

wait this post was written by a used buick?

[P Brooks]

All the proceeds of the "New! Improved! General Motors" IPO will be deposited in the Treasury, right?

Right?

[yamotoGun]

Yes, yes. keep sucking at that hogs teet, little birdie. Get nice and fat. No one keeping score but a few unhinged ideologues who dress up Ben Franklin. Please, keep telling yourself that.

Some goose liver p?t? is what's on the menu when the Revolution comes.

What's that? I can't hear you with Gillespie's small, smegma dick in your mouth

[TuledByMars]

Must be 'The Terrorists' fault.

[John Levendosky]

So what. They wanted Obama off their back. That's a very smart move. Don't be dumbasses and criticize them. We should be congratulating them for waking up!!!!

[Michael Neibel]

Well, now that the gov has its taxpayer money back, why don't they give it back to the taxpayers where it belongs? (No, I'm not smoking anything.)

[Robu Dahbi]

What did you expect - the truth? These guys are a hybrid of used car sales men and politicians. There is no way in hell I would ever buy a POS from Government Motors.

[J]

So wait, gm used the money it got to pay back the money it got? So how is this bad? "hey all, we got a loan for $1000!" A month later...Hey we didn't need that $1000, so lets give it back with the interest."
So where is the problem here? Does it REALLY matter where the money came from? Bottom line, it IS paid back. It really does not matter who it happened. At least it does not matter to a thinking person.

[Ernie the Bear]

Any money to which GM has the right of disposal is de facto their money, indistinguishable from any of their other money, regardless of what account it was temporarily parked in. Whether they should have gotten it in the first place seems like the important question, doesn't it?

[Zander]

God Nick Gillespie is such a douchbag. If only those greedy Detroit auto workers could make a living bitching and moaning on a blog....

At least Detroit has given America its wheels...

Detroit might have given America its wheels, but I had to buy mine.

[KC]

here's fcc form to fill out. file a complaint against gm for lieing...Enough complaints filed it will back up fcc system...lol file,file,file,they lied.
IF LINK DONT WORK GO TO FCC.COM CLICK ON COMPLAINT.

https://esupport.fcc.gov/sform2000/formA!input.action?form_page=2000A

[redwhat]

getaway cars,cons,scams,Euros,

[redwhat]

getaway cars,cons,scams,Euros,Afros,Indos,

[JS Ragmann]

I sense a "small " amount of envy and jelouscy from all the scabs who hate union workers for making a livible wage.Try working on a assembly line and see if you would want a decent wage and bennies.Otherwisw don't ever miss a oppertunity too shut up and keep supporting parsites like limbuagh and hannity.

[Dave Lister]

I see some previously spineless twits seem to have grown a pair. Ok, we'll kiss that $50b off for you lying tools, as soon as you go after criminal prosecution for the bankers and your fellow party comrades in the GOP that participated with the Bush administration to steal trillions, funnel money from our soldiers support, killing thousands so your buddies at Haliburton, Blackwater and Goldman Sucks could pad their pockets with a couple more bucks.

esad

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* Borrower information

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