Quote:
Originally Posted by navmaxlp
You keep talking about facts and how people got it wrong. Please enlighten me with the facts. I don't want to hear a lot of biased opinion but, facts. Please tell me exactly where the money came from and how GM is misleading the public. If GM is lying, please tell me the truth, free of opinion.
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According to GM's own documents, filed with the SEC, the loan is being paid back with unspent TARP funds. Please see page 26.
http://www.faqs.org/sec-filings/0911...8-K/dex992.htm
To summarize, $16.4B of bailout money was placed in an escrow account. They used $2.8B of it to resolve the Delphi bankruptcy. As the document states they intend to drawdown this account further to pay off this loan. When the account expires in June GM will pocket what's left. GM's commercial states that they've paid back their government loan. While technically correct it leaves out the fact that they still owe us $43.5 billion dollars. The assertion that we'll be paid back in full when the government sells their 61% equity stake in the company after the IPO makes some pretty big assumptions about what this company will be worth (see my previous post).