• [ network ]
  • goatmatrix.net
  • gvid.tv
  • img.gvid.tv
  • games.gvid.tv
  • apps.gvid.tv
HomeUploadUpload DirectHotlinkRandomAbouttheme toggle
Expand

How The Hell Did GM Pay Back Its Loans "in Full And Ahead of Schedule"? Well, It Didn't.

Views:979
@ReasonVids

General Motors CEO Ed Whitacre has bragged in TV commercials and newspaper columns that GM has paid back its bailout "in full and ahead of schedule."

As with the Pontiac Aztek, an ugly exterior masks an ever darker problem: Whitacre is being fanciful to the point of deceit. GM received $50 billion in TARP funds (never mind that TARP was only supposed to cover financial institutions). About $7 billion of that came in the form of a straight-up, low-interest loan. And about $13 billion came in the form of an escrow account.

So how has GM, which lost $38 billion in 2007 even as it sold 9.4 million cars, paid back its debt? It took money from the escrow account to pay back the $6.7 billion loan.

Do you remember when you were a kid and your parents gave you $20 to buy them a Christmas present? You bought them something worth $3 and pocketed the rest? That's what GM has just done.

Oh, and do you remember when you hit your parents up for college? GM has applied for a $10 billion, low-interest loan from the government to modernize its plants so its cars will meet new federal mileage standards.

If you think all this constitutes paying back their debt in full and ahead of schedule, you might want to check out the new line of GM cars. And hope that the company's safety engineers are better at math than their CEO.

gm
,
general motors
,
bailout
,
whitacre
,
tarp
,
payback
,
big three
,
corporate welfare
,
reason.tv
,
reason.com
,
reason.org
,
reason magazine
,
reason foundation
,
dan hayes
,
meredith bragg
,
nick gillespie
Thumbnail for Libertarianism From A to Z With Jeffrey Miron9:32
Libertarianism From A to Z With Jeffrey Miron
ReasonVids
2012 views
Thumbnail for Reality check0:33
Reality check
AOUisgay
578 views
Thumbnail for Beautiful White Woman Speaks the Truth0:32
Beautiful White Woman Speaks the Truth
bestofupgoat
270 views
Thumbnail for TV Reporter Has a Tucker Moment, Whispers Some Truth0:45
TV Reporter Has a Tucker Moment, Whispers Some Truth
bestofvoatxyz
601 views
Thumbnail for Niang and Stigers v. Carroll et al Press Conference11:27
Niang and Stigers v. Carroll et al Press Conference
IJvids
958 views
Thumbnail for Greek chicken with orzo | Dish Podcast0:53
Greek chicken with orzo | Dish Podcast
invidious
91 views
Thumbnail for The Fog, parasites releasing parasites 0:56
The Fog, parasites releasing parasites
bestofupgoat
231 views
Thumbnail for Shitty Video of an Abandoned Newstand in Manhattan’s 42nd Street Subway (Uptown A,C,E Lines) Demonstrating Decline of Print Media original content0:56
Shitty Video of an Abandoned Newstand in Manhattan’s 42nd Street Subway (Uptown A,C,E Lines) Demonstrating Decline of Print Media original content
bestofupgoat
516 views
Thumbnail for An elderly man find his lost dog in the street after 3-years of searching.0:52
An elderly man find his lost dog in the street after 3-years of searching.
AOUisgay
556 views
Thumbnail for If wrestling is fake, then explain this!0:27
If wrestling is fake, then explain this!
bestofvoatxyz
587 views
Thumbnail for Here is all the truth about jews and their nature0:10
Here is all the truth about jews and their nature
AOUisgay
599 views
Thumbnail for Feminists Are Now Complaining About the Problems They Created | Think Before You Sleep23:36
Feminists Are Now Complaining About the Problems They Created | Think Before You Sleep
invidious
374 views
Thumbnail for It's time for an upgrade 0:12
It's time for an upgrade
bestofvoatxyz
724 views
Thumbnail for Lawyer Explains Stable Diffusion Lawsuit (Major Implications!) | Corridor Crew16:10
Lawyer Explains Stable Diffusion Lawsuit (Major Implications!) | Corridor Crew
invidious
389 views
Thumbnail for Gta 5. Stunt race, (instant karma) | simpa 7907:40
Gta 5. Stunt race, (instant karma) | simpa 790
invidious
478 views
Thumbnail for What If Someone Steals GPT-4? | Asianometry18:24
What If Someone Steals GPT-4? | Asianometry
invidious
370 views

points

Permalink
Reply
gm
,
general motors
,
bailout
,
whitacre
,
tarp
,
payback
,
big three
,
corporate welfare
,
reason.tv
,
reason.com
,
reason.org
,
reason magazine
,
reason foundation
,
dan hayes
,
meredith bragg
,
nick gillespie
TOS  •  Add Keywords  •  Donate  •   Analytics  •   DMCA  •   Puzzle