GM bailout money used to pay bailout loans

April 26, 2010
By Tracy R Twyman

Are we really supposed to believe that only GM is doing this? Isn’t this part of the purpose of the bailout process (which continues to this day)? Isn’t the whole point to create an inexhaustible source of money that they can use to pay themselves so that they can continue to destroy the economy without suffering any personal losses? This is from Fox News:

A top Senate Republican on Thursday accused the Obama 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.

Psst. Grassley. The entire economy is nothing but an elaborate money shuffle. Think about it.

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