Friday, April 23, 2010

Obamamotors Tells a Whopper

Are you under the impression that GM has paid off its obligation to the US taxpayers and that it has turned around its bankrupt business? Wrong on both counts.

GM took in $ 52 billion from taxpayers under the TARP program thanks to Obama. Using this same TARP money, not earnings, GM recently repaid $ 7 billion to the government. There were no earnings to support this "repayment." The repayment came from the TARP money provided in the $ 52 billion, $ 45 billion of which is still owed to the taxpayer.

GM is a nightmare and has not turned itself around. This is simply one more Obama whopper trying to pretend that something has happened that has not happened. So much for transparency in government.