Browsing the archives for the Bailout tag

Obama Falsely Claims That GM Repaid Bailout… Again

For the second time President Obama has falsely claimed that General Motors repaid the bailout they received from the American taxpayers.

The first time Obama lied to the American people about GM repaying its loan was in April 2010. This past Saturday the president was at it again telling a crowd in Ohio “Chrysler has repaid every dime and more of what it owes American taxpayers for their support during my presidency.”

Glenn Kessler does an outstanding job ripping the president apart at his blog the Fact Checker but the key to Obama’s argument are the words “during my presidency.” You see President Obama is just playing politics by not counting the first bailout that GM received while President Bush was still in office. It has gotten to the point that if Obama is speaking you can assume he’s lying. This guy makes Bill Clinton look like Abe Lincoln.

GM Stock Drops Below IPO Price, Blows $40M On Fantasy Carbon Credits

Although Government Motors proudly claims to have paid back all of the TARP funds sunk into the company by George Bush and Barack Obama, Sen. Chuck Grassley has already pointed out that they have paid back their loans using other bailout money.

Back in April of 2010 we learned:

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.