Browsing the archives for the environment tag

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.