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When does $5.3 billion pay back $85 billion?

By: renny (Diary)  |  April 22nd, 2010 at 09:18 PM  | 

RESIZE: AAA

Maybe I am just being math challenged.

GM is running an ad claiming it has recovered  from its bankruptcy (it was never in real bankruptcy) and has now paid back the gov’t $6.3 billion–”bailout plus interest.” But the bailout was $85 billion, plus last Christmas, we have GMac $5-6 billion more, so how does GM’s $6.3 bill become a paid off debt?

I think this is obamanomics, where 2+2=several gadzillion and is yet fiscally sound.

(I know I am missing whatever Chrysler’s contribution to this pay back, but still.)

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  • izoneguy

    for the unwashed masses that have no idea what has gone on, what is going on and what will go down.

    Just wait until the union pensions go bust. $85 Billion will be chump change. The best thing that could have happened was for GM to go bust before Obama got his grubby, greedy paws on it. It will forever be an open sewer of corruption that won’t go away until the end of days.

    • renny

      this “pay back” is really borrowed TARP monies being shifted through GM back to Treasury. That’s like robbing Peter to Pay little o?

      • izoneguy

        Grassley Slams GM, Administration Over Loans Repaid With Bailout Money

        http://www.foxnews.com/politics/2010/04/22/grassley-slams-gm-administration-loans-repaid-bailout-money/

        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.

        That is like when my wife used to run up a credit card, and then would write a check off of another card just to make a payment on the overdrawn card so she could use it again…….

        • renny

          she’d say they ran the clam through the broth on a string.

          I think GM’s repayment is like running OUR money through their coporate innards on a string, and then trying to say they are financially sound.