Friday, April 23, 2010

I'm not buying that...

I saw a commercial on television the other day claiming that General Motors had re-paid the taxpayer funded loans the government had given them a while back. I thought at the time there has to be a catch.

Today I found out there is. Apparently GM paid back the TARP loans with more TARP loans.

GM's Vice Chairman Stephen Girsky admitted that's what they did, but apparently feels that's better than what a lot of people expected.

I'd have to say it's pretty much what I expected.

So the taxpayers are still holding the note.

And paying for the TV commercial.

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