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Clio the Leo Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-25-10 07:46 PM
Original message
"GM to repay TARP - $6.7 billion to come by June"
GM to repay TARP - $6.7 billion to come by June
By EAMON JAVERS | 01/25/10 2:25 PM

Two days before his State of the Union address, President Barack Obama got some welcome good news from General Motors, as the car-maker announced that it would pay back $6.7 billion in TARP bailout funds in full by June.

Obama has acknowledged that the bailouts that he says were necessary to save the economy were politically unpopular, so any repayment comes as good news for the administration.

In a press release Monday, the Treasury Department said that it has amended GMs loan agreement to require the company to repay the full $6.7 billion along with $1.4 billion to the Canadian and Ontario governments by June 30. And Treasury was eager to point out that it has recovered substantial portions of the TARP money so far officials estimate that total TARP repayments and proceeds from sales of the governments common stock in banks should exceed $185 billion by the end of 2010.

http://www.politico.com/politico44/perm/0110/gm_to_repa...
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Cha Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-25-10 07:50 PM
Response to Original message
1. Awesome News! GM, thank you~
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scheming daemons Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-25-10 08:26 PM
Response to Original message
2. And again... GOOD NEWS gets no responses... because the usual suspects are looking to carp
...
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HopeOverFear Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-25-10 08:50 PM
Response to Reply #2
3. yep.
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karynnj Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-25-10 09:30 PM
Response to Reply #2
5. But outrage is so much more fun - and it builds and builds on itself
This really is good news especially if it mean that GM really is succeeding. That outcome was certainly not certain last year. Good for Michigan and the surrounding states, where the steel and many parts are manufactured. !
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Skittles Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Jan-26-10 03:10 AM
Response to Reply #2
13. can't you wait a while before you start your nonsense?
Edited on Tue Jan-26-10 03:10 AM by Skittles
25 recs - including mine - is good attention. Now piss off.
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Jeff In Milwaukee Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-25-10 08:52 PM
Response to Original message
4. This will be an interesting year...
Some of the TARP money is a lost cause -- although a LOT of people said that about the funds that went to General Motors. It will be interesting to see just how much of the TARP comes back to the government. I recall that back in the 1980's the federal government actually turned a profit off the money that it loaned to Chrysler.
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karynnj Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-25-10 09:32 PM
Response to Reply #4
6. If Obama gets his tax on the banks, then much of it should
That tax is fair as much of the money went to AIG which gave it to the banks whose toxic acids AIG "insured". That money that indirectly flowed to the banks made their recovery possible.
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blue_onyx Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-25-10 09:45 PM
Response to Original message
7. Good news
:)
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boppers Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-25-10 09:53 PM
Response to Original message
8. That was quick.
How'd they manage it so fast? Just eliminating some of their brands did it, or what?
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JoeyT Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Jan-26-10 12:13 AM
Response to Reply #8
10. Tax cuts. n/t
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Parker CA Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-25-10 09:53 PM
Response to Original message
9. Wow, good news!! I'll take all we can get right now!
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cherokeeprogressive Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Jan-26-10 12:37 AM
Response to Original message
11. The latest press releases listed at the Treasury Department's website do not mention GM.
Edited on Tue Jan-26-10 12:39 AM by cherokeeprogressive
I searched, and could find nothing.

Is there a link other than the politico one?

Adding that I DO think it's funny to use Politico links when they can be deemed favorable to President Obama, but deride their use when they aren't.

I searched google, I searched the Treasury website. Nothing. Nada. Nope.

Here's a link to their homepage, if anyone can find anything, I'll gladly admit I don't know how to search for info on the intertubes.

http://www.ustreas.gov/
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tomm2thumbs Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Jan-26-10 04:16 AM
Response to Reply #11
14. they probably were hoping to spring it as a surprise in the State of the Union and got scooped
Edited on Tue Jan-26-10 04:16 AM by tomm2thumbs

just my theory
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LiberalFighter Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Jan-26-10 09:02 AM
Response to Reply #11
16. I checked too. And if they had a press release as Politico stated
then I would think it would be posted online already.
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Hekate Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Jan-26-10 12:38 AM
Response to Original message
12. Excellent. KnR.
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LiberalFighter Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Jan-26-10 09:00 AM
Response to Original message
15. I don't understand. GM says they are paying it back by June.
But the Treasury has amended the loan agreement to require it be paid back in June?

From the NY Times they report it to be 5.7 million instead of 6.7 million. And 1 million has already been paid back of the 6.7 total. And nothing about the Treasury Department in their article. Nothing on the Treasury Department's site about an amended agreement.

Of course this news article came from Politico instead of one that is more likely to be trustworthy.

Much better article at the NY Times IMO.
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