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GM still in arrears

The Spokesman-Review

Let me get this straight. General Motors walked away from hundreds of billions of dollars owed creditors in a government-arranged prepackaged bankruptcy. Sorry, creditors.

Then the government arranged for taxpayers to turn their heads and cough up $50 billion of TARP money for GM. In this $50 billion TARP loan, GM was to agree to pay back a small $6.71 billion in a predetermined time frame with interest. It is from GM’s $50 billion TARP fund that they withdrew the $6.71 billion to repay their loan “early.”

Now, GM and the Obama administration are claiming GM has repaid their government loan. They have only paid a small portion of their debt with loan money from a bigger debt. Sorry, taxpayers. Now I wouldn’t be surprised to see GM go to extremes with rebates (taxpayer-funded) and zero-interest financing through the government-supported finance arm of GM, GMAC. Sorry, Ford.

Before I am mandated to buy a government/union-owned GM car, I plan on expressing a small degree of dissatisfaction with the Obama administration this coming November.

Ken Hills

Spokane

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