"GM to repay TARP - $6.7 billion to come by June"

[Clio the Leo]

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 GM’s 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 government’s common stock in banks should exceed $185 billion by the end of 2010.

http://www.politico.com/politico44/perm/0110/gm_to_repay_tarp_5bc700c6-d7a7-4d28-8937-f11a62c6c4c2.html

[Cha]

1. Awesome News! GM, thank you~

[scheming daemons]

2. And again... GOOD NEWS gets no responses... because the usual suspects are looking to carp

...

[HopeOverFear]

3. yep.

[karynnj]

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. !

[Skittles]

13. can't you wait a while before you start your nonsense?

25 recs - including mine - is good attention. Now piss off.

[Jeff In Milwaukee]

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.

[karynnj]

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.

[blue_onyx]

7. Good news

:)

[boppers]

8. That was quick.

How'd they manage it so fast? Just eliminating some of their brands did it, or what?

[JoeyT]

10. Tax cuts. n/t

[Parker CA]

9. Wow, good news!! I'll take all we can get right now!

[cherokeeprogressive]

11. The latest press releases listed at the Treasury Department's website do not mention GM.

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/

[tomm2thumbs]

14. they probably were hoping to spring it as a surprise in the State of the Union and got scooped

just my theory

[LiberalFighter]

16. I checked too. And if they had a press release as Politico stated

then I would think it would be posted online already.

[Hekate]

12. Excellent. KnR.

[LiberalFighter]

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.