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G.M. to Idle Plants and Cut Thousands of Jobs as Sales Slow

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  • #46
    No, the money was not all paid back, GM was forgiven several billion in back taxes and stimulus, not to mention the couple of billion in stock losses the feds ate. We've been over this already. The taxpayers took a bath on this.
    "Whenever you find yourself on the side of the majority, it is time to pause and reflect." ĖMark Twain

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    • #47
      Did they pay back more than the insurance and banks?

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      • #48
        Originally posted by Jeff92se View Post
        Did they pay back more than the insurance and banks?
        Technically, all the TARP funds to the banks were paid back.
        Looking more closely, they paid back with other funds from the TARP program and the Fed which had more favorable terms.

        For example, a megabank with a TARP loan could have used the TARP loan to buy a smaller bank, then used the small bank to apply for a Small Business Lending Fund loan, then funneled money from that back to the TARP loan, and keeping the SBLF interest rates, which were much lower, thus turning a profit.

        Another common example is megabanks using the TARP funds to buy up smaller banks, divest them of their holdings (and transfer accounts to themselves) then sell off all the assents of the smaller banks (land, buildings, equipment, etc.) and use that money to pay back the TARP loan. The maddening thing is that the buying bank was often insolvent while the bought bank was financially sound.

        Where I live, there are a ton of buildings which used to be small banks but are now health clubs or healthcare providers accordingly.

        Pete (actually thinks the circumstances between banks and GM are quite similar)

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        • #49
          Originally posted by Plezercruz View Post

          Where I live, there are a ton of buildings which used to be small banks but are now health clubs or healthcare providers accordingly.
          Healthcare facilities going up everywhere!!

          Seems out of control. It has to be the new bubble!

          For every ailment under the sun - There is a remedy, or there is none;
          If there be one, try to find it; If there be none, never mind it. -- Mother Goose

          "Weíve always assumed that you canít bring back the dead. But itís a matter of when you pickle the cells." -- Peter Rhee

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