GM firmly on road to viability: Treasury
The Treasury confirmed that GM had repaid in full the $4.7 billion balance it owed under the government's Trouble Asset Relief Program, five years before the loan maturity date and ahead of an accelerated repayment schedule set last year.
"We are encouraged that GM has repaid its debt well ahead of schedule and confident that the company is on a strong path to viability," Treasury Secretary Timothy Geithner said in a statement.
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Tax cheat Timothy Geithner says GM has repaid the TARP loan. Should we believe tax cheat Geithner to tell the truth or to mislead? Tax cheat Geithner misleads because he left out the fact that GM repaid the TARP loan with another government loan.
But the money to repay the loan will come from a portion of the government money it has set aside. In other words, GM has not actually drawn down every dollar of the $50 billion. It has about $13.4 billion sitting in an escrow account, and it has tagged $8.1 billion of that to repay loans from both the U.S. and Canadian governments. (Incidentally, GM also got a $1.3 billion loan from Germany in support of its European unit.)
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