General Motors Masters Pre-School Accounting
GM received $50 billion in TARP funds. About $7 billion of that came in the form of a low-interest loan.
And about $13 billion came in the form of an escrow account.
So how has GM, which lost $38 billion in 2007 even as it sold 9.4 million cars, paid back its debt? It took money from the escrow account to pay back the $6.7 billion loan.
Do you remember when you were a kid and your parents gave you $20 to buy them a Christmas present? You bought them something worth $3 and pocketed the rest? That’s what GM has just done.
When do we bail them out again?
Big surprise. General Motors has been doing everything in its power to destroy the middle class over the last 30 years and then has the stones to ask the same people it has been trying to screw over to help them out in their time of need. Why should we be surprised when they steal our money? Wake up people, it’s time to stop thinking of GM as an auto manufacturer and start thinking of them as a loan sharking irresponsible bank that loans unqualified borrowers money to buy inferior products. That way we don’t miss them when they go under. The blue collar guys we thought we were saving are really only temps.
Why did the auditor cross the road? Because he looked in the file and that’s what they did last year.