GM Bailout Payback

ATXKJ · **Posted:** Tue May 04, 2010 7:23 pm

http://www.outsidethebeltway.com/archives/gm_bailout_payback_lie/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+OTB+%28Outside+The+Beltway+|+OTB%29&utm_content=Google+Reader

Fulltimer · **Posted:** Tue May 04, 2010 7:55 pm

Edward Morrissey is the second ex-husband of Rev. Mary Manin Morrissey. He pled guilty to money laundering and using funds from his wife's New Thought church, Living Enrichment Center, for personal expenses. Edward Morrissey was sentenced to federal prison for his crimes. He was released on February 2, 2007

Yep, I would trust what he says! :ROTFL:

Terry

JeepinJarhead03 · **Posted:** Tue May 04, 2010 8:21 pm

something about GM was on Colbert the other day, and the lady (whoever she was) was talking about how part of the 'payback' which actually hasn't occurred exactly how GM wants people to think it has, involves a certain number of shares that GM gave /Whoever/ so that they could turn around and sell them to /Whoever/ in order to get that portion of the money back

ATXKJ · **Posted:** Wed May 05, 2010 8:11 am

The link I posted was Nick Gillespie from Reason.

Morrissey's involvement is to note that the NYT made the same analysis. Whether you trust him or not - you're still free to look at the NYT or the analysis.

The summary is that the Government gave GM 50Billion total - 7B in a loan, 13B in an escrow account and 30B as stock purchase.

The Payback that GM is advertising is they repaid the 'Loan' with money from the escrow account.

While still losing money.....

bugnout · **Posted:** Wed May 05, 2010 9:29 am

GM is paying off the loan in order to improve its credit rating and get another loan.

Its a shell game.

Fulltimer · **Posted:** Wed May 05, 2010 12:00 pm

bugnout wrote:

GM is paying off the loan in order to improve its credit rating and get another loan.

Its a shell game.

I think your right!

Terry

JL Rockies · **Posted:** Wed May 05, 2010 12:03 pm

Whatever they need to do to keep my paychecks from bouncing.

GM Bailout Payback

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