Americans across this great land beamed with excitement when GM announced that they paid back their government loans ahead of schedule. Until, that is, someone had the nerve to ask where they got the money to pay it back. Turns out, GM paid back the TARP money using TARP funds from an escrow account at Treasury.
This must be a misunderstanding. Maybe GM can clear it up:
Question: Are you just paying the government back with government money?
GM Vice Chairman Stephen Girsky: Well listen, that is in effect true, but a year ago nobody thought we’d be able to pay this back.
Or, maybe not.
