CABL Forum - Re: More GOP Shenanigans.....

Two days before his State of the Union address, President Barack Obama got some welcome good news from General Motors, as the car-maker announced that it would pay back $6.7 billion in TARP bailout funds in full by June.

Obama has acknowledged that the bailouts that he says were necessary to save the economy were politically unpopular, so any repayment comes as good news for the administration.

In a press release Monday, the Treasury Department said that it has amended GM’s loan agreement to require the company to repay the full $6.7 billion along with $1.4 billion to the Canadian and Ontario governments by June 30. And Treasury was eager to point out that it has recovered substantial portions of the TARP money so far — officials estimate that total TARP repayments and proceeds from sales of the government’s common stock in banks should exceed $185 billion by the end of 2010

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DETROIT -- Chrysler Financial said Tuesday it reimbursed the federal government $1.5 billion, becoming the first auto-sector company to pay off the loans provided by the U.S. Department of Treasury.

The former primary lending arm of Chrysler LLC received the loan on Jan. 16 through the Treasury Department's Troubled Asset Relief Program. The money was plowed into new consumer incentive programs and used to fund 85,000 consumer loans for the purchase of Chrysler cars and pickup trucks. Chrysler Financial had five years to pay off the loan.

The reimbursement still offers little insight into the future of Chrysler Financial, which was replaced by GMAC LLC as the primary lending unit for Chrysler in May as part of the auto maker's bankruptcy reorganization process. Chrysler Financial continues to write some loans and work with dealers. Last month, it dropped its application to become an industrial bank, which would have given it access to more liquidity.

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Re: More GOP Shenanigans.....