GM doesn't pay back the loans and its ads is a dirty fake || GM no devuelve los préstamos y engaña
- Length: 1:35
- Views: 68
- Author: TheVeritableTruth
General Motors CEO Ed Whitacre has bragged in TV commercials and newspaper columns that GM has paid back its bailout "in full and ahead of schedule." As with the Pontiac Aztek, an ugly exterior masks an ever darker problem: Whitacre is being fanciful to the point of deceit. GM received $50 billion in TARP funds (never mind that TARP was only supposed to cover financial institutions). About $7 billion of that came in the form of a straight-up, 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. Oh, and do you remember when you hit your parents up for college? GM has applied for a $10 billion, low-interest loan from the government to modernize its plants so its cars will meet new federal mileage standards. If you think all this constitutes paying back their debt in full and ahead of schedule, you might want to check out the new line of GM cars. And hope that the company's safety engineers are better at math than their CEO.
Congressman Barrow on HR 4173
- Length: 0:45
- Views: 24
- Author: RepJohnBarrow
On Wednesday, June 30th, Congressman Barrow spoke on the House floor in support of HR 4173, the Wall Street Reform and Consumer Protection Act. The full text of Congressman Barrow's statement is below: M. Speaker. I rise in support of HR 4173, the Wall Street Reform and Consumer Protection Act, because I believe this bill takes positive steps to protect us from the risky and abusive behavior that took our country to the verge of financial ruin. I voted against "the Bank Bailout" because there wasn't enough accountability for how that money was going to be used. It also didn't get at the root of the problem. This legislation gets at the root of the problem by protecting consumers from abusive and predatory financial practices. It also gets banks back in the business of making good loans instead of gambling with our money. I look forward to passage of this legislation, and I urge my colleagues to lend their support as well.
Sheila Bair A Witch In Wall Street
- Length: 3:16
- Views: 17
- Author: a145dgse
Sheila Bair A Witch In Wall Street © www.shanagrant.com Sheila Colleen Bair (born April 3, 1954) is the Chairman of the US Federal Deposit Insurance Corporation (FDIC). She was appointed to the post for a five-year term on June 26, 2006 by George W. Bush. Bair will also serve as a member of the FDIC Board of Directors through July 2013. Bair has played a key role in the management of the 2008 financial crisis. As reported in the Los Angeles Times, Bair was one of the first government officials to recognize the problem of subprime loans. Bair assumed a prominent role in the Bush administration's response to the crisis, including successfully pressing for a provision in the federal government's financial rescue bill that temporarily raised the cap on FDIC insured deposits to US$250000 per account (although this was not made retroactive to include depositors of IndyMac Bank which had failed just 90 days beforehand). On July 14, 2008, Bair temporarily halted all of the foreclosures on bank-owned loans in the portfolio of IndyMac Bank. Her plan to modify mortgages had mixed results. Chairman Bair also oversaw the attempted acquisition of Wachovia by Citigroup, which was later nullified by the acquisition of Wachovia by Wells Fargo and the actual acquisition of Washington Mutual, the largest failed bank in history, by JP Morgan Chase. Her involvement in the Citibank-Wachovia deal has been criticized because it would have used taxpayer money to limit losses on Wachovia's loan ...
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