Kevin Krolicki (Reuters) reported that on September 16th that GM’s recently named CEO Dan Akerson had stated that ‘paying the government all at once would be unrealistic and could take several years.’
Wait, wasn’t that Ed Whitacre, ex GM Chairman & CEO, on TV back in April with a new Ad called “Trust” telling us all that the TARP loans were paid “in full, with interest, years ahead of schedule”? Even my own Congressman Gary Peters (D)MI-9 was heard on Detroit TV boasting of the “Big News”. But, this wasn’t how others were seeing it.
On April 22nd, Senator Grassley (R) IA, in response to Neil Baroksky’s (TARP IG) letter to the Finance Committee stated in regards to this ‘repayment’, “I am concerned … that this announcement is not what it seems. In fact, it appears to be nothing more than an elaborate TARP money shuffle”. The Congressman, not to be upstaged by a Senator or the Inspector General of TARP, then had the audacity to state on the Fox Business Network on the 23rd of April that Senator Grassley was “wrong” and “off base”. But was Senator Grassley ‘off base’ as Congressman Peters stated?
Not according to the New York Times article on April 30th written by Gretchen Morgenson headlined “Repaying Taxpayers With Their Own Cash”. She wrote, “Taxpayers are naturally eager for news about bailout repayments. But what neither G.M. nor the Treasury (Timothy Geithner) disclosed was that the company simply used other funds held by the Treasury to pay off its original loan.” She continues, “Still, employing spin and selective disclosure is no way to raise taxpayers’ trust in our nation’s leadership.” I couldn’t agree more.
But, this isn’t a story of just the lies and deceit that our government and my congressman committed against this nation and the constituents of Oakland County. Over 20,000 non-union white collar workers lost their pensions, their jobs and their livelihood because of a federally forced bankruptcy preceding that literally threw out 100 years of bankruptcy laws in order to protect the Democrats biggest contributors, the UAW.
What Congressman Peters did was dishonest and disgraceful and his constituency should remember his actions come November. We need honesty from our leaders, leaders that will protect all workers and a leader that will work for all of his constituents and not those of special interests. MI-9 needs Rocky Raczkowski. Remember November.