More on GM’s TARP shell game 

The Hill updates the story of the GM loans from the government that were “repaid” with government TARP money:

Sen. Chuck Grassley (R-Iowa) has lashed out at the Treasury for its announcement of GM’s repayment, and all but accused it of being dishonest. He’s pointed to a TARP inspector general’s report that said GM used TARP funds from an escrow account to pay off its TARP loan.

“The bottom line seems to be that the TARP loans were ‘repaid’ with other TARP funds in a Treasury escrow account,” Grassley wrote in a letter to Geithner.

“The TARP loans were not repaid from money GM is earning selling cars, as GM and the administration have claimed in their speeches, press releases and television commercials.”

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