You've Been TARPed

clipped from www.qando.net You may have seen the announcement yesterday by GM’s CEO that it was paying back a portion of the money it had been loaned by the taxpayers (who borrowed it to loan it) to keep the company from going under and providing it the room for the government to own 61%. The White House was exultant: No one was cheering louder than the White House about General Motors’ repayment of $6.7 billion in loans from the federal government. Uh, not so fast.  If you were skeptical, you had a right to be. Jamie Dupree brings us the rest of the story: The issue came up yesterday at a hearing with the special watchdog on the Wall Street Bailout, Neil Barofsky, who was asked several times about the GM repayment by Sen. Tom Carper (D-DE), who was looking for answers on how much money the feds might make from the controversial Wall Street Bailout. “It’s good news in that they’re reducing their debt,” Barofsky said of the accelerated GM payments, “but they’re doing it by taking other available TARP money.”