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From the ceo ed whitacre from general motors. here it is. i m ed whitacre from general motors. a lot of americans didn t agree with giving g.m. a second chance. quite frankly, i am respect that. glenn: hold on just a second. a lot of americans didn t agree with giving g.m. a second chance? really, ed? that s how you want to frame your mea culpa to the america people? a bunch of heartless weasels who don t believe in redemption? really? it s big of you to respect that. no, really, it is. i m just having a hard time respecting the fact you are spitting in your faces by asking us to buy your government owned and operated cars, though to tell you the truth, it gets worse from here. i could go on but i m not going to. it s just too much in this commercial. go ahead. we want to make this a company all americans can be proud of. glenn: great! that s why i m here to announce we have repaid our government loan. in full, with interest. five years ahead of the ....
Yeah. that may be confusing, you know, given the fact that g.m. lost $4.3 billion during the second half of 2009. now, i don t know how you pay back gigantic loans when you are losing money hand over fist. but somebody does. tarp special inspector general neil barofsky is shedding light on ed s fuzzy math. here it is. if there is any money left in that account after a certain period of time, it has to be used to repay the debt. basically what g.m. is doing is pulling back forward and taking the money out of the tarp capital facility and using it to pay off the debt. glenn: oh. i see. okay. all right. so, here is how it works. here is g.m. look it, they had very little money so they couldn t pay. they had no money. there is no money in government loans. we hadn t invented tarp yet. ....
Yeah. that may be confusing, you know, given the fact that g.m. lost $4.3 billion during the second half of 2009. now, i don t know how you pay back gigantic loans when you are losing money hand over fist. but somebody does. tarp special inspector general neil barofsky is shedding light on ed s fuzzy math. here it is. if there is any money left in that account after a certain period of time, it has to be used to repay the debt. basically what g.m. is doing is pulling back forward and taking the money out of the tarp capital facility and using it to pay off the debt. glenn: oh. i see. okay. all right. so, here is how it works. here is g.m. look it, they had very little money so they couldn t pay. they had no money. there is no money in government loans. we hadn t invented tarp yet. ....
Original schedule. glenn: okay. okay. i don t know where he is walking to. but listen, ed, i m glenn. and why are you saying that? i mean, i m thinking that if you want to be a company that all americans can be proud of, maybe you shouldn t just what did they used to call it lie to our faces. no, now it s spin. i m sorry. i m kind of picky that way. however, if paid in full with interest you really mean we still owe $43 billion. well, then, there s no spin there. huh-uh. that is what you hold, america. in stock and equity in general motors. $43 billion. oh, plus the estimated minimum $12 billion in union pensions. yeah. g.m. for some reason is being allowed to say they have paid back $6.7 billion. so they ve paid it back! ....
The money was where it belonged. with you! so what happened? well, g.m. was going out, so we took a bunch of our no, no, no. sorry. they took a bunch of our money and they put it over here. and they re about as non-messy with it as i am. so they keep taking your money and put it here. then when we had to finish bailing out the, you know, financial industry, which basically just did this, they just what? i m goldmgoldman. what is the problem with it? when they finished stuffing their own pockets they said we have to help g.m., they re union you know. they took this money more with yours and put it in here in a government loan bucket. then they took that money and gave it to g.m. g.m. needed to pay the money back so here is what they did. they took the money back, five years early, you know. ....