Opinion

I don't get GM's math

Posted May 08, 2010 11:00 pm

Where are the CPA's in government? First, Freddie Mac and Fannie Mae report record profits as the housing market sinks and the executives receive hundreds of millions dollars in bonuses.

Then these two government controlled housing lending institutions report an error in the accounting and the federal government has to bail them out with taxpayer money, but the executives still keep the bonuses.

Now General Motors reports that they repaid the loan of $8.1 billion five years in advance. How can this be?

GM lost $4.3 billion in the first year after bankruptcy not counting the billions lost before the bankruptcy filing. How did GM get $8.1 billion other than getting perhaps TARP money from the Obama administration?

The taxpayers of the United States appear to still own General Motors.

Jack McCabe

Batavia

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