Herbert M. Allison, Jr., Assistant Secretary of the Treasury for Financial Stability, told three House Republicans in a recent letter that “Treasury has never represented that the loan payment represented a full return of all government assistance.”
Allison’s statement came in an April 30 letter to House Budget Committee ranking minority member Rep. Paul Ryan, R-Wisc., and two fellow GOP members of the panel, Rep. Jeb Hensarling, R-Tex., and Rep, Scott Garrett, R-N.J.
The letter was in reference to GM’s announcement last week in a nationally televised television ad and elsewhere that it had repaid its bailout loans in full, ahead of schedule and with interest.
Interestingly, however, the first sentence in the April 21 news release circulated by the Treasury Department said: “The U.S. Department of the Treasury today announced that General Motors (GM) has fully repaid its debt under the Troubled Asset Relief Program (TARP).”(Emphasis added)
So the truth is exactly the opposite of what Treasury’s Allison claimed in this regard.
