Top Republican questions GM/administration over TARP funds used to pay back loans
By Mark Kleis
A top Senate Republican, Charles Grassley, questioned the Obama Administration regarding the recent announcement by General Motors that all federal loans had been repaid. Grassley believes that the loans were in fact paid back with other federal bailout funds – not from profits due to the operation of the automaker.
GM announced on Wednesday that it had fully repaid the $6.7 billion in loans from the U.S. government, and $1.4 billion in loans to the Canadian government. Today, according to Fox News, a Republican Senator has questioned the legitimacy behind that announcement.
Senator Charles Grassley accused both the Obama Administration and GM of misleading taxpayers about the true status of the automaker’s government-sourced loans. Grassley accused the automaker of using funds from a different part of the government funded bailout in order to pay back its loans.
Grassley’s charge was verified by the inspector general behind the bailout, who oversees the Trouble Asset Relief Program (TARP) funding. Special inspector general of the TARP program, Neil Barofsky, told the Senate Finance Committee and Fox News that GM used bailout money out of an escrow account in order to pay back other government loans. Grassley mentioned in his letter to treasury secretary Timothy Geithner that a form filed with the Securities and Exchange Commission (SEC) showed $6.7 billion worth of taxpayer funds were sitting in an escrow account available to GM.
Grassley questioned Geithner, asking for public clarification about why GM was allowed to use taxpayer funds from the escrow account in order to pay back a taxpayer-funded loan. “It appears to be nothing more than an elaborate TARP money shuffle,” said Grassley in his letter.
Following GM’s triumphant announcement on Wednesday, Vice President Joe Biden said the repayment was a “huge accomplishment.”
“The bottom line seems to be that the TARP loans were ‘repaid’ with other TARP funds in a Treasury escrow account. 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,” wrote Grassley.
source: LEFTLANENEWS.COM
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In: Business Stories · Tagged with: Automaker, Bailout, Canadian Government, Charles Grassley, Escrow Account, Federal Loans, Fox News, Gm Administration, Government Loans, Joe Biden, President Joe, Republican Senator, Securities And Exchange Commission, Senate Finance Committee, Senate Republican, Senator Charles Grassley, Taxpayer Funds, Timothy Geithner, Treasury Secretary, True Status
Career of the Week: Database Management
Think about how much data you have stored on your computer. You may have trouble finding the occasional file, but you usually manage.
Now imagine how much data is available on the Internet. Much of that information is stored on databases. Thanks in part to the work of database administrators, you’re able to find the information you need quickly.
If you major in database management, you’ll learn how to construct databases. You’ll study the organization, storage, and retrieval of large amounts of information.
Did You Know?
- Police across the country can use an FBI database to identify fingerprints within only two hours.
- Learn programming languages used in managing databases
- Take business as well as technology classes
- Team up with classmates on a final database project
- Complete an internship
- Prepare for certification exams in specific database software such as Oracle
It Helps to Be…
A problem solver who is attentive to detail. You’ll also need to be a good communicator to work cooperatively on group projects. Finally, a drive to keep up with the latest technology will help you in both your studies and your future career.
College Checklist
- Does the program focus more on preparing students for the work world or for further study?
- Are professors experts in the latest technology and working in the profession?
- Does the program teach the most up-to-date technology?
- Does the program include an internship program?
- What are recent grads doing now?
- Database administrators must know a programming language for managing databases called Structured Query Language (SQL).
Course Spotlight
In a database management course, you’ll get an overview of database application systems and how they’re used in government, business, universities, and other organizations. You’ll learn to design basic databases, create relational databases, and use SQL. You’ll also begin to explore some of the major issues surrounding database use today, including security and privacy.
source: collegeboard.com
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In: Careers · Tagged with: Business Universities, Career College, Classmates, College Checklist, Course Spotlight, Database Administrators, Database Application Systems, Database Project, Fbi Database, Good Communicator, Group Projects, Internship Program, Latest Technology, Management Course, Priva, Problem Solver, Programming Languages, Query Language Sql, Relational Databases, Technology Classes
New Educational Opportunities for Unemployed Workers
Americans with more education and training have more secure jobs and higher earnings. With jobs hard to find, it may be a good time to consider going back to school.
The President recently announced that unemployed workers receiving unemployment benefits may qualify for a special hand in paying for education and training. And aid can be significant: In particular, the Federal Pell Grant program can provide up to $5,350 for educational costs at community colleges, colleges and universities, and many trade and technical schools. This is only one example of several federal student aid programs available to assist unemployed workers.
Applying for financial aid and finding education and training are not difficult.
Get Started
- Decide what type of education or training best meets your needs. You may want to visit www.careeronestop.org, or visit your local community college or One Stop Career Center for help in identifying potential opportunities. To locate the nearest One Stop Career Center, you can visit www.servicelocator.org, or call the toll free number: 1-877-US-2-JOBS (1-877-872-5627).
- Apply for financial aid. An application is available at www.fafsa.ed.gov or by calling 1-800-4-FED-AID, or your local One Stop Career Center can help you.
- After you’ve applied for financial aid, go to the financial aid office at any eligible college or university, community college, or trade and technical school that interests you. If you are currently receiving unemployment benefits, make sure to bring evidence, like a check stub. States will also be sending out special letters to unemployment beneficiaries that you will also be able to bring to a financial aid office for up to 90 days.
- Finally, make sure to contact your local One Stop Career Center to make sure that you can continue to receive unemployment benefits while enrolled in the program you have chosen. The President has strongly encouraged states to allow more kinds of training in their unemployment programs. However, not every training program excuses you from the requirement that you must be seeking, and available for, work in order to receive unemployment benefits.
source: Opportunity.gov
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In: Job Search Advice · Tagged with: Applying For Financial Aid, Check Stub, Colleges And Universities, Community Colleges, Educational Costs, Educational Opportunities, Fafsa, Fed Aid, Federal Pell Grant, Federal Pell Grant Program, Federal Student Aid, Local Community College, One Stop Career Center, Pell Grant Program, Special Letters, Stop Career Center, Student Aid Programs, Technical School, Technical Schools, Unemployment Benefits
