I am writing today to announce the closure of the Michigan Messenger. After four years of operation in Michigan, the board of the American Independent News Network, has decided to shift publication of its news into a single site, The American Independent at Americanindependent.com. This is part of a shift in strategy, towards new forms [...]
An abstinence-only presentation provided to numerous school districts in Calhoun and Eaton Counties in October of this year provided false and misleading information to students about HIV, experts allege.
Two county registers of deeds filed a class action lawsuit Monday on behalf of Michigan’s 83 counties alleging that the Mortgage Electronic Registration Services owes millions of dollars in property title transfer taxes.
Despite evidence of the impact of mercury on children and public health, Michigan Attorney General Bill Schuette last month joined with 24 other state attorneys general in filing a lawsuit to scuttle new EPA regulations that would reduce mercury emissions from power plants.
It turns out that when General Motors paid back $4.7 billion to the U.S. Treasury and $1.1 billion to the Canadian government last week, announcing that it was doing so ahead of schedule, it was only able to make the repayment by using taxpayer funds given through the TARP program.
A top Senate Republican on Thursday accused the Obama administration of misleading taxpayers about General Motors’ loan repayment, saying the struggling auto giant was only able to repay its bailout money by dipping into a separate pot of bailout money.
Sen. Chuck Grassley’s charge was backed up by the inspector general for the bailout — also known as the Trouble Asset
Relief Program, or TARP. Watchdog Neil Barofsky told Fox News, as well as the Senate Finance Committee, that General Motors used bailout money to pay back the federal government…But Barofsky told Fox News that while it’s “somewhat good news,” there’s a big catch.
“I think the one thing that a lot of people overlook with this is where they got the money to pay back the loan. And it isn’t from earnings. … It’s actually from another pool of TARP money that they’ve already received,” he said Wednesday. “I don’t think we should exaggerate it too much. Remember that the source of this money is just other TARP money.”
But it still is, as Barofsky notes, relatively good news. The fact that they were able to use money in that escrow account to pay back the first round of loans is because it doesn’t look like they’re going to need that money for operating capital — and that means the company is getting close to a break even point, which is certainly worth celebrating so soon after emerging from bankruptcy.
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