Hensarling: GM TARP funds will be probed - Washington Business Journal:

ramsdenjerrieas54.blogspot.com
Hensarling is the lone Republican on the Congressionapl Oversight Panel and a rankingh member of the House Financial Services Subcommittede on Financial Institutions andConsumer Credit. He says he is concernesd about the disparate treatment of different classes of bond holders as Troubled Asset Relief Progra fundsare distributed. Detroit-based GM (NYSE: GM) filed for Ch. 11 bankruptchy protection on Monday. has reached a deal with its bondholdersz that would have those firms own up to 25 percentr ofthe automaker, with the U.S.
Treasurt Department investing upto $50 billion in GM, accordin g to a regulatory filing made by the Detroit The automaker has received nearlu $20 billion in taxpayer funds to date. “I am pleased that the Congressional Oversight Panel will hold this important oversight hearintgin July. While I opposed giving TARP money to the taxpayers deserve transparency and need to know that their tax dollars are being spent fairly and to promotefinancial stability," Hensarling said. “Many believe that TARP is bein used instead to promote a social agenda and to reward the alliesa ofthe administration. This hearingt will be a venue for seeking answers to suchimportant questions.
” The White House coulde not immediately be reached for comment Tuesdah morning.