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GM Properly Used Escrow to Repay U.S., Treasury Says
Posted by: TimothyT on: 04/29/2010 09:11 AM in Automotive [ Print ]
General Motors Co., which repaid $4.7 billion in U.S. loans last week, properly used escrowed cash for the payment, a Treasury Department official said in responding to complaints from a Republican senator.
GM, based in Detroit, used the escrowed funds created with government loans and overseen by the Treasury after determining the cash wasn’t needed for “extraordinary” expenses, Treasury Assistant Secretary for Financial Stability Herbert M. Allison said yesterday in a letter to Senator Charles Grassley.
GM Properly Used Escrow to Repay U.S., Treasury Says
GM, based in Detroit, used the escrowed funds created with government loans and overseen by the Treasury after determining the cash wasn’t needed for “extraordinary” expenses, Treasury Assistant Secretary for Financial Stability Herbert M. Allison said yesterday in a letter to Senator Charles Grassley.
GM Properly Used Escrow to Repay U.S., Treasury Says