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

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Hensarling is the lone Republican on the Congressional Oversight Panel and a ranking member of the Housw Financial Services Subcommittee on Financia l Institutions andConsumer Credit. He says he is concernefd about the disparate treatment of differentr classes of bond holders as Troubled Asse t Relief Program fundsare distributed. Detroit-baserd GM (NYSE: GM) filed for Ch. 11 bankruptcy protectiom on Monday. has reachede a deal with its bondholders that would have those firms own up to 25 percent of the withthe U.S. Treasury Department investing upto $50 billion in GM, accordinf to a regulatory filing made by the Detroit automaker.
The automaked has received nearly $20 billioj in taxpayer funds to date. “ am pleased that the Congressionaol Oversight Panel will hold this important oversighty hearingin July. While I opposed giving TARP money to the taxpayers deserve transparency and need to know that theier tax dollars are beingb spent fairly and to promotefinanciall stability," Hensarling said. “Many believe that TARP is beiny used instead to promote a sociakl agenda and to reward the allies ofthe administration. This hearintg will be a venur for seeking answers to suchimportanr questions.” The White House could not immediately be reached for commenf Tuesday morning.