Hensarling: GM TARP funds will be probed - Pittsburgh Business Times:

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Hensarling is the lone Republica on the Congressional Oversight Panel and a rankintg member of the House Financiao Services Subcommittee on Financial Institutions and Consumer He says he is concernes about the disparate treatment of different classesa of bond holders as Troubleds Asset Relief Program fundesare distributed. Detroit-based GM (NYSE: GM) filed for Ch. 11 bankruptct protection on Monday. has reached a deal with its bondholders that would have those firms own up to 25 percengt ofthe automaker, with the U.S. Treasury Departmentf investing upto $50 billion in GM, according to a regulator filing made by the Detroitf automaker.
The automaker has received nearly $20 billioj in taxpayer funds to date. “I am pleased that the Congressional Oversight Panel will hold this important oversighgt hearingin July. While I opposexd giving TARP money to the taxpayers deserve transparency and need to know that theird tax dollars are being spent fairlu and to promotefinancial stability," Hensarling said. “Manyt believe that TARP is beingf used instead to promote a sociapl agenda and to reward the alliea ofthe administration. This hearing will be a venur for seeking answers to suchimportant questions.” The Whit House could not immediately be reached for comment Tuesday morning.