You probably have seen that new General Motors ad were CEO Ed Whitacre claims his company has repaid their taxpayer bailout “in full, with interest, five years ahead of the original schedule.” Don’t believe it for a second. Nick Gillespie explains why in the video to the right.
The New York Times is also calling out the Obama administration for signing off on GM’s Enron-style accounting:
But what neither G.M. nor the Treasury disclosed was that the company simply used other funds held by the Treasury to pay off its original loan.
Neil M. Barofsky, the inspector general overseeing the troubled asset program, revealed this detail when he spoke before the Senate Finance Committee on April 20.
“So it’s good news in that they’re reducing their debt,” Mr. Barofsky said of G.M. But he went on to note that G.M. was using other taxpayer money to make the loan repayment, according to the transcript of his testimony.
The lesson: you can’t trust anything the Obama administration or their crony capitalist allies say.
I will continue to support and by US, but will not support GM. I am sticking with my Ford
Keep the faith mates…we only have to wait a few months more and this Administation with it's Socialist president will be walking the plank with
all the other unrighteous pirates in politics. But keep up the fight we must,
with the Heritage Foundation leading the fight.
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If there isn't a rule already, every business being subsidized by government constitutes a disclaimer in the window. Big enough and in the view of the consumer. Any business with ties to government learns how to lie and feel comfortable with it.
This is exactly why anything that is owned and run by the government should NEVER be seen as better then a privately owned, private sector economy equivelant. When the government owns and runs anything their is no "incentive" to produce quality or tell the truth about anything due to the subsidization. Just look at every European Socialist Governments that own their private sectors, their productivtity is abysmal and wreaks of corruption. The GM PR Stunt is misleading and is only propaganda to convince those who will belive anything that GM is what it is not.