Lawmakers Accuse GM, Administration of Misleading Public Ove

[Midnight Mike]

General Motors has been running ads on all the major networks claiming the company repaid its $6.7 billion U.S. government loan "with interest five years ahead of the original schedule." General Motors Company CEO Ed Whitacre can be seen in the ad walking through an auto plant as he touts the company's progress.

But lawmakers, and even the inspector general for the bailout fund GM borrowed from, point out that General Motors only repaid the bailout money by dipping into a separate pot of bailout money. They say the company did not actually use its own earnings to make the early payment and are questioning why executives are making such a big deal out of it.


http://www.foxnews.com/politics/2010/04 ... repayment/ (http://www.foxnews.com/politics/2010/04/26/lawmakers-accuse-gm-administration-misleading-public-loan-repayment/)

[T-Bird76]

Considering the rest of the funds they borrowed will never be paid back since the gov't decided to take a risk and convert the loans into shares whenever GM decides to go public I fail to see the value of these ads, and yes they are misleading. GM is another company I will no longer do any business with, why should I give them more money? Talk about a bad investment... I still think we should have let them and Chrysler go under…Chrysler still may, which wouldn’t be a bad thing. If you can’t make money on your core business then you should not be in business to begin with.

[Derf]

:lol: Wow, now that is balls!