Main | Saturday, May 01, 2010

GM Lies About Bailout Repayment

Have you seen the below ad from General Motors claiming that they've repaid their loan from the federal government "five years early and with interest"? Yeah, not so much.
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.
They borrowed more to payback the first loan and have the nerve to crow about it. And their second lie: "The $6.7 billion is also just a fraction of the $52 billion General Motors received in government aid. Grassley said lawmakers are being told government losses on GM are expected to exceed $30 billion." Unreal.

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