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GM repays federal loan with government money
Key Excerpts from Article on Website of San Francisco Chronicle (San Francisco's leading newspaper)
Posted: May 3rd, 2010
http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2010/04/26/...
You'd think that General Motors Co., having been rescued by U.S. taxpayers, would be more up-front with them. In an ad that has been blanketing the airwaves since last week, General Motors Chairman and chief executive Ed Whitacre boasts that "we have repaid our government loan, in full, with interest, five years ahead of the original schedule." In a press release, Whitacre said GM was able to repay the loans "because more customers are buying vehicles like the Chevrolet Malibu and Buick LaCrosse." Neither the ad nor the press release mentioned that GM repaid its government loan with other government money, or that U.S. taxpayers could lose money on the roughly $50 billion they still have invested in General Motors. In a letter to Treasury Secretary Timothy Geithner last week, Sen. Chuck Grassley, R-Iowa, said the repayment "appears to be nothing more than an elaborate TARP money shuffle."
Note: For lots more on the bailout shell game from reliable sources, click here.
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