GM and false advertising??

[Falc'man]

What's GM up to with their new shonky ad?


It's like paying off your credit card with another credit card, then telling the American public a whole lot of horse sh t about getting themselves out of debt.

FOXNews.com - GM Could Be in Hot Water With FTC Over Truth in Advertising


A top Senate Republican, Charles Grassley, questioned the Obama Administration regarding the recent announcement by General Motors that all federal loans had been repaid. Grassley believes that the loans were in fact paid back with other federal bailout funds – not from profits due to the operation of the automaker.


GM announced on Wednesday that it had fully repaid the $6.7 billion in loans from the U.S. government, and $1.4 billion in loans to the Canadian government. Today, according to Fox News, a Republican Senator has questioned the legitimacy behind that announcement.

Senator Charles Grassley accused both the Obama Administration and GM of misleading taxpayers about the true status of the automaker’s government-sourced loans. Grassley accused the automaker of using funds from a different part of the government funded bailout in order to pay back its loans.

Grassley’s charge was verified by the inspector general behind the bailout, who oversees the Trouble Asset Relief Program (TARP) funding. Special inspector general of the TARP program, Neil Barofsky, told the Senate Finance Committee and Fox News that GM used bailout money out of an escrow account in order to pay back other government loans. Grassley mentioned in his letter to treasury secretary Timothy Geithner that a form filed with the Securities and Exchange Commission (SEC) showed $6.7 billion worth of taxpayer funds were sitting in an escrow account available to GM.

Grassley questioned Geithner, asking for public clarification about why GM was allowed to use taxpayer funds from the escrow account in order to pay back a taxpayer-funded loan. “It appears to be nothing more than an elaborate TARP money shuffle,” said Grassley in his letter.

Following GM’s triumphant announcement on Wednesday, Vice President Joe Biden said the repayment was a “huge accomplishment.”

“The bottom line seems to be that the TARP loans were ‘repaid’ with other TARP funds in a Treasury escrow account. The TARP loans were not repaid from money GM is earning selling cars, as GM and the administration have claimed in their speeches, press releases and television commercials,” wrote Grassley.

 

[Mr. Mach-ete]

This should be moved to political SD so we can insult others with profanity, it makes me feel better.:-D

 

[Gallows]

I figured there had to be a catch when I saw that commercial:nonono:

 

[ULTIMATE ORANGE SS]

and i thought GM was getting it together.

 

[Silverstrike]

They'er the govt. they can do anything they want and get away with it. I mean they got the perfect teacher for this kind of stuff. Their overloards the Federal Govt. :nonono:

 

[F1reStart3r]

[nomedia="http://www.youtube.com/watch?v=8nvuEw9XcuU"]YouTube- Frau Farbissina: Lies, ALL LIES![/nomedia]

 

[My Cobra]

saw this on the back of the USA today. Thought something was up with it.

 

[65fastback2+2]

heres a friend of mine's FB status about this (note: he's a former terminator owner turned z06 owner):

Very Impressed with the new GM commercial. . . paid back the Government loan . . . in full . . . with interest. . . . 5 years ahead of schedule . . . way to go!

 

[Mr. Mach-ete]

They'er the govt. they can do anything they want and get away with it. I mean they got the perfect teacher for this kind of stuff. Their overloards the Federal Govt. :nonono:

You got that right, and what makes it even more despicable is the fact the lap dog media outlets ie. CNN, ABC, CBS, NBC will fraudulently report how GM has paid the money back with out questioning how or where they got the money.

 

[x NOODLES x]

I thought that was ALOT of money made in a short period of time.

 

[Stroszek]

You got that right, and what makes it even more despicable is the fact the lap dog media outlets ie. CNN, ABC, CBS, NBC will fraudulently report how GM has paid the money back with out questioning how or where they got the money.

Yep! Sure as shit! This while losing 3.4 billion in Q4. It's one thing to insult the intelligence of the American people but they're no better than Bernie Madoff when it comes to the investor.

GM returns $8.1B to U.S., Canadian taxpayers
CEO Ed Whitacre says move is a sign automaker is on the road to recovery


By Tom Krisher
updated 6:33 p.m. ET, Wed., April 21, 2010

DETROIT - Fallen giant General Motors Co. accelerated toward recovery Wednesday, announcing the repayment of $8.1 billion in U.S. and Canadian government loans five years ahead of schedule.

The Obama administration crowed about the "turnaround" at GM and fellow bailout recipient Chrysler LLC, saying the government's unpopular rescue of Detroit's automakers is paying off.

Much of the improvement comes from GM slashing its debt load and workforce as part of its bankruptcy reorganization last year. But the automaker is a long way from regaining its old blue-chip status: It's still losing money — $3.4 billion in last year's fourth quarter alone. And while its car and truck sales are up so far this year, that's primarily due to lower-profit sales to car rental companies and other fleet buyers.

GM returns $8.1B to U.S., Canadian taxpayers - Autos- msnbc.com

 

[CPRsm]

Should have let them and all the banks fail. Someone else would have popped up in their place like someone always does. We're spending our childrens money to prevent the natural order. Companies go under. Our economy isn't any better having wasted all that money. It would be better off if the news just shut up about it. All they're doing is scaring people.

 

[R1der]

Every time I see the commercial it pisses me off more and more.