GM: “Repayment of the Bailout, which we paid back in full, could take years”

What the hell does that mean?

In April, GM famously declared that they had paid back the bailout “in full”.  Here’s the lead paragraph that the GM CEO Big Ed Whitacre wrote in his own words:

Today, General Motors is announcing that it has made a payment of $5.8 billion to the U.S. Treasury and Export Development Canada. We’re paying back—in full, with interest, years ahead of schedule—loans made to help fund the new GM.

Good for them … or perhaps not.  Lots of people smelled a rat, and they were right.  Because it seems as if Ed left out a few important facts when he said “in full” just before he retired.  Here’s what GM said today:

It will take a couple of years for taxpayers to get back the billions they spent bailing out General Motors, but the company has a goal of returning the money, GM’s new CEO said Thursday.  CEO Daniel Akerson told reporters that the government won’t be repaid with the company’s initial public stock offering, which could happen later this year…”

It’s blatant lies about all the bailouts and the stimulus like this gem Whitacre blared in April that fuels movements like the tea party.

— uo

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Published in: on September 16, 2010 at 2:36 pm  Leave a Comment  

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