By now, everyone has seen the latest General Motors commercial of a straight faced Ed Whitacre strutting through a manufacturing plant stating “GM has paid back their loan in full, with interest”.
Only one problem… it’s not true.
It’s unethical. It’s an overwhelming breach of trust. And the Federal Trade Commission should require GM to issue a restatement.
Truth is, GM borrowed $50 billion, but only paid back $6.7 billion of a single individual loan. They failed to repay — and here is where the massively unethical side of misleading the American people comes into play — the other $43.3 billion, but gives the false impression that GM has repaid all of their bailout funds.
Aside from wondering how Mr. Whitacre could keep a straight face while stating what I’m sure he knows is a misleading lie (I bet he’s one heck of a poker player), I’m really curious why he “forgot” to mention the other 87% of the total GM bailout package?
Call me a cynic, but this hoopla is just another shameful advertisement meant to give customers a warm n’ fuzzy feeling about GM’s lackluster product portfolio a few weeks ahead of the summer buying season.
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Letting GM go the way of gangrenous limb looks pretty good about now, or at the very least, cut out GM’s management team and let the guys at Ford take over. Saving GM from extinction, then allowing them to lie about it after the fact, is too much to tolerate.