Some in Congress are wondering:
A handful of lawmakers are accusing General Motors of misleading the public by continuing to claim as part of its advertising blitz that the auto giant has repaid its government loans “in full.”
General Motors has been running ads on all the major networks claiming the company repaid its $6.7 billion U.S. government loan “with interest five years ahead of the original schedule.” General Motors Company CEO Ed Whitacre can be seen in the ad walking through an auto plant as he touts the company’s progress.
But 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.
“The hype is not the reality,” Sen. Charles Grassley, R-Iowa, wrote in a column on FoxNews.com over the weekend. “It is far from clear how GM and the Obama administration could honestly say, much less trumpet in prime time television ads, that GM repaid its TARP (Troubled Asset Relief Program) loans in any meaningful way.”
Grassley wrote a letter last week to Treasury Secretary Timothy Geithner expressing his concerns and asking for more information about why the company was allowed to use bailout money to repay bailout money.
I have a reason.
It’s because Obama is, by proxy, now running GM and Obama is all about fooling the people all of the time. It’s in Obama’s best interest, not GM’s, that GM look as if it’s turned the corner whether it’s true or not.
When you think Obama, you should be thinking shenanigans… and this whole GM ad thing is beginning to reek of the man.
Crossposted at Brutally Honest.