Tuesday, April 27, 2010

Pullin' A Fast One

When General Motors stood at the abyss Lord Obama gave them about $50 Billion to keep from being sold off for parts. Now GM has re-paid less than $7 Billion of the total relief package yet the latest of their revolving CEO's, Ed Whitacre, is writing newspaper columns called-- "The GM Bailout: Paid Back in Full" -- and strutting around in TV ads that promote the same idea.

Technically what he says may be true but the effect is totally misleading. And, I suspect, the consumers are buying it.
The details of GM calling their 14% payback "PAID IN FULL" are here.