GM Did Not Pay Back Bailout - The Lies Mount

By Douglas V. Gibbs

The lies surrounding the liberal takeover of the American Form of Government are mounting. The latest development in the exposure of the lies is that after indicating that they had paid back their bailout, it turns out General Motors did not.

In response to the new admission that GM did not pay back the bailout, the Competitive Enterprise Institute supplemented its May, 2010 complaint with the Federal Trade Commission by drawing the commission’s attention to this new information.

The deception is no surprise, when one considers the deception that has shrouded the Obama administration, and the Congressional Democrats, since they came to power in the latter half of this decade.

The admission that GM did not pay back their bailout even includes a little tidbit that it may take years to pay back the bailout, and ever having a chance to pay back the bailout is dependent upon if the failing company is able to ever make enough of a profit to allow for it. The automobile company indicates it has plans to return the money, but as long as it is indebted to the government, it allows the U.S. Government to maintain a certain level of control over GM.

The original claim by GM is that they repaid their loan ahead of schedule. CEI did not believe the ad campaign, and filed a complaint with the Federal Trade Commission. Now that the truth has surfaced, and it turns out that CEI was correct, the complaint with the FTC has been supplemented, and CEI is urging the FTC to further investigate GM's false impression that it had paid off its bailout.

In the original complaint, CEI indicates that “GM has only repaid a fraction of those funds—barely ten percent. Moreover, GM apparently repaid its loan by using other federal funds.” Such claims, says CEI, harms the public, duping consumers into a false, renewed confidence in the company that is not warranted.

"To make matters worse, the false claim was even echoed by U.S. Treasury Secretary Geithner, making the federal government accomplices in this deception.

-- Political Pistachio Conservative News and Commentary

GM's Deceptive Advertising: Company First Claimed It Repaid Bailout Money, Now Admits It Didn't - Competitive Enterprise Institute