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| Economy |
| Still Government Motors |
| 2010-05-01 |
| GM CEO Ed Whitacre announced in a Wall Street Journal column Wednesday that his company has paid back its government bailout loan "in full, with interest, years ahead of schedule." He is even running TV ads on all major networks to that effect--a needless expense given that a credulous media is only too happy to parrot his claims for free. Detroit Free Press' Mike Thompson, for example, advises bailout proponents to start "warming up their vocal chords" to jeer their opponents with chants of "I told you so." But before belting out their victory aria, GM-boosters ought to hear the whole story--not just the fairytale version about Government Motors' grand comeback that Mr. Whitacre is feeding them. |
| Posted by: |
| #2 They paid off a small amount of what they owe the government (i.e. taxpayer) with another line of credit from the government. It's like telling your spouse - "Woohoo! We're debt free! (I just paid off the Amex bill with the Visa card)" |
| Posted by: DMFD 2010-05-01 11:19 |
| #1 The U.S. and Canadian government together own 72.5% of the company. Does not seem to matter that most US taxpayers really don't WANT to own part of an auto company. |
| Posted by: Besoeker 2010-05-01 09:26 |