Sunday, May 02, 2010

GM: 'Repaying' The Taxpayers With Their Own Money

Scott over at Powerline has a fine post unmasking the scam Government Motors is pulling with its public relations blitz about its supposed 'repayment' of the money it owes the US taxpayers:

I wrote about GM's public relations blitz here here, and here. The third of these three posts includes the video of GM's ad featuring Whitacre.

Whitacre and GM omitted two facts that render their public relations blitz highly misleading. They are the kind of omissions that constitute securities fraud when made by a company in connection with the purchase or sale of a security or when a company reports its financial results.

First, Whitacre and GM omitted any mention of the remaining $50 billion or so that the government has sunk in the company's equity. Second, Whitacre and GM omitted any mention of the source of the funds with which GM "repaid" the loan. According to TARP Special Inspector General Neil Barofsky, the source of the funds in whole or in substantial part was the United States government TARP program, not GM earnings.

GM's fraudulent public relations blitz took place with the support of the Obama administration, up to and including Secretary of the Treasury Timothy Geithner. Geithner's participation makes his tax cheating and related testimony pale in comparison.

In retrospect, it is obvious that GM undertook the blitz at the behest of the Obama administration. It is symptomatic of the era of national socialism in which we find ourselves, and for which GM is a leading indicator.

I would differ with Scott on only one point - Whitacre,like Geithner are guv'mint employees who do what they're told from on high. If the Obama regime wants some happy news to hide what's really going on, yoink the peasants and provide talking points for the True Believers, Whitacre and Geithner are going to follow orders and provide it. We all know by now that the only people who benefited from Obama's takeover of GM were his union supporters.

Apparently even the New York Times wasn't fooled by this nonsense.

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1 comment:

Rosey said...

After reading about this story, I actually saw the commercial on Prime-time TV. Knowing the truth by then, my jaw dropped, at the hubris, watching this brazen, boldfaced lie. Is there no end to the madness? To make matters worse, people are stupid enough to believe this crap. My mom for instance, who was duped into voting for Hussein saw the commercial and bought it hook, line & sinker. She, like most Americans, don't bother to do their homework.