We’re idiots. Really, we were dumb enough to believe that GM was repaying its government loans ahead of schedule because of better business practices and increased sales. Stupid us. We should have suspected accounting trickery and some good ol’ fashioned slight of hand tricks. If only the company were as good at building cars as they are at juggling numbers, they’d be making some progress.  

Some members of congress are accusing GM of misleading the public about how they repaid the loans and the fact that they are paid “in full.” The company was given a total of $50 billion, so the $6.7 billion that Ed Whitacre is touting on TV is like a whiz in the bucket. The fact that lawmakers are accusing the company of simply taking money from one bailout account and giving it back as loan payment on this account is like a whiz in the punchbowl.

Rather than deny the charge, GM is actually admitting that they are paying one account off with another and is holding on to an interesting thought process. It seems that the company is considering it a win as a GM spokesperson was quoted as saying, “nobody thought we’d be able to pay this back.” The Federal Trade Commission is apparently not happy with the ad and the company could face pressure and legal issues because the FTC may consider it misleading because GM still owes us more than 40 BILLION dollars. 

Source — FoxNews.com — Lawmakers Accuse GM of misleading public