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Author Topic: GM Moves Money From One of Obama's Pockets to Another....FTC Not Amused  (Read 2108 times)

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Offline Chris_

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GM Moves Money From One of Obama's Pockets to Another....FTC Not Amused
« on: April 24, 2010, 03:22:17 PM »
http://www.foxnews.com/politics/2010/04/23/gm-hot-water-ftc-truth-advertising/

Quote
General Motors is running ads on all the major networks this week claiming it has repaid its bailout from the taxpayers "in full." But the claim isn't standing up to scrutiny from lawmakers and government watchdogs who have found that the automaker was able to repay the bailout money only by dipping into a separate pot of bailout funds.
   
General Motors is running ads on all the major networks this week claiming it has repaid its bailout from the taxpayers "in full." But the claim isn't standing up to scrutiny from lawmakers and government watchdogs who have found that the automaker was able to repay the bailout money only by dipping into a separate pot of bailout funds.

The TV spot may land GM in hot water with the Federal Trade Commission over its truth-in-advertising laws, which prohibit ads that are "likely to mislead consumers."

"We have repaid our government loans in full — with interest — five years ahead of the original schedule," says Ed Whitacre, chairman and CEO of General Motors Company, asking Americans to give the bankrupt company another look.

But a top Senate Republican has accused GM of misleading taxpayers about the loan repayment, saying the struggling auto giant was able to repay a $6.7 billion bailout loan only by using other bailout funds in a special escrow account.

Iowa Sen. Chuck Grassley's charge was backed up by the inspector general for the bailout — also known as the Trouble Asset Relief Program, or TARP. Watchdog Neil Barofsky told Fox News, as well as the Senate Finance Committee, that General Motors used bailout money to pay back the federal government

<exerpted>

doc
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Offline The Village Idiot

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Re: GM Moves Money From One of Obama's Pockets to Another....FTC Not Amused
« Reply #1 on: April 24, 2010, 03:28:36 PM »
The TV spots are pure lie.

The MSM reports were pure lies.

What else is new for Obamatopia?
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Offline thundley4

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Re: GM Moves Money From One of Obama's Pockets to Another....FTC Not Amused
« Reply #2 on: April 24, 2010, 03:29:08 PM »
There is still that little matter of the government owning a bunch of GM stock.  Why do I get the feeling that the fed will never see the money when those shares are "sold".
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Offline The Village Idiot

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Re: GM Moves Money From One of Obama's Pockets to Another....FTC Not Amused
« Reply #3 on: April 24, 2010, 03:30:02 PM »
Those shares, stolen from real shareholders, will be given to the UAW probably
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Offline Chris_

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Re: GM Moves Money From One of Obama's Pockets to Another....FTC Not Amused
« Reply #4 on: April 24, 2010, 03:32:16 PM »
Quote from: FGL on April 24, 2010, 03:28:36 PM
The TV spots are pure lie.

The MSM reports were pure lies.

What else is new for Obamatopia?

Well....I'm no accounting wizard, but my suspicions were aroused when the ads started to run, and I wondered how a company that has reported $3.7 Billion in losses since emerging from bankruptcy managed to pay off those loans.......

doc
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Offline Lord Undies

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Re: GM Moves Money From One of Obama's Pockets to Another....FTC Not Amused
« Reply #5 on: April 24, 2010, 03:36:46 PM »
I said "BULLSH*T" the minute I heard this bullsh*t.  How can a company which is losing million each day boast about "repaying" anything?  I cannot believe the level of dishonesty we,  the normal American public, are expected to believe without question.

Isn't it amazing that the White House, the House of Representatives, the Senate, and General Motors are all enemies of normal Americans?   
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Offline The Village Idiot

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Re: GM Moves Money From One of Obama's Pockets to Another....FTC Not Amused
« Reply #6 on: April 24, 2010, 03:43:06 PM »
Quote from: Lord Undies on April 24, 2010, 03:36:46 PM
I said "BULLSH*T" the minute I heard this bullsh*t.  How can a company which is losing million each day boast about "repaying" anything?  I cannot believe the level of dishonesty we,  the normal American public, are expected to believe without question.

Isn't it amazing that the White House, the House of Representatives, the Senate, and General Motors are all enemies of normal Americans?   

You left out the media, schools, colleges, Hollyweird...
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Offline thundley4

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Re: GM Moves Money From One of Obama's Pockets to Another....FTC Not Amused
« Reply #7 on: April 24, 2010, 05:34:38 PM »
Why is this commercial still being ran if it's being investigated?  It just ran on Fox News Channel.  They should have run their own little news segment immediately after it and spelled out how they repaid the loan, and the fact the commercial is being investigated.
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Offline Hawkgirl

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Re: GM Moves Money From One of Obama's Pockets to Another....FTC Not Amused
« Reply #8 on: April 24, 2010, 10:49:38 PM »
The government have $$ to GM from the taxpayers...The government gave them X amount of dollars and put another X amount of dollars in escrow(for GM if they needed).   Both of these amounts were tax payer funded.  GM took money from the escrow(still stimulus money) and paid off the first stimulus loan.  They are paying off their stimulus loan with stimulus funds...It's taking from one pot and moving to another..  It's a total fraud..but people who are not informed will take their ads at face value and think GM is doing better financially.

 
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Offline SSG Snuggle Bunny

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Re: GM Moves Money From One of Obama's Pockets to Another....FTC Not Amused
« Reply #9 on: April 27, 2010, 10:59:57 AM »
Obama's pockets hell.

Those are OUR pockets!
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Offline Chris_

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Re: GM Moves Money From One of Obama's Pockets to Another....FTC Not Amused
« Reply #10 on: April 27, 2010, 12:38:46 PM »
Quote from: Mr Snuggle Bunny on April 27, 2010, 10:59:57 AM
Obama's pockets hell.

Those are OUR pockets!

Would be wonderful if HE looked at it from that perspective

doc
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Offline Wineslob

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Re: GM Moves Money From One of Obama's Pockets to Another....FTC Not Amused
« Reply #11 on: April 27, 2010, 03:08:06 PM »
Quote from: Lord Undies on April 24, 2010, 03:36:46 PM
I said "BULLSH*T" the minute I heard this bullsh*t.  How can a company which is losing million each day boast about "repaying" anything?  I cannot believe the level of dishonesty we,  the normal American public, are expected to believe without question.

Isn't it amazing that the White House, the House of Representatives, the Senate, and General Motors are all enemies of normal Americans?   

Is there a site where we can tell GM "You are full of shit"?
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Offline SSG Snuggle Bunny

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Re: GM Moves Money From One of Obama's Pockets to Another....FTC Not Amused
« Reply #12 on: April 27, 2010, 03:32:58 PM »
Quote from: TVDOC on April 27, 2010, 12:38:46 PM
Would be wonderful if HE looked at it from that perspective

doc
What makes you think he isn't fully cognizant of that fact?
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Offline DefiantSix

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Re: GM Moves Money From One of Obama's Pockets to Another....FTC Not Amused
« Reply #13 on: April 28, 2010, 02:40:19 AM »
Quote from: Mr Snuggle Bunny on April 27, 2010, 03:32:58 PM
What makes you think he isn't fully cognizant of that fact?

He doesn't feel it necessary to correct the idiots in Detroit who'll stand in line for 12+ hours, and tell the news cameras they're gonna get them some "0bama money"?
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Offline The Village Idiot

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Re: GM Moves Money From One of Obama's Pockets to Another....FTC Not Amused
« Reply #14 on: April 28, 2010, 07:28:11 AM »
Paying back the $6.7 billion make them elgible for a $10 billion government fund for retooling for new CAFE standards.

hahahahaha

we are so screwed.
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