If you watch TV these days you likely noticed the CEO of GM touting their payback of the government bailout money, with interest, and way before the due date.
The ad features GM’s Chairman and CEO, Ed Whitacre, who declares that “we have repaid our government loan in full, with interest, five years ahead of the original schedule.”
Well, not so fast Government Motors. The Competitive Enterprise Institute is filing a complaint with the FTC over this inaccurate and misleading advertising.
In its complaint, CEI explains that GM's claim “gives the false impression that GM has used its own funds to pay back all the bailout money that it received from the federal government. In fact, GM has only repaid a fraction of those funds—barely ten percent. Moreover, GM apparently repaid its loan by using other federal funds.”
Hat tip to a reader of Michelle Malkin's blog who submitted this "reworked" ad:
You gotta laugh - well, what else is there to do these days?
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