Government Motors

Today on national television the CEO of General (Government) Motors announced in several commercials they had repaid their loan in full with interest and five years ahead of time. That's just a little disingenuous. The Washington Post published today that:

"General Motors is expected to announce Wednesday that it will pay off $5.8 billion in government loans ahead of the June deadline, according to sources familiar with the plans.The Detroit automaker will repay $4.7 billion to the U.S. Treasury and $1.1 billion to the Canadian government. It has already repaid $2.3 billion on both loans.

It will probably take years, however, before the government can get back the $50 billion it has put into GM. Even after the loans are repaid, the Treasury will continue to own about 60 percent of the automaker."

The last paragraph is noteworthy. General Motors is still $50 billion in hock to the public Treasury which will continue to own 60 % of the company. GM repaid the loans with OUR money. It wasn't a matter of robbing Peter to pay Paul. It was robbing Peter to pay Peter. The Obama crowd of thugs will continue to run General (Government) Motors.

So much for honesty and transparency by the Obama administration.