The New GM: Just as Shitty as the Old GM

GM's new advertising campaign would seem hysterically funny if it wasn't for the fact that they were lying to the American people, and using taxpayer's money to do it. In this commercial they tout the fact (as they see it) that they have repaid the loan given to them by the government five years ahead of schedule. In reality all that they have repaid is $6.7 billion dollars. The rest of the $52 billion went in to bailing them out, and allowed the government to take a large stake in the company. So basically, they repaid that loan of $6.7 billion with taxpayer money received from the sale of their stock to the federal government. Bravo. Wall Street accounting at its best, all used to dupe the American people into thinking that it was actually a good thing to bail them out and that they did right by "repaying" their loans. Sorry, GM. That loan wont be paid in full until the American people see a total of $52 billion, which is most likely not going to happen any time soon. In order for them to repay the rest of that loan, they would need to have an IPO price close to pretty successful companies such as McDonald's or Home Depot's market cap. Not happening. GM looks like it will remain Government Motors for a very long time, remain unprofitable, and all the while dupe the taxpayer into thinking GM is back and better than ever. Still the same shitty old GM.