GM Loan Payback Claim a Fraud on the American People !

Earlier this month General Motors announced that it suffered a $4.3 billion loss in the first 6 months after declaring bankruptcy. Now, Ed Whitacre, head of General Motors, as he proudly struts through a GM plant is claiming that GM has paid back the $8.1 billion owed to the federal government, ahead of schedule, plus interest. Members of the Obama administration are touting this great accomplishment.

What they AREN'T telling you is that the TARP (taxpayer) bail-out money that was borrowed, has been paid back NOT with GM money, but with additional TARP (taxpayer) bail-out money, out of an escrow account (taxpayer money) in the US Treasury.

This claim of pay back is an insult to the intelligence of the American people, and an outrage.