Welcome Guest
( Log In | Register )
The time is now 4:25 am
You last visited January 23, 2017, 4:16 am
All times shown are
Eastern Time (GMT-5:00)

"Investigate this


Last Edited: April 28, 2010, 4:23 pm

Link to the Forbes column referenced below .... suggested reading.


"Still Government Motors

Shikha Dalmia, 04.23.10, 03:40 PM EDT

GM is paying back Uncle Sam to shake him down for more money.



"Investigate this

Source Powerlineblog.com

April 28, 2010 Posted by Scott at 6:55 AM

"Last week General Motors chairman and chief executive officer Edward Whitacre took to the pages of the Wall Street Journal to make an important announcement: "The GM bailout: Paid back in full.". Whitacre asserted that GM had paid back all the funds it borrowed from the United States in full with interest.

Whitacre omitted two facts that rendered his column highly misleading. They are the kind of omissions that constitute securities fraud when made by a company in connection with the purchase or sale of a security or when a company reports its financial results.

If any investor bought GM shares based on Whitacre's column, it appears to me that the investor would have a good claim against GM. The SEC would in any event be warranted in taking a look at Whitacre's shenanigans on behalf of the company.

First, Whitacre omitted any mention of the remaining $50 billion or so that the government has sunk in the company's equity. Second, Whitacre omitted any mention of the source of the funds with which GM "repaid" the loan. According to TARP Special Inspector General Neil Barofsky, the source of the funds in whole or in substantial part was the United States government TARP program, not GM earnings. Shikka Dalmia has much more detail on the misrepresentations permeating Whitacre's public relations blitz in this Forbes column.

Whitacre's Wall Street Journal column was, in short, a fraud. But it was a fraud of a special kind. It was a fraud committed with the assistance if not the urging of the Obama administration. It was not, in short, the kind of fraud that Michigan Senator Carl Levin or his Democratic counterparts chairing other Senate committees will be holding hearings on any time soon.

I assume that Whitacre got paid by the Wall Street Journal for his fraudulent column and that the funds were paid over to General Motors. The GM advertisement below commits the same fraud as Whitacre committed in his Journal column, but this one is committed by Whitacre at GM's expense, underwritten by taxpayers. Someone in a position of authority really ought to investigate this.

GM YouTube Commercial http://www.youtube.com/watch?v=jbXpV0aqEM4

Via Matthew Continetti/The Blog. "


Entry #1,772


JAP69Comment by JAP69 - April 28, 2010, 5:01 pm
Now thats a slick maneuver. Those creditors that got 10 cents on the dollar must be peeved.
konaneComment by konane - April 28, 2010, 5:07 pm
Thanks JAP! Yep thought the whole process was tainted at the get-go, now this offers substantive proof.
MADDOG10Comment by MADDOG10 - April 28, 2010, 8:24 pm
Maybe Mickie and Sylvia can sweep this under the rug also, just like all the other garbage they've swept under our eye's. This whole mess stinks.....!
konaneComment by konane - April 28, 2010, 8:36 pm
Thanks Maddog! Were that to have happened under the Bush presidency people would be protesting in the streets.
Comment by GASMETERGUY - April 28, 2010, 8:44 pm
I don't know how to say this without insulting most people but here goes. GM has not sold enough product to pay back-taxes much less any loan they may have outstanding. This is nothing short of another lie orchestrated by this Administration. Even the most die-hard liberal must be feeling queasy in the stomach from the antics of this President.
konaneComment by konane - April 28, 2010, 9:41 pm
Thanks Gasmeterguy! All kinds of stuff coming out, amazing to watch if you have the stomach. The left has been wanting this for years, now we see the havoc they're wreaking. I just pray the nation will be standing when they're done.
sully16Comment by sully16 - April 28, 2010, 10:15 pm
All of our news stations in metro Detroit area are acting like this guy is a saint. yet my husband is on lay off watch every week.
konaneComment by konane - April 28, 2010, 10:52 pm
Thanks Sully! Seems everyone with a job is job scared. We need to elect new officials all the way through government and keep their feet to the fire to change things.

You must be a Lottery Post member to post comments to a Blog.

Register for a FREE membership, or if you're already a member please Log In.