In a advertisement similar to Lee Iacocca’s ” Many Thanks, America” commercials in 1983 after Chrysler had paid back loans that are government-backed General Motors CEO Ed Whitacre has had into the prime-time airwaves to boast that GM has repaid its government loans, in complete, and in front of routine.
“a whole lot of Us citizens did not agree with offering GM a 2nd possibility, ” Whitacre states within the advertising. “truth be told, i will respect that. You want to get this an organization all People in the us may be pleased with once again. That is why i am right here to announce we’ve paid back our federal government loan, in complete, with interest, 5 years prior to the schedule that is original. But there is nevertheless more to accomplish. Our objective would be to surpass every expectation you have set for all of us. “
The loan repayment has been trumpeted by President Barack Obama and numerous members of his administration in addition to Whitacre.
It is correct that GM has squared through to its federal government loans, but Whitacre is not telling the story that is full.
The Obama administration — through the Troubled Asset Relief Program (TARP) — stepped forward with tens of billions of dollars worth of assistance with GM in deep trouble and hundreds of thousands of jobs in the balance.Continue reading