Tuesday, April 27, 2010

The Whitacre Lie: He Wants MORE Money!!

Seems like there's a Part Two to the Whitacre lie about "repayment."

Sean McAlinden, chief economist at the Ann Arbor-based Center for Automotive Research, points out that the company has applied to the Department of Energy for $10 billion in low (5%) interest loan to retool its plants to meet the government’s tougher new CAFÉ (Corporate Average Fuel Economy) standards. However, giving GM more taxpayer money on top of the existing bailout would have been a political disaster for the Obama administration and a PR debacle for the company. Paying back the small bailout loan makes the new–and bigger–DOE loan much more feasible. --Forbes, quoted at RedState

So. Gummint Motors needs a $10Bn loan. In order to get that, Whitacre claims to have "paid back" another loan, which he did by drawing down a THIRD loan.

Did this guy pull this shit at SBC?

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