April 24, 2010

Don't Buy What GM's Selling Now **UPDATED**

In GM's newest ad, they want you to believe they paid back all the money they owe. While they may have paid back the federal loans, they are still about $45,300,000,000.00 short of paying back the American people. On top of that is the $20,000,000,000.00 that was wiped in the bankruptcy process. If you can't tell with all those zeros, both numbers are BILLIONS of dollars. According to David Kiley with AOL: Prior to today's (4/21/2010) announcement, GM owed the U.S. government $4.7 billion and the Canadian government $1.1 billion. The U.S. government invested a total of $50 billion in GM to get the company through bankruptcy. Besides the debt, the U.S. holds $2.1 billion in preferred stock and stock warrants for a total 61% stake. The U.S. also aided GM with more than $20 billion more before the Chapter 11 bankruptcy to keep it afloat, but that money is not expected to be paid back. See the rest of his article here. The Truth About Cars says this. Don't buy what GM is trying to sell you in this commercial. They still took close to $100,000,000,000.00 from the American people. BUY FORD! **UPDATED** Autoblog added this today.