Have you caught the commercial which shows Ed Whitacre (GM CEO) walking across the production floor bragging about how the company paid back its loan from the government “in full, and ahead of time?” Apparently, Mr. Whitacre doesn’t have the mathematical wit to understand the difference between $6.7 billion and $49.5 billion.
He also forgot to mention that the funding for this miraculous payback came as a result of adding $13.4 billion in additional “working capitol” to the ever mounting pile of dollars which GM has received since the feds took over. Here let me caution you not to try this with Discover or Master Card. They have no sense of humor about folks who add to their debt to reduce their ever expanding balances.
To add insult to injury, the $13.4 billion came with a 2% lesser interest rate than the $6.7 billion carried.
In further breaking news, the attack on Toyota continues apace in spite of court
decisions supporting that company’s defense of their product. Who’s next, Ford?
That is an unlikely possibility since that company has a far more positive balance sheet than either GM or the government.
In His abiding love,
Cecil Moon
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