Did you hear the one about....

I was watching TV tonight when I saw the GM commercial, I laughed out loud but I really just wanted to cry. The comercial featured Ed Whitacre the new CEO of GM (more on him in a bit) touting how GM was back and how they had paid back tax payers money and five years early too! But you see I already knew this

A top Senate Republican on Thursday accused the Obama administration of misleading taxpayers about General Motors' loan repayment, saying the struggling auto giant was only able to repay its bailout money by dipping into a separate pot of bailout money.

Sen. Chuck Grassley's charge was backed up by the inspector general for the bailout -- also known as the Trouble Asset Relief Program, or TARP. Watchdog Neil Barofsky told Fox News, as well as the Senate Finance Committee, that General Motors used bailout money to pay back the federal government.

"It appears to be nothing more than an elaborate TARP money shuffle,.."

You see GM did not pay back anything, they just took taxpayer money from one account and gave it back to the treasury who actually had control of it all along. It is not like GM actually earned some tremendous profit in order to actually repay anything.

Knowing that watch the commercial:




So we have our Department of the Treasury authorizing what once one of Americas great corporations, to pay back taxpayers money with other taxpayers money so they can make commercials to sell those same taxpayers on the idea that their money is being well spent...so buy their cars. What a bastard step child this is of American free market capitalism.

So Mr.Whitacre of commercial fame took over GM completely after two former GM executives were run out of the company by the new owner....US.

Fritz Henderson departs eight months after predecessor Rick Wagoner was fired by the Obama administration

The troubled carmaker General Motors sent shockwaves through the automotive industry tonight by announcing the abrupt resignation of its chief executive, Fritz Henderson, in a sign of disharmony over the pace of recovery at America's largest motor manufacturer.

After an all-day meeting of Vauxhall owner GM's 13-member board, chairman Ed Whitacre made a two-minute appearance at a hastily arranged press conference in Detroit to read a statement declaring that Henderson was leaving by mutual consent. Whitacre, 68, said he was personally taking on the role of chief executive pending a search for a replacement.

The latest upheaval at GM comes less than five months after the carmaker's emergence from bankruptcy and eight months after the Obama administration fired Henderson's predecessor, Rick Wagoner....

Who is Ed Whitacre? Perhaps the best way to explain is this interview that Glenn Beck did with the Democrat Pat Caddell in August last year. Fo brevity I'll excerpt but please do read the entire transcript, it is quite good. For those who may not know Rahm Emanuel is Obama's chief of staff.

BECK: In a large way, yes. OK. Help me out. Where do we start with Rahm Emanuel? Where's.

CADDELL: We start with his role, as you said, in the Clinton White House.

BECK: OK.

CADDELL: He leaves the Clinton White House and he gets two jobs. He gets put on the board of Freddie Mac, which is the second of the big giant mortgage companies.

BECK: What is his — what is his qualification? Didn't he go to school for dancing?

CADDELL: He studied ballet dancing in college. He was trained for ballet. He is.

BECK: Freddie Mac doesn't do ballet.

CADDELL: No, that's true.

BECK: Yes.

CADDELL: Now, he gets. The other job he has is that he gets a job with Wasserstein Perella, which is a major Wall Street deal company, and he gets in their Chicago office. And he then made $16 million in less than two years.

BECK: In two years?

CADDELL: Yes.

BECK: Two years, $16 million is what he makes.

CADDELL: On top of the quarter million taxpayers gave him for Freddie Mac.

BECK: And $250,000. Wait, he was there when — he was there.

CADDELL: He was there when they're cooking the books.

BECK: Yes. He was there.

CADDELL: This is — they were cooking the books there.

BECK: Got it. OK. Sixteen million dollars — how did he make the $16 million?

CADDELL: Paid $16 million basically on one large deal and there's a second one. But a big deal he got it on was he was advising SBC which later grew into the new AT&T.

BECK: OK, SBC.

CADDELL: Right.

BECK: That's not really — here's what's interesting about the SBC thing, is, the guy who helped make this deal.

CADDELL: Yes.

BECK: . took a loss, did he not?

CADDELL: Yes. They had to sell because they bought another phone company, Ameritech. They had to get rid of a security company called SecurityLink. It was $1 billion, $1, $1.5 billion investment. He sold it to a group headed by — an investment group being led by.

BECK: Whitacre?

CADDELL: No, by — this Whitacre was the chairman. He sold it to a group led by Mr. Emanuel for about $500 million.

BECK: OK.

CADDELL: Six months later — six months later, the investment bank that bought it sold it for $1 billion.

BECK: That's good — that's a good investment!

CADDELL: Not bad.

BECK: That's good.

CADDELL: Now, and he took out a huge amount of money. Now, the president at that time, Whitacre was the chairman of SBC.

BECK: America, does the name Whitacre, the guy who helped Rahm Emanuel make $16 million, does the name Whitacre ring a bell? Pat?

CADDELL: Because, when they appointed the new chairman of G.M., who announced the day of his appointment, I know nothing about the car business, his name was Edward Whitacre.

BECK: Oh, my goodness. Oh, my goodness! It's the new chairman of G.M. that knows.

CADDELL: Well, it gets better. It gets better, because the second name down in the corner, Bill Daley, brother of the mayor, who is the really, the powerful force. I said this on the air in 2008, a person pulling the strings in the Obama campaign was Bill Daley. One of his closest friends, one of his closest confidants (ph) is a person named Jim Johnson. Jim Johnson was the chairman of Fannie Mae. He had been — his qualifications for the largest mortgage company in the world was that he had been Walter Mondale's campaign manager.

BECK: Oh.

CADDELL: And he puts him on the board there.

CADDELL: Now, he gets. The other job he has is that he gets a job with Wasserstein Perella, which is a major Wall Street deal company, and he gets in their Chicago office. And he then made $16 million in less than two years.

BECK: In two years?

CADDELL: Yes.

BECK: Two years, $16 million is what he makes.

CADDELL: On top of the quarter million taxpayers gave him for Freddie Mac.

BECK: And $250,000. Wait, he was there when — he was there.

CADDELL: He was there when they're cooking the books.

BECK: Pat, let me ask you real quick because I got 30 seconds.

CADDELL: Yes.

BECK: Why is no one connecting these dots?

CADDELL: That's what drives me crazy.

BECK: Why is no one.

CADDELL: Corruption is killing this country. It is corruption on the Republican side. It is corruption by the side with Democrats.

BECK: Yes.

CADDELL: It is a — it is a cancer on the society. No one will touch this story. Nobody has made this connection in the media, well, because they have decided they have a new role, which is to serve as lackeys.....

I know this is shocking, but does it seem like we are no longer living in America? Just asking.


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