Letter to GM Chairman and CEO Ed Whitacre
“Deceptive and dishonest advertisements and statements that attempt to disguise what is merely the exchange of one pool of taxpayer money for another pool of taxpayer money as ‘real progress’ potentially expose GM to charges of fraud and further destroy the credibility of GM with the American public.....These actions will inevitably hamper GM’s future ability to truly repay the taxpayer bailout. GM’s false advertisements are counterproductive and shameful, and they should stop......”
Although the motives behind your recent decision to advance this timetable are not clear, some have speculated that these actions were taken to increase the political palatability of GM’s application to the Department of Energy for $10 billion in low interest loans to retool its plants to meet the government’s tougher new Corporate Average Fuel Economy standards. Regardless of your motive, however, the facts are clear: not one cent of your recent ‘repayment’ came from GM’s operating revenue, and the American taxpayers are not one cent richer as a result.”
No comments:
Post a Comment