Tags: rattner | gm | loans | repayment | advertisements

Obama's Ex-Auto Czar: GM Stretches Truth on Repayment

Thursday, 13 May 2010 09:55 PM

President Obama's former auto czar says General Motors stretched the truth when it aired ads saying the auto giant had paid their government loans back “in full.”

While Steve Rattner praised the company’s new chief executive, Ed Whitacre, he also acknowledged that the ads “"slightly elasticized the reality of things," according to Fox News.

The ads, which aired on multiple channels, were taken off the air amid a complaint with the Federal Trade Commission filed by a conservative think tank alleging that the company is lying about its health in a way that dupes consumers.

Several Republican lawmakers accused GM of misleading the public. GM had been running an ad on all the major networks claiming the company repaid its $6.7 billion U.S. government loan "with interest five years ahead of the original schedule."

Read the full story at Fox News.

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