Saturday, May 01, 2010

 

GM Chief Ed Whitacre Should Resign

So I take my immaculate, low-mileage Corvette Z06 to my friendly neighborhood Chevy dealer for its annual spa treatment. I turn the keys over to Kevin and head for the showroom to see what's going on; it is, after all, a showroom.

I like the Gunmetal Grey Cadillac CTS-V; 550-plus horsepower, gigantic brakes and magnetic suspension, plus a leathery cocoon interior. 7:59 at the Nurburgring on stock tires at the hands of John Heinricy, yo. I like this area very much.

Then I see this gigantic wall display announcing that GM has repaid its debt to the Canadian and American governments. It has a picture on it of General Motors CEO Ed Whitacre and big quotes, so it must be true, yay?

Except it's not, as Jim Hoft explains:
Representatives Darrell Issa of (R-CA) and Jim Jordan (R-OH) sent a blistering letter to General Motors CEO Ed Whitacre this week accusing the company of misleading the American public. The new GM television ad suggests GM repaid its taxpayer-funded loan with the company’s own earnings when it used separate bailout money to repay the $4.7 billion balance of the original $7.1 billion government loan.

GM was only able to pay back their bailout money early by dipping into a separate pot of taxpayer bailout money.
I'm pulling for GM the company. I'm not pulling for Obama or his kiss-asses like Ed Whitacre. As a car guy and a lifelong Chevy guy I was willing to give Whitacre a chance, but he has mislead GM customers and taxpayers in service to Obama's narrative, and that stinks. It's a betrayal of the trust invested in GM by its customers and the taxpayers, and Whitacre should be ashamed of himself.

Ed Whitacre should also resign.

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