Midknight Review thinks at least one "whopper" has been told by this Administration each week since taking power. Here is the lastest installment

Ed Whitacre, GM boss since June 10, 2009, turns out to be nothing but a 9 million dollar phony. He makes a commercial that has been running non-stop at taxpayer expense lying to the taxpaying public about a loan from the taxpayers -- a loan "paid back" by the taxpayer. Just another crook on the government dole.

Editor's notes: We think this Washington Examiner article exposing the lie that is GM's claim to have paid back 6.5 billion in government loans 5 years ahead of schedule worth repeating. Understand that the Government ruined the retirement funds of police and teacher unions, moving "preferred stockholders" (in violation of law) to the "back of the line" in its quest to buy nearly 61% ownership in that auto company. Further, understand that Obama declared the auto industry "in serious trouble," and then preceded to "bailout" only two such companies !!!

That was scam #1. Scam #2 is the one now being fostered onto the American taxpayer. GM has not turned a profit since the bailout, losing 4.6. billion in the last quarter of 2009 alone, and now, they are telling us things are so good that they paid off 6.5 billion in government loans five years early. Funny , they really do not even hint how this was done. We do know that on Nov 11, 2009, GM had not paid this loan, only that Ed Whitacre, GM boss since June of '09, promised to make this payback. And four months later, BAM !!!! , he claims to have done just that. The Special Inspector General of the TARP funds knows exactly how it happened. Midknight Review believes someone should go to jail over this lie . . . . either Ed Whitacre or his boss, Bararck Obama --- jds

From the Examiner article, we have this:

Here are the facts, according to Neil Barofsky, inspector general for the Troubled Assets Relief Program. His most recent quarterly report explained that, "the source of funds for these quarterly [debt] payments will be other TARP funds currently held in an escrow account."

In other words, as Reps. Darrell Issa, R-Calif., and Jim Jordan, R-Ohio, said in a letter to Whitacre, the GM chairman's words come "dangerously close to committing fraud. ... Your false statements may expose GM to millions of dollars in damages, further reducing the value of the taxpayer-owned company. The American people, as the majority shareholders of GM, have a right to know the truth behind the cost of the GM bailout and GM's genuine financial condition." Issa and Jordan are minority members of the House Oversight and Government Reform Committee, chaired by Rep. Edolphus Towns, D-N.Y. The Towns panel should put Whitacre and Geithner under oath and demand to know the facts behind this misrepresentation. PERMALINK