News coverage of General Motors over the past few weeks has painted an increasingly glowing picture, but here's a dose of reality: GM still has not repaid taxpayers for the bailout and it's looking less and less like taxpayers will ever be made whole.
Unlike much of the media, we actually spent a considerable amount of time looking behind the press releases to see what GM's numbers really say about the health of a company taxpayers now own. This week, we will be sharing with readers a more realistic picture of the company's health. The bottom line: The picture is far less rosy than GM would like you to believe.
GM's Share Price: Will taxpayers ever be made whole?
Remember these promises?
"Recent progress at GM gives reason for optimism that it may be possible for taxpayers to get every penny back." Steve Rattner, Presidential Task Force on the Auto Industry (11/18/2010)
"American taxpayers are now positioned to recover more than my administration invested in GM." President Barack Obama (11/18/2010)
"The government's investment is well placed, and I think they'll make a lot of money." Former GM CEO Ed Whitacre (11/18/2010)
See original work for more on this and other stories.
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