No, General Motors did not pay back its debt to taxpayers. Edward Whitacre is a liar. Instead, Whitacre paid the Visa bill with his MasterCard. But both cards were issued by the same bank. So you, the banker, are still on the hook for the full amount.
Now we know why Obama hand-picked Ed Whitacre to “lead” GM: Whitacre will do the president’s bidding.
GM’s false statements about finances could be a criminal violation of Sarbanes-Oxley, according to Ed Morrissey:This kind of misleading statement would be actionable under Sarbanes-Oxley had it been made as part of a disclosure statement. It might still yet be actionable if the SEC concluded that GM intended to mislead investors into buying GM shares the same way Whitacre wanted to encourage car buyers to come back to GM by falsely claiming that they had repaid taxpayers in full.