'Glenn Beck': GM's Fuzzy Math

This is a rush transcript from "Glenn Beck," April 27, 2010. This copy may not be in its final form and may be updated.

GLENN BECK, HOST: We'll I don't know if you have seen a great television commercial and great news, America: GM is completely fixed.

I want you to check this out from the CEO Ed Whitacre from General Motors. Here it is:


ED WHITACRE, CEO, GENERAL MOTORS: I'm Ed Whitacre from General Motors. A lot of Americans didn't agree with giving GM a second chance. Quite frankly, I can respect that.


BECK: Hang on just a second. Hold on just a second. A lot of Americans didn't agree with giving GM a second chance? Really, Ed? That's how you want to frame your mea culpa to the America people? They're a bunch of heartless weasels who don't believe in redemption? Really?

It's big of you to respect that. No, really, it is. I'm just having a hard time respecting the fact that you are spitting in your faces by asking us to buy your government-owned and operated cars, although to tell you the truth, I mean, it's — it gets worse from here.

I could go on but I'm not going to. It's just too much in this commercial. Go ahead:


WHITACRE: We want to make this a company all Americans can be proud of. That's why I'm here to announce we have repaid our government loan in full with interest, five years ahead of the original schedule.


BECK: OK. OK. I don't know where he is walking to. But listen, Ed, I'm Glenn. And why are you saying that? I mean, I'm thinking that if you want to be a company that all Americans can be proud of, maybe you shouldn't just — what did they used to call it? — "lie" to our faces.

No, now it's spin. I'm sorry. I'm kind of picky that way. However, if "paid in full with interest" you really mean "we still owe $43 billion," well, then, there's no spin there.

That is what you hold, America, in stock and equity in General Motors — $43 billion. Oh, plus the estimated — minimum — $12 billion in union pensions. Yes.

GM, for some reason, is being allowed to say they have paid back $6.7 billion. So they've paid it back. Yes. That may be confusing, you know, given the fact that GM lost $4.3 billion during the second half of 2009.

Now, I don't know how you pay back gigantic loans when you are losing money hand over fist. But somebody does. TARP special inspector general Neil Barofsky, he is shedding light on Ed's fuzzy math. Here it is:


ED BAROFSKY, TARP SPECIAL INSPECTOR GENERAL, UNITED STATES TREASURY DEPARTMENT: If there's any money left in that account after a certain period of time, it has to be used to repay the debt. And basically, what GM is doing is it's pulling that forward and it's taking the money out of the TARP capital facility and using it to pay off the debt.


BECK: Oh. I see. OK. All right. So, here is how it works: Here is GM. And look it, they had very little money so they couldn't pay. They had no money. There is no money in government loans. We hadn't invented TARP yet. The money was where it belongs — with you. And so what happened?

Well, GM was going out, so we took a bunch of our — no, no, no. I'm sorry — they took a bunch of our money and they put it over here. And they're about as non-messy with it as I am. So they keep taking your money and put it here.

Then when we had to finish bailing out the — you know, the financial industry, which basically just did this, they just — what? I'm with Goldman Sachs. What is the problem? No, I don't — what are you talking about? I'm not doing anything wrong with it?

So when they were finished stuffing their own pockets, then, they said, we've got to help G.M., because they're too big to fail and they're union, you know. So they took this money along with a little bit more of yours and put it in here in a government loan bucket.

Then, they took that money and gave it to GM. Well, GM needed to pay that money back so here is what they did. They took the money back, five years early, you know.

That is how they paid you back. That's it. You feeling paid back? No. You didn't get the money. They're taking it and moving it from bucket to bucket. That's all they're doing. They're not paying it back.

Oh, I'm bursting with pride for GM. I am, really. Really. How can GM get away with running such a blatantly false commercial? Who is going to stop them? Mainstream press? Really?

The same way the administration is getting away with everything they're doing. The government said their new health care plan would save you all kinds of money by driving down the cost. But days before health care reform passed, The New York Times ran a story. Do we have a picture of the story? Yes. Cost would go up. We don't have the story. Costs would go up significantly, The New York Times reported.

That's weird. Earlier this month, White House Budget Director Peter Orszag admitted that the independent payment advisory board with health care would decide on quality over quantity rationing care. Watch:


PETER ORSZAG, WHITE HOUSE BUDGET DIRECTOR: The only real solution to our long-term fiscal imbalance, because it is driven disproportionately by the rate at which health care costs grow, is move toward a health care system that's based on quality and efficiency rather than quantity.


BECK: Rather than quantity. No, nothing like rationing. Silly to even think that that is what he is talking about — rationing. No, no, no. Just less quantity. That's it. You know, he didn't actually spell it out — "death panel." So you can't call it that.

Where is the press? Is anyone interested in the truth and what they're doing with your money? Anybody? Yesterday, I showed you this. I've got more on this. Why isn't that on the front page of every paper? I don't know.

Look, I used to do commercials for GM. I used to drive GM. That's all I used to drive. I love GM. I like buying American cars. It pains me to bring this up. But the truth matters.

And by the way, before anybody says anything, I cut the ties with General Motors, not the other way around. And it was a tough day for me because I like the people at GM. But the truth is, we're not told the truth anymore, not by the press, not by the administration, which is now GM. With our remaining stock in GM, we could provide over 2 million Americans with a GM vehicle.

Now, Ed, if you would like to make that announcement while you're walking, I'll consider your payment paid in full. But one more thing. Ed, you should really stop running these commercials.

I wouldn't push it because there are just a couple of us in the media who wouldn't mind telling the story again about how you helped Rahm Emanuel make $16 million in one deal and then mysteriously got an appointment as CEO to GM with absolutely no experience in that field.

Boy, see, I'm sorry, I just told it. But if you push it again, I'll tell it again, but this time, with relish.

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