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General Motors Co. Chairman and Chief Executive Ed Whitacre may have stretched the truth in a commercial saying the automaker had repaid its federal obligations, former autos czar Steve Rattner said today.
GM "may have slightly elasticized the reality of things," Rattner told reporters a. of a speech today.
GM touted its repayment of $6.7 billion in federal loans -- but downplayed the fact that the taxpayers are still on the hook for $43 billion in aid that was swapped for a 61 percent majority stake in GM.
A conservative think tank filed a complaint with the Federal Trade Commission over GM's ads touting its repayment that have since stopped running. Many Republicans have also criticized the decision -- noting GM used unused government loans to repay the government.