Competitive Enterprise Institute | 1899 L ST NW Floor 12, Washington, DC 20036 | Phone: 202-331-1010 | Fax: 202-331-0640
After General Motors admitted in the news media that the company did not repay its government bailout, CEI on September 20, 2010 submitted an amended complaint to the Federal Trade Commission, in light of the new information. CEI’s original complaint, filed in May, 2010, accused General Motors of deceptive advertising, due to the company’s national television advertising campaign that claimed the company had paid back its bailout money. In its original complaint, CEI urged the FTC to launch a prompt investigation into that claim by GM. In fact, as of May, GM had repaid only the federal loan of about $7 billion; and the government still had around $40 billion tied up in GM stock. CEI’s amended complaint calls the FTC’s attention to GM’s latest admission.